February 20, 2008
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that the Irish government has approved a $2.4 million contribution to the Caribbean risk pooling fund. “The contribution is the latest addition to the donor fund supporting the CCRIF, which was launched …
February 20, 2008
U.S. Rep. Peter Welch, D-Vt., is asking the U.S. Treasury to block a pending tax code change seen by some as a threat to Vermont’s captive insurance industry. Welch and three Democratic colleagues from states that also have captive insurance …
February 6, 2008
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced the approval of several new measures to be implemented for the 2008 renewal period. “The changes are all meant to further satisfy the objective of the CCRIF member governments, which is to …
January 29, 2008
A.M. Best Co. has downgraded the debt rating to “bb+” from “bbb” on the $350 million non-cumulative perpetual preferred securities (issuer preferred securities) issued by Stoneheath Re (issuer), a Cayman Islands exempted company. The rating outlook is stable. Best explained: …
January 28, 2008
A.M. Best Co. and Standard & Poor’s Ratings Services have been reexamining their ratings on the Bermuda-based XL Capital. and its subsidiaries in light of recent announcements (See IJ web site https://www.insurancejournal.com/news/international/2008/01/24/86670.htm). Their main concerns are the current financial difficulties …
January 18, 2008
A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Bermuda-based New Castle Reinsurance Company Ltd., as well as the ICR of “bbb-” of New Castle Reinsurance Holdings …
January 10, 2008
A.M. Best Co. has revised the rating outlook to negative from stable for the debt rating of “bbb” on $350 million non-cumulative perpetual preferred securities (issuer preferred securities) issued by Stoneheath Re, a Cayman Islands exempted company. Best also revised …
December 31, 2007
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) of “a-” of General Insurance Corporation of India (GIC) and has revised its outlook on both ratings to stable from negative. “The …
December 27, 2007
Standard & Poor’s Ratings Services has assigned its ‘BB+’ debt ratings to the €200 million ($292 million) Class A Series 1 Principal At-Risk variable-rate notes due Jan. 10, 2011 issued by Green Valley Ltd. The transaction closed on Dec. 27, …
December 21, 2007
A.M. Best Co. has revised the outlook to negative from stable on the financial strength rating (FSR) of ‘A+’ (Superior) and the issuer credit ratings (ICR) of “aa-“of Bermuda’s XL Capital Group and its members. Best also revised the outlook …