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 …
Flagstone Reinsurance Holdings Limited announced that Flagstone Réassurance Suisse SA, has purchased three years of fully collateralized retrocessional coverage from Montana Re Ltd. a special purpose reinsurer established in the Cayman Islands. “Montana Re was formed as a program structure …
One New Jersey city is considering billing insurance companies for fire department services. Passaic Mayor Alex Blanco is proposing insurers pay $500 for residential fire calls and $25,000 for fires in commercial buildings. Fire department calls to car accidents could …
Democratic lawmakers in Michigan are promoting proposals they say would make auto insurance more affordable and strengthen consumer protections in the state. Opponents including the insurance industry say the proposals would drive up costs for customers and are a political …
The U.S. House Financial Services Committee has passed a measure to create a scaled-back federal office that would be a national insurance information agency with some authority in the area of international insurance agreements. The new federal office would not …
The Property Casualty Insurers Association of America (PCI) has named Micaela Isler as regional manager, state government relations. Isler will cover the Southeast Atlantic region which includes the District of Columbia, Georgia, North Carolina, South Carolina, Tennessee and Virginia. Prior …
Swiss Re’s Economic Forum, held today at the reinsurer’s iconic London headquarters, presented a far more encouraging picture of the world’s financial condition than a year ago. However, there may be light at the end of the tunnel, but the …
Aon’s International Space Brokers has reported that space insurers are expected to generate more than $400 million in profit for 2009, provided there are no claims before the end of the year. “The space insurance market has been very profitable …
