Bermuda-based Montpelier Re Holdings Ltd. announced the formation of a new UK Managing General Agent, Paladin Underwriting Agency Limited, a wholly-owned subsidiary of the Montpelier Group. The new MGA has received authorization from the UK’s Financial Services Authority (FSA) and …
California’s workers’ compensation insurance market will remain vulnerable to wide swings in performance unless changes are made to improve the predictability of costs, transparency of pricing decisions, regulatory oversight and consistency of the incentives facing different parties, according to a …
Insurance administrator CRM Holdings is being sued for $405 million by New York’s workers compensation board and faces a separate $150 million lawsuit by the state attorney general over its alleged fraud in the management of its workers’ compensation business …
A.M. Best Co. has assigned a financial strength rating of “A-” (Excellent) and an issuer credit rating of “a-” to Austin, Texas-based medical professional liability insurer Advocate, MD Insurance of the Southwest Inc. The outlook assigned to both ratings is …
The Bermuda Institute of Ocean Sciences (BIOS) recently released a study of the oceans surrounding Bermuda, which, it said, “are arguably the most comprehensively studied marine sites in the world.” The study found an “increase in acidity due to human-related …
A.M. Best Co. indicated that its ratings of Bermuda-based Torus Insurance Holdings Limited and its operating subsidiaries remain unchanged following the contribution of Sideris Re Holdings Ltd (SRH) to Torus by First Reserve Corporation (the sole shareholder of Torus) [See …
Workers’ compensation insurance rates in California will be relatively stable and increase by an average of only 4 percent in 2010, the Department of Insurance said. The Department’s announcement comes a month after the Workers’ Compensation Insurance Bureau asked for …
Global specialty insurer Torus announced that its parent, First Reserve Corporation, has agreed to amalgamate the business of its other major insurance investment vehicle, Sideris Re, within Torus. Sideris Re Holdings owns a Bermudan class 3 reinsurer and provides the …
Oregon’s Department of Consumer and Business Services recently fined Farmers Insurance Company of Oregon $10,000 for improperly using consumers insurance scores in calculating renewal rates on thousands of auto and homeowner policies. Oregon law prohibits insurers from using someone’s credit …
Bermuda-based PartnerRe Ltd. announced its successful cross-listing on both the NYSE and Euronext Paris stock exchanges. The company said the cross-listing facility, effective immediately, is consistent with its “commitment to providing investors with a Euro-denominated, European-listed trading platform for PartnerRe …
