The Hawaii State Insurance Division has successfully closed HIH America Insurance Company of Hawaii, a Hawaii workers’ compensation insurance company. Financial problems of its affiliated companies in Australia and California led to the downfall of the company in March 2001, …
Time is running out once again for the National Flood Insurance Program, which is set to expire on Dec. 18. Congress passed a short-term extension in September that moved the expiration deadline for NFIP to Dec. 18, 2009. But if …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Bermuda-based Arch Reinsurance Ltd. and its reinsured affiliates. Best also affirmed the ICRs of “bbb” and “bbb+” of Arch …
Bermuda-based PartnerRe Ltd. announced that Jérôme Carré, currently Chief Risk Officer for PARIS RE, has been appointed as PartnerRe Group Risk Management Director, effective January 1, 2010. He will report to CEO Patrick Thiele, and will be responsible for coordinating …
A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and issuer credit rating of “a+” of Lloyd’s Syndicates 570 and 609, which are both managed by Atrium Underwriters Limited (AUL). The outlook for all of the ratings …
The insurance company for the city of Miami Beach has been ordered to pay $5.75 million in damages to the families of a man and the woman he tried to save from drowning. Monticello Insurance Co. had refused to pay …
Standard & Poor’s Ratings Services has raised its long-term counterparty credit and insurer financial strength ratings on the following core subsidiaries of Bermuda-based Catlin Group Ltd. to ‘A’ from ‘A-‘: — Bermuda-based Catlin Insurance Co. Ltd. — U.S.-based Catlin Specialty …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Swiss Reinsurance Company Ltd. and its subsidiaries. Best also affirmed all debt ratings issued by Swiss Re and its …
A new Study – ‘Managing Supply-Chain Risk for Reward’ – sponsored by ACE and prepared by the Economist Intelligence Unit (EIU), concludes that, “while businesses claim supply-chain risks merit a high priority at board level, many still underestimate the potential …
The participation of two big insurers in the $700 billion financial rescue contradicted the goals of the government program, according to a bailout watchdog. The inclusion of Hartford Financial Services Group Inc. and Lincoln National Corp. “was incongruous with the …
