Florida lawmakers have put taxpayers at risk by not reforming the Florida Hurricane Catastrophe Fund or Citizen’s Property Insurance Corp. in advance of the 2012 hurricane season, an insurance executive has warned. Bradley Kading, president and executive director of the …
Greece averted the immediate risk of an uncontrolled default, winning strong acceptance from its private creditors for a bond swap deal which will ease its massive public debt and clear the way for a new international bailout. The finance ministry …
Several Missouri lawmakers want to add requirements for officials involved in economic development projects. A House panel heard testimony on eight measures aimed at increasing scrutiny of businesses that ask for government money. The legislation would require local governments to …
A.M. Best Co. has affirmed the financial strength rating of ‘A+’ (Superior) and downgraded the issuer credit ratings (ICR) to “aa-” from “aa” of Allianz Global Corporate & Specialty North America (AGCS NA), which includes Allianz Global Risk US Insurance …
From credit bottlenecks in Eastern Europe to slower growth in China, delays in tackling the euro zone’s debt crisis are causing ever-greater economic and financial damage well beyond the borders of the 17-nation bloc. As politicians dither over how to …
A.M. Best Co. announced that it has performed additional stress tests of the balance sheets of insurers’ exposure to euro zone debt as economic conditions within the region continue to worsen. Best has published the results of the findings in …
A.M. Best Europe – Rating Services Limited has taken action in the wake if the Italian financial crisis by placing the financial strength rating of ‘A+’ (Superior) and issuer credit rating of “aa-” of Assicurazioni Generali S.p.A. and its main …
Canadian insurers are looking at a bleak quarter of financial results due to a sharp drop in stock markets and bond yields, and analysts are staying cautious on the stocks even at rock-bottom valuations. Sun Life Financial , Canada’s No. …
Allianz and Generali followed rivals in aggressively writing down holdings of Greek government bonds on Friday, fuelling investor concerns about the possible impact on insurers of a worsening sovereign debt crisis. Analysts say major European insurers have moderate exposure to …
Officials with the California Earthquake Authority said yesterday that their recent $150-million bond issue is just a first step in diversifying their risk so that they can expand earthquake coverage in the state. “It is just a step and we …
