A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s of London and Lloyd’s Reinsurance Company (China) Limited (LRCCL). Best also affirmed the ICR of “a” on the …
Democrats in the Michigan House are pushing a dozen bills they say are needed to protect consumers from unfair claims practices by insurance companies. But insurers maintain the measures are unnecessary and will do more harm than good. The House …
The short-term success of Hannover Re’s bid to diversify away from risky businesses is hostage to the hurricane season, while further out, it is likely to lead to a positive re-rating of the shares. The world’s fourth-biggest reinsurer’s new chief …
A southern New Jersey county has approved a $4 million settlement that could end a class-action lawsuit over strip searches done at its jail. The suit claimed unnecessary strip searches were conducted on thousands of men and women at the …
Pennsylvania-based Donegal Mutual Insurance Co. has agreed to pay $105,000 to settle claims that it used unlicensed copies of Microsoft software on its computer systems, a trade group for software makers said. The Business Software Alliance, which represents the world’s …
Results for the property/casualty industry over the next few years will be driven by the 2009 recession, mixed insurance premium pricing momentum, and modestly deteriorating underwriting results, according to a new industry forecast report. “The combination of continued price decreases …
Standard & Poor’s Ratings Services has revised its outlook on Bermuda-based insurance and reinsurance holding company Arch Capital Group Ltd.(ACGL) and its operating subsidiaries to positive from stable. S&P also affirmed our ‘BBB+’ counterparty credit and senior debt ratings on …
Bermuda-based PartnerRe Ltd. announced that David Zwiener has been appointed to fill a vacancy on its Board of Directors effective July 7, 2009. Zwiener, aged 54, is an experienced insurance industry executive. Between 2000 and 2007 he was President and …
Validus Holdings Ltd. said it has agreed to buy Bermuda reinsurance rival IPC Holdings Ltd. for $1.65 billion in cash and stock, beating another rival, Flagstone Reinsurance Holdings Ltd, and likely ending a months-long bidding war. On a conference call …
Legislation that would temporarily extend the National Flood Insurance Program (NFIP) until March 31, 2010, was introduced into Congress yesterday. House Financial Services Housing Subcommittee Chairwoman Maxine Waters, D-Calif., and Committee Chairman Barney Frank, D-Mass., introduced the extension bill, which …
