A.M. Best Co. has downgraded the financial strength rating (FSR) to ‘B-‘ (Fair) from ‘B+’ (Good) and issuer credit ratings (ICR) to “bb-” from “bbb-” of Castle Key Group and its members, formerly known as Allstate Floridian Insurance Group (headquartered …
After months of trying, Florida state officials and State Farm Florida have been unable to agree on the details of the insurer’s plan for withdrawing from the state, so steps have been taken to have an administrative law judge decide. …
Standard & Poor’s Ratings Services has affirmed its ‘A+’ long-term counterparty credit and insurer financial strength ratings on various operating companies belonging to global reinsurer Swiss Reinsurance Company Ltd. (Swiss Re; A+/Stable/A-1). The ratings were subsequently withdrawn at the request …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Bermuda-based Omega Specialty Insurance Company Limited (OSIL), both with stable outlooks. In a separate action Best also affirmed its Syndicate Rating …
Most bond insurers are headed for liquidation or run-off as losses from troubled assets linger, an analyst at independent research firm CreditSights said Tuesday. While some insurers, such as MBIA and Ambac , are stronger than others, “we think the …
Smithfield Foods Inc. said Tuesday that fire damage at its Patrick Cudahy meat plant in Cudahy, Wisconsin, should not have a measurable affect on its earnings or liquidity. Partial production has resumed in areas of the plant not damaged by …
Connecticut’s flex-rating law will continue for two more years, after Gov. M. Jodi Rell signed legislation extending the practice of letting insurers vary premiums without regulatory approval. Flex-rating allows Connecticut personal lines insurers to adjust premiums up or down by …
Today is an important deadline in the process of settling the terms of State Farm’s withdrawal from the Florida insurance market. Representatives of Florida insurance regulators and State Farm Florida had hoped to resolve their differences by June 15over how …
The North Carolina House voted 89 to 27 yesterday to approve a measure designed to re-establish the state’s coastal insurance provider, the Beach Plan, as a market of last resort and cap the liability of private insurers for any shortfall …
Los Angeles-based Mercury General Corp. on Aug. 3, 2009, will release results for its second quarter ended June 30, 2009. The company will host an investor conference call and Webcast that same day at 10 a.m. Pacific Time to review …
