Catlin Group Limited, the international specialty property/casualty insurer and reinsurer, announced that its reinsurance subsidiary, Catlin Re Switzerland Ltd. has received approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate as a reinsurance company. Catlin announced the Company’s …
A.M. Best Co. has downgraded the financial strength rating to B++ (Good) from A- (Excellent) and issuer credit rating to “bbb” from “a-” of Michigan Commercial Insurance Mutual (MCIM) in Lansing, Mich. The outlook for both ratings has been revised …
The American Insurance Association (AIA) has commended the United States and Korean governments for successfully reaching agreement on the Korea-United States (KORUS) Free Trade Agreement, after “months of thoughtful negotiating between the two nations.” David Snyder, AIA vice president and …
Standard & Poor’s Ratings Services has withdrawn its ‘AA+’ counterparty credit and financial strength ratings on General Reinsurance UK Ltd. (GRUK). “This rating action follows the transfer of all assets and liabilities of GRUK to an affiliate, the U.K. branch …
The federal government’s new role in insurance regulation poses significant challenges and opportunities for the insurance industry, according to insurer trade group executives. The establishment of the Federal Insurance Office (FIO) is one of the few provisions under the Dodd-Frank …
In its latest monthly assessment of the world’s catastrophes for November Aon Benfield highlights the first winter weather event of the season across Europe with “notable affects.” the report, published by the company’s Impact Forecasting team, who evaluate global natural …
A new state report confirms sinkhole insurance claims are rising in Florida, costing insurers millions of dollars in payouts and expenses, cropping up in counties where they have not been a problem in the past, and showing no signs of …
The Contractors Access Program of California (CAP), a self insured group, has been declared in default due to insufficient funding required for continued operation, California’s Department of Industrial Relations (DIR) Director John C. Duncan announced. Duncan said the default was …
Industry’s $40M Research Center May Someday Lead to Lower Catastrophe Claim For those who question the intelligence of insurance companies, here’s a new industry development that should answer those questions once and for all: The insurance industry is ecstatic because …
Wyoming’s Joint Corporations, Elections and Political Subdivisions Interim Committee has endorsed a draft fraud bill that would protect insurers from civil liability for furnishing information relating to insurance fraud and unfair trade practices to law enforcement agencies. According to the …
