Bermuda-based AXIS Capital Holdings Limited announced that its indirect, wholly-owned subsidiary, AXIS Specialty Finance LLC, has priced an offering of $500 million aggregate principal amount of its 5.875 percent Senior Notes due 2020, fully and unconditionally guaranteed by AXIS Capital, …
The Illinois Supreme Court has ruled that an appellate court was correct when it found that an insurance company cannot exclude occupants of an insured vehicle from underinsured motorists coverage (UIM). The high court’s decision stems from a pair of …
Pinnacol Assurance, Colorado’s quasi-governmental workers’ compensation insurer, has submitted a potential separation agreement to Colorado Gov. Bill Ritter that would establish Pinnacol as a domestic mutual insurance company owned by its policyholders in exchange for $330 million that could help …
A representative from the insurer trade group, the American Insurance Association (AIA), testified before a Louisiana legislative panel that efforts to abolish Louisiana Citizens Property Insurance Corporation (Citizens) are misguided. A commission on streamlining state government in late December 2009 …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of American Physicians Group and its primary member, American Physicians Assurance Corporation, the lead subsidiary of American Physicians Capital Inc. …
Property/casualty insurance companies, which already pay into state guaranty funds to backup claims of their insolvent peers, don’t want to have to also pay into a federal fund to cover failures of larger and riskier financial services firms. Leading p/c …
The actuarial services firm, Demotech, which rates most of Florida’s newer and smaller domestic property insurers, has published a position paper outlining its approach to its carrier Financial Stability Ratings and the financial and management factors it monitors. Entitled Guidance …
A Clearwater-based property insurance company is the latest Florida company to run afoul of Florida insurance regulators. Insurance Commissioner Kevin McCarty ordered Homeowners Choice Property & Casualty Insurance Co. to pay a $10,000 fine within 30 days for violating Florida’s …
Operating profits improved substantially during 2009 across the U.S. property/ casualty insurance industry, with most market participants reporting double-digit operating returns on capital, according to Fitch Ratings in a new report. A Fitch review of 2009 GAAP results reported by …
The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2009 global underwriting results for its 23 members, who write insurance and reinsurance from underwriting centers in Bermuda, Europe and the U.S. The announcement noted that the “23 (re)insurers …
