The reinsurance sector is vulnerable to a significant insured loss from the Atlantic storm season as their reserve capital has been used to offset low premiums, Fitch Ratings said, as Hurricane Earl threatens to hit land. As Earl lingers as …
A group of 19 U.S.-based property/casualty reinsurers wrote $12.3 billion of net premiums during the six-months ended June 30, 2010, a decrease from the $12.8 billion net premiums written in the first six months of 2009. According to a survey …
A.M. Best Co. has downgraded the financial strength rating to ‘B++’ (Good) from ‘A-‘ (Excellent) and the issuer credit rating to “bbb+” from “a-” of Swiss-based Glacier Reinsurance AG. Best has also placed both ratings under review with negative implications. …
A judge in the District Court of Oklahoma County in mid-August issued an order of liquidation with a finding of insolvency for workers’ compensation provider Pegasus Insurance Co. Inc. Oklahoma Insurance Commissioner Kim Holland initiated proceedings to place Pegasus into …
When companies go out of business, their leaders often blame something other than their own performance for the failure. Lehman Bros.’s CEO Richard Fuld said his immense compensation package had nothing to do with his firm’s death in 2008. Ken …
Bermuda-based Endurance Specialty Holdings announced that Arturo E. Falcon has joined Endurance Worldwide Reinsurance to lead the expansion of Endurance’s global reinsurance portfolio in the Latin American market. He is based in a new Endurance reinsurance office in Miami, Florida. …
A.M. Best Co. has affirmed the financial strength rating of ‘A++’ (Superior) and issuer credit rating of “aa+” of French government backed reinsurer Caisse Centrale de Réassurance (CCR), both with stable outlooks. The ratings reflect CCR’s “superior risk-adjusted capitalization, good …
American International Group has scrapped plans to sell a strategic stake in its Asian life insurance business, AIA, ahead of its initial public offering, a source familiar with the process said on Friday. About four consortiums consisting of Chinese investors …
Writing about the landfall of Hurricane Katrina five years ago, essayist Ellis Anderson of Mississippi likened the communities along the gulf to a string of pearls. “Then, in August 2005, in the course of a single morning, Katrina severed the …
The New York Times has reported that a Major League Baseball investigation into leaked financial documents is focused on insurance companies that do business with clubs. The Times reported the companies under investigation sell liability insurance for top-level team executives …
