Bermuda-based PartnerRe Ltd. announced that it has completed its acquisition of 100 percent of the outstanding common shares of PARIS RE Holdings Limited, following the approval by PARIS RE’s shareholders of the previously announced merger [See IJ web site – …
The Association of Bermuda Insurers and Reinsurers (ABIR) has elected a new slate of officers for the 2010 and 2011 term. The bulletin said that, as of the beginning of the new year, “Michael Butt, Chairman of the Board of …
One of Florida’s young property insurance companies, Magnolia Insurance Co., has been stripped of its financial rating by rating firm Demotech, Inc. Demotech assigned its Financial Stability Rating of A, Exceptional to Magnolia in October, based on what it said …
A.M. Best Co. has revised its view of the U.S. property/casualty industry’s ultimate asbestos and environmental (A&E) losses downward to $117 billion from $121 billion. Asbestos exposures now are estimated at $75 billion, up from $65 billion, and environmental losses …
The health insurance industry Thursday struck back at provisions in Congress’ healthcare proposals that it said would do little to curb the nation’s spiraling costs or provide people more affordable coverage. Congress is tip-toeing toward incremental healthcare reform that does …
An insurance company has won a victory over one of its former West Virginia agents who claimed the insurer violated state antitrust law when it cancelled his contracts to sell its life and property/casualty insurance products. The ruling by the …
A New Jersey municipality cost taxpayers hundreds of thousands of dollars by awarding an insurance contract to a favored public insurance fund over the low-bid private insurer, a state audit claims. A report released by State Comptroller Matthew Boxer found …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of South Korea’s Hyundai Marine & Fire Insurance Co., Ltd. (HMFI) both with stable outlooks. “The ratings reflect the …
A Dallas and New Orleans-based hurricane restoration company that has been subject to numerous lawsuits since Hurricane Katrina, and several of the company’s executives, have been charged by the Securities and Exchange Commission with accounting fraud. The SEC alleges Home …
Swiss Re announced that it has entered into a transaction with Successor X Ltd. a Cayman Islands exempted company financed through the offering of insurance-linked securities, to receive up to $150 million of payments. They would be triggered in the …
