More than 1,200 people showed up in South Burlington, Vermont this week to celebrate the 25th anniversary of an idea cooked up in Al Moulton’s kitchen that has grown into a multi-million-dollar industry and top employer for the state. Although …
A.M. Best Co. has assigned debt ratings to two debt issues from Shackleton Re Limited, a newly created Cayman Islands exempted company licensed as a restricted Class B insurer. Both issues are designed to act as back-up security for Bermuda’s …
A.M. Best Co. has affirmed the financial strength rating of “A-” (Excellent) of the Bahamas-based RoyalStar Assurance Limited with a stable outlook. “The rating reflects RoyalStar’s solid capitalization, generally favorable operating results and well established presence in the Caribbean market,” …
Bermuda-based Endurance Specialty Holdings Ltd. announced that its subsidiary, Endurance Specialty Insurance Ltd., has acquired $235 million of multi-year, collateralized catastrophe reinsurance from Shackleton Re Limited, a Cayman Islands reinsurance company. The bulletin said the “new reinsurance is designed to …
A.M. Best Co. has assigned a debt rating of “bb” to the $50 million senior secured floating rate notes, due June 5, 2009, issued by VASCO Re 2006 Ltd. (the issuer), a newly created Cayman Islands exempted company licensed as …
Standard & Poor’s Ratings Services has assigned its senior secured debt ratings to the principal at-risk variable-rate notes issued under Swiss Reinsurance Co.’s Successor shelf program (See previous areticle). “These are the first issuances under the seven newly established $1.5 …
Standard & Poor’s Ratings Services announced that it has assigned its “BB+” credit ratings to the $160 million class A and B principal-at-risk notes issued by CAT-Mex Ltd. “The transaction, which was sponsored by the Mexican government to finance rescue …
The District of Columbia Department of Insurance, Securities and Banking (DISB) has a new commissioner. Thomas E. Hampton, who had been the acting commissioner since September 2005, has been confirmed by the Council of the District of Columbia as the …
United America Indemnity, Ltd. reported that A.M. Best Company upgraded or affirmed its financial-strength rating for fourof its subsidiaries. Penn-America Group, Inc. was upgraded to A (Excellent); United National Group and Wind River Insurance Company (Barbados) Ltd. had their ratings …
Fitch Ratings announced that it has downgraded the class B and C variable-rate notes of Avalon Re Ltd. and placed all of the notes in classes A, B and C on Rating Watch Negative. “The class B variable-rate notes were …
