Standard & Poor’s Ratings Services issued a statement that its ratings and outlook on Germany’s Allianz SE (AZSE), currently ‘AA’/Stable/’A-1+’, and various core operating entities “are unaffected by the group’s marginal net income reported for first-quarter 2009.” S&P said its …
Hartford Financial Services Group Inc. said it plans to keep its U.S. property/casualty and life businesses, after winning approval last week to tap $3.4 billion of federal bailout funds. Chief Executive Ramani Ayer announced the decision in a memo to …
Dutch financial group ING made clear this week it was not in any particular rush to complete its planned €8 billion [$10.8 billion] of asset sales — but to hear analysts and bankers tell it, Chief Executive Jan Hommen may …
The Washington Legislature has failed to pass a bill that would have limited a successor corporation’s liability for asbestos-related claims to an amount equal to the predecessor corporation’s adjusted total gross assets. According to the American Insurance Association, “Manufacturers would …
Bermuda-based Montpelier Re Holdings Ltd. announced that Montpelier Syndicate 5151 will begin underwriting marine insurance business in August 2009. “The new marine account will consist of hull, cargo and specie classes,” said the bulletin. “Mike Southgate, who will join the …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of New York-based AXA Insurance Company, both with stable outlooks. Best also affirmed the FSRs of ‘B++’ (Good) and ICRs …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of Japan’s Aioi Insurance Company, Limited, both with stable outlooks. “The ratings reflect Aioi’s stable underwriting performance, adequate capitalization …
At least four U.S. insurers won approval on Thursday to raise billions of dollars through the government’s bank bailout plan, the U.S. Treasury Department said. Hartford Financial , the No. 4 U.S. insurer and beset by worries about capital, got …
Despite the protests of insurance and business interests, the Texas House has passed legislation that would make it easier for certain injured workers to sue property owners for negligence. House Bill 1657 by Reps. Eiland, Giddings, Hughes, Smithee and Solomons, …
DCAP Group Inc., an upstate New York franchiser of independent agencies, is ditching its franchise insurance business as part of a strategic move to exit the retail insurance business as it morphs into a reconstituted property/casualty insurer. The move comes …
