A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Bermuda-based ACE Bermuda Insurance Ltd. and ACE Tempest Reinsurance Ltd. Best also affirmed the FSRs of ‘A+’ (Superior) and …
Edmund Tse, the top American International Group Inc. executive in Asia, is retiring, the troubled insurer said on Friday. Tse, who is in his early 70s, has worked at AIG since 1961, and was once considered a top candidate to …
Billionaire investor Wilbur Ross said he is keen to invest more in insurance, a sector he has been active in for more than a decade, but is biding his time until pricing fundamentals improve. Ross, on the sidelines of an …
One of Florida’s new startup property insurance companies has been told to stop selling policies — at least for a while. Insurance Commissioner Kevin McCarty said Boca Raton-based People’s Trust has not followed state regulations nor its business plan and …
Standard & Poor’s Ratings Services said that its ratings on Bermuda-based Everest Re Group Ltd. and its U.S.-based intermediary holding company, Everest Reinsurance Holdings Inc. (both rated ‘BBB+’ with a stable outlook), as well as the ratings on the company’s …
President Barack Obama will propose shaking up U.S. financial regulation to protect the economy and improve government handling of failing firms, an administration official told Reuters Wednesday. Intended to prevent problems like the 2008 blow-ups of Bear Stearns and Lehman …
California has a $1.7 trillion economy that ranks it as a global financial power, and the insurance industry aids in this effort, says a new industry report. In 2006, insurers contributed $28.2 billion to California’s gross state product and accounted …
The chief executive of Ohio-based auto insurer Progressive Corp. received 8.8 percent less compensation in 2008 mainly because he declined to accept a performance-related bonus, as investment losses led to the company’s first annual loss in 26 years. Glenn Renwick, …
Swiss Re has just released its latest sigma study, which details the toll of disasters that made 2008 “one of the worst years for catastrophe losses” according to the report. More than 240,500 people lost their lives, while the insurance …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of Bermuda-based Montpelier Reinsurance Ltd. and Montpelier US Insurance Company (MUSIC), which is based in Oklahoma City. Best also affirmed …
