A.M. Best Co. has assigned a debt rating of “bbb” to the $350 million of non-cumulative perpetual preferred securities (issuer preferred securities) issued by Stoneheath Re, a Cayman Islands exempted company. The rating outlook is stable. “The issuer is licensed …
The Hartford Financial Services Group has purchased $247.5 million in multi-year, collateralized reinsurance from Foundation Re II Ltd., a special purpose reinsurance company – commonly known as a “sidecar” – incorporated in the Cayman Islands. “Foundation Re II financed the …
A.M. Best Co. has upgraded the financial strength rating to “A+” (Superior) from “A” (Excellent) and the issuer credit rating (ICR) to “aa-” from “a+” on ACE European Group Limited (AEGL) (United Kingdom). The outlook for both ratings is stable. …
Ohio Attorney General Jim Petro late yesterday filed a motion in federal court in New York requesting the State Teachers Retirement System of Ohio (STRS) be appointed lead plaintiff in a securities class action lawsuit filed in August against Scottish …
The Texas Department of Insurance announced enforcement actions taken by Commissioner Mike Geeslin that became final during August 2006. The actions include two license revocations and fines and restitution totaling $219,400. Copies of Geeslin’s orders may be obtained by contacting …
Continuing in its acquisitions mode, insurance agency Brown & Brown Inc., through its subsidiaries Hull & Co. Inc., and Program Management Services Inc., has acquired the assets of a key wholesaler located in the Northeast and a Virginia-based broker that …
In anticipation of the upcoming Reinsurance Rendezvous in Monte Carlo, Lloyd’s has presented an outline of its reinsurance activities and announced the creation of a Cayman Islands-based sidecar, Thunderbird Re, to back up the capacity of its Syndicates. The world’s …
A.M. Best Co. has assigned a financial strength rating of “A-” (Excellent) and an issuer credit rating of “a-” to Cayman Islands-based Greenlight Reinsurance Ltd. with a stable outlook. Best said its rating assignment is based on Greenlight Re’s “excellent …
As of 11:00 am EDT, when the National Hurricane Center in Miami issued its latest bulletin, Tropical Storm Ernesto had become a Category 1 hurricane, the first of the current season. The hurricane’s center was located near latitude 17.6 north/longitude …
Miami’s National Hurricane Center is currently tracking Tropical Storm Ernesto as it enters the Gulf of Mexico. As of 11:00 a.m. EDT the storm’s center was located near latitude 15.1 north/longitude 71.2 west or about 250 miles-405 kms south-southwest of …
