A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and issuer credit rating of “a-” to CastlePoint Florida Insurance Co. (CFIC) of Fort Lauderdale. The rating firm said the outlook assigned to these ratings is stable. CFIC …
Reinsurance company IPC Holdings Ltd said Tuesday it has held talks with suitor Validus Holdings Ltd but it has also solicited takeover interest from other companies. IPC, which has launched a search for a new chief executive offer, said it …
A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” and the unsecured debt ratings of Toronto-based Fairfax Financial Holdings Limited, as well as the financial strength ratings (FSR) of ‘A’ (Excellent) and ICRs of “a” of New …
The impact of the financial crisis is the most significant risk facing the insurance industry, according to a new report by Ernst & Young. In its second annual business risk report – insurance 2009, model risk and regulatory intervention rank …
Ironshore Inc. reported it has raised equity financing of up to $300 million to support the continued expansion of its specialty insurance business. In connection with this financing, Ironshore said it has entered into an agreement with the private equity …
Wisconsin lawmakers are considering legislation that would increase costs for low- and middle-income insurance consumers, according to the National Association of Mutual Insurance Companies (NAMIC) and the Property Casualty Insurers Association of America (PCI). Approximately 20 to 25 percent of …
Bermuda-based AXIS Capital Holdings Limited announced that William Fischer has been promoted to the position of Chief Executive Officer, AXIS Re, pending approval by the Bermuda Department of Immigration. AXIS Re comprises the reinsurance segment of AXIS Capital and its …
ConAgra Foods Inc. said Thursday the North Carolina Slim Jim plant where an explosion killed three people last week is closed for now, with production not resuming until some time in August. While production will resume in August, the packaging …
A.M. Best Co. has affirmed the financial strength rating of ‘B’ (Fair) and issuer credit rating of “bb+” of Nigeria’s Continental Reinsurance Plc, both with stable outlooks. “The ratings reflect Continental Re’s insufficient although improving risk management and insufficient security …
Several U.S. private equity firms and Taiwanese financial groups are showing early interest in the sale of AIG’s Taiwan life insurance unit, banking sources said on Friday, in a deal the seller hopes could raise around $2 billion. U.S. private …
