Based on what are so far only preliminary estimates, Standard & Poor’s Ratings Services said it expects insured losses from the oil spill in the Gulf of Mexico “to be significantly less and be spread among multiple markets and re/insurers.” …
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A (Excellent) from ‘A-‘ (Excellent) and issuer credit rating (ICR) to “a” from “a-” of New York-based AXA Insurance Company. Best has also affirmed the FSR of ‘B++’ (Good) …
A former executive at Rhode Island’s dominant workers’ compensation insurer was acquitted Friday on a charge that he deceived state regulators about companies that were receiving discounted premiums. Superior Court Judge Edwin Gale acquitted David Clark, a former vice president …
Munich Re has obtained cover for US hurricane and European windstorm risks amounting to US$ 80 million from special-purpose vehicle EOS Wind Ltd, which placed a catastrophe bond in the market. “MEAG, Munich Re’s asset management company, came up with …
Joe Plumeri, Chairman and CEO of Willis Group Holdings, “told an audience of insurance executives that the new UK Government must address the struggling economy to spur growth in the British insurance industry, while calling on the EU to resolve …
The 2008 financial failure and system breakdown of American International Group Financial Products did not contribute to broader systemic effects within the insurance industry, according to a new financial services think tank report. The report also suggests that whether insurance …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Selective Insurance Group and its seven P/C pooling members. Best also affirmed the ICR of “a-” and debt ratings …
Bermuda-based RenaissanceRe Holdings Ltd. announced that the following individuals have been appointed to its Executive Committee: — Ross A. Curtis, Senior Vice President and Chief Underwriting Officer of European Operations — Aditya K. Dutt, Senior Vice President and head of …
The U.S. Senate approved a sweeping Wall Street reform bill Thursday night, capping months of wrangling over the biggest overhaul of financial regulation since the 1930s. By a vote of 59-39, the Senate approved S. 3217, the “Restoring America’s Financial …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Bermuda-based Platinum Underwriters Group and its members. Best also has affirmed the ICR of “bbb” of Platinum Underwriters Holdings, …
