Standard & Poor’s Ratings Services has lowered its counterparty credit ratings on Bermuda-based Everest Re Group Ltd. and its U.S.-based intermediary holding company, Everest Reinsurance Holdings Inc., to ‘BBB+’ from ‘A-‘. S&P also lowered its counterparty credit and financial strength …
Fitch Ratings has affirmed Zenith National Insurance Corp.’s ratings as follows: Zenith –Issuer Default Rating (IDR) ‘BBB+’. Zenith National Insurance Capital Trust I –$58.5 million 8.55 percent trust preferred securities due Aug. 1, 2028 at ‘BBB-‘. Zenith’s insurance subsidiaries: Zenith …
Consumers scored a victory in the Wyoming Legislature this session, with the defeat of HB 65, which would have eliminated insurer direct repair programs, according to the Property Casualty Insurers Association of America (PCI).. PCI testified in opposition to the …
Arch Reinsurance Company announced that John Rathgeber has been appointed Chairman and CEO and Tim Olson has been appointed President and COO as of March 1, 2009. Rathgeber previously served as President and CEO and Olson as Chief Underwriting Officer …
The U.S. Treasury is expected to propose within days the creation of a “systemic risk regulator,” probably the Federal Reserve, to oversee banking and market problems that could threaten the economy. On both sides of the Atlantic, “tunnel vision” is …
The National Association of Insurance Commissioners (NAIC) has adopted a proposal to review the use of credit-based insurance scoring. The NAIC said it will convene a public hearing to take testimony on how the insurance industry uses credit scores, what …
National Contractors Insurance Company, Inc., a Risk Retention Group (“NCIC”) specializes in general liability insurance for licensed residential and commercial general and artisan contractors. NCIC writes the difficult Classes: Roofers, Foundations, Excavators, Fire Sprinklers, Paper GC’s, Custom Home Builders & …
The Association of British Insurers has published five key principles to “help ensure that regulatory reform brings real benefits for consumers, ahead of next week’s Turner review into regulation and the G20 London Summit on 2 April,” said the organization’s …
American International Group Inc., once the world’s largest insurer, nearly collapsed last September under losses from bad mortgage bets made by a financial products unit. The U.S. government has since stepped in with up to $180 billion in financial support …
A federal judge in New Orleans has dismissed some claims in a lawsuit filed by a former Louisiana Attorney General Charles Foti against dozens of insurance companies over payments to policyholders receiving funds from the state’s Road Home homeowner grant …
