The Bermuda-based Max Capital Group Ltd. announced that Max Specialty Insurance Company, a Delaware licensed insurer, is now approved to write business on a non-admitted basis in 49 other states, the US Virgin Islands and Puerto Rico. Max Specialty’s President …
Standard & Poor’s Ratings Services has revised its outlook to stable from negative on Netherlands-based commercial lines insurer Fortis Corporate Insurance N.V. (FCI), and affirmed its ‘A-‘ long-term counterparty credit and insurer financial strength ratings on the company. S&P said …
Bermuda-based Validus Holdings, Ltd. has opened a European reinsurance representative office located in Hamburg, Germany. The new office will represent Validus Reinsurance, Ltd. (Validus Re), the Group’s Bermuda-based reinsurance operating subsidiary, which focuses on short-tail classes of business, including property, …
A.M. Best Co. has revised its outlook to stable from positive for the ratings of Hannover Rueckversicherung AG (Hannover Re) and its rated subsidiaries, while also affirming the German reinsurer’s financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit …
Torus Insurance Holdings Limited announced the appointment of Tim Mardon as President and Chief Underwriting Officer of Torus Re with immediate effect. He will report directly to Clive Tobin, Chief Executive of Torus. Prior to joining Torus, Mardon, who has …
The New York State Insurance Department signed an agreement yesterday with regulators in Thailand that calls for increased cooperation between the two in investigating insurance matters. The agreement formalizes coordination between the two regulatory bodies. “This agreement between Thailand and …
A Venezuelan investor has sued global insurance broker Willis Group Holdings Ltd over the collapse of the Stanford banking empire, saying he relied on assurances from Willis that Stanford was sound. The lawsuit, filed as a class action in U.S. …
NAPCO Wholesale commercial insurance brokerage NAPCO has relocated its corporate headquarters to an 11,000-square foot office inside the Woodbridge Hotel and Conference Center complex in Iselin, New Jersey. NAPCO says the move was prompted by steady growth in the catastrophic …
American Safety, Victore Insurance Bermuda-based American Safety Insurance Holdings Ltd.’s American Safety Casualty Insurance Co. (ASCIC) subsidiary has acquired Victore Insurance Co. (VIC), an Oklahoma domiciled admitted insurance company headquartered in Oklahoma City. VIC provides customized bonding solutions for the …
The contest to acquire IPC Holding appears to be over. Validus Holdings, the formerly unwelcome suitor, whose rival bid ended Max Capital’s effort to take over IPC, has emerged as the winner. Validus finally came up with $1.65 billion in …
