Insurers are issuing catastrophe bonds again to complement traditional and cheaper reinsurance and to spread the risks in buying protection against events that could cost them tens of billions of dollars in claims. The nascent cat bond market froze for …
Two Kanawha County agencies have decided not to use a state-created insurance program for workers’ compensation coverage. Both have told BrickStreet Mutual Insurance Co. that its proposed rates have prompted them to take their business elsewhere. State lawmakers created BrickStreet …
A softening casualty market, strong company earnings, and a quiet catastrophe season resulted in the reinsurance industry enjoying, in 2009, one of its most profitable underwriting years in nearly a decade. Today, reinsurers must continue to push-back on multi-year deals …
A.M. Best Co. has downgraded the financial strength rating (FSR) to B- (Fair) from B (Fair) and issuer credit ratings (ICR) to “bb-” from “bb+” of Affirmative Insurance Group and its members. A.M. Best also downgraded the ICR to “ccc+” …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings of “aa-” of the Bermuda-based PartnerRe Group and its members. Best also affirmed the ICR of “a-” and debt ratings of PartnerRe’s parent, …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘B++’ (Good) and the issuer credit rating (ICR) of “bbb+” of Japan’s Fuji Fire & Marine Insurance Company, Limited, and has revised its outlook on the ratings from negative …
Florida officials have agreed to allow Bermuda-based reinsurer XL Re Ltd. to participate in Florida’s insurance marketplace under rules calling for reduced collateral. According to the Florida Office of Insurance Regulation (OIR), XL is the first Bermuda reinsurer approved to …
A.M. Best said it has downgraded the issuer-credit rating of New York-based Eveready Insurance Co. to “bb”, down from “bb+”. The ratings agency also affirmed the company’s financial strength rating of B (Fair), but revised downward the outlook for both …
Willis Re, the reinsurance arm of Willis Group Holdings announced the establishment of a new office in Toronto, Canada. The office will open September 1, 2010 and will complement Willis Group’s existing presence in Toronto. Willis also has offices in …
A new report from Marsh notes that “as demand grows from consumers, investors and governments for businesses to become more sustainable, companies are beginning to change their strategy and planning.” The white paper, Sustainability – Managing Your Risk, notes that …
