The European Insurance Forum, held in Dublin Monday and Tuesday, was dominated by the fiscal crisis that has hit Ireland particularly hard. Although the country’s insurance industry remains a bright spot in an otherwise fairly bleak landscape, even it is …
A.M. Best Co. has downgraded the financial strength rating to B+ (Good) from B++ (Good) and issuer credit ratings to “bbb-” from “bbb” of Interstate Bankers Casualty Company of Chicago, Ill. The rating outlook has been revised to negative from …
The shortage of experienced property/casualty insurance underwriters is growing as senior underwriters retire and the issue is keeping carrier executives up at night, according to an industry software provider that thinks it has an asnwer. Part of the problem may …
A.M. Best Co. affirmed the issuer credit rating (ICR) of “bbb+” of The Hartford Financial Services Group, Inc. with a negative outlook. The rating agency also affirmed the FSRs of ‘A’ (Excellent) and ICRs of “a+” of the key life/health …
California Insurance Commissioner Steve Poizner announced that 460 insurers have agreed in writing to a moratorium on future investments in 50 companies identified by the California Department of Insurance (CDI) to be doing business with the Iranian energy, nuclear and …
Property/casualty insurers are expected to continue to handle costs for defective Chinese drywall claims in the normal course of business, according to a rating analyst with Moody’s Investors Service. Losses from Chinese drywall will probably be covered within insurers earnings, …
South Dakota Governor Mike Rounds has vetoed legislation that would have prohibited insurers from recovering funds from liable parties and would have unfairly and unnecessarily increased insurance costs for South Dakotans had it been enacted into law, according to the …
Famed U.S. investor Warren Buffett, already Munich Re’s biggest shareholder, has built up his stake in the world’s No. 1 reinsurer to nearly 8 percent, increasing his bet on the sector’s long-term prospects. Buffett, who owns the world’s third-biggest reinsurer …
Two senior executives from AIG’s Asian operations plan to quit before Prudential’s planned $35.5 billion takeover, according to a source familiar with the matter. Chief Financial Officer Steve Roder and Chief Legal Counsel Peter Cashin plan to leave AIA, AIG’s …
State regulators are taking control of some of U.S. bond insurer Ambac Financial Group Inc.’s worst assets, the company said Thursday, in an action affecting some $35 billion of assets. Regulators in Wisconsin, where Ambac’s main insurance unit is legally …
