Standard & Poor’s Ratings has lowered its counterparty credit and financial strength ratings on Bermuda-based R.V.I. Guaranty Co. Ltd. and its U.S.-based subsidiaries–R.V.I. America Insurance Co. and R.V.I. National Insurance Co.–to ‘BBB’ from ‘A-‘. S&P has also removed the ratings …
The former chief financial officer at a unit of Berkshire Hathaway Inc. was sentenced to 18 months in prison Thursday for her role in a scheme to manipulate American International Group Inc.’s financial statements. Elizabeth Monrad, who was finance chief …
The Illinois Department of Financial and Professional Regulation’s (IDFPR) Division of Insurance has ordered First Farm Credit Services to discontinue its Patronage Program, calling the program an “improper rebate.” The insurance division said the action resulted from a Professional Independent …
A lawsuit filed on behalf of shareholders of American International Group Inc. is demanding company executives return millions of dollars in bonuses, dividends and other perks. The lawsuit, which seeks class-action status, also seeks unspecified damages as well as the …
In a letter sent to the California Workers’ Compensation Appeals Board, John C. Duncan, administrator of the Uninsured Employers Benefits Trust Fund and the Subsequent Injuries Benefits Trust Fund, requested Chairman Miller and the Commissioners to vacate their decisions in …
Standard & Poor’s Ratings Services stated that its ratings on the core operating companies of Italy’s Generali Group (AA/Negative/–) are unaffected by the termination of the agreement relative to the joint venture Intesa Vita, which will not be renewed. “Alleanza …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of the Bermuda-based Platinum Underwriters Group and its members. Best also affirmed the ICR of “bbb” of Platinum Underwriters Holdings, …
Most calls from prospective insurance agency sellers start with, “What are agencies selling for these days?” or “What kind of multiple can I expect if I sell my agency?” Insurance agencies are like snowflakes, no two are alike. Unfortunately, there …
A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Bermuda-based ACE Bermuda Insurance Ltd. and ACE Tempest Reinsurance Ltd. Best also affirmed the FSRs of ‘A+’ (Superior) and …
Most of the calls from prospective insurance agency sellers start with, “What are agencies selling for these days?” or “What kind of multiple can I expect if I sell my agency?” Insurance agencies are like snowflakes, no two are alike. …
