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. …
Standard & Poor’s Ratings Services said that its ratings on Bermuda-based Everest Re Group Ltd. and its U.S.-based intermediary holding company, Everest Reinsurance Holdings Inc. (both rated ‘BBB+’ with a stable outlook), as well as the ratings on the company’s …
Standard & Poor’s Ratings Services has lowered its counterparty credit ratings on Bermuda-based Everest Re Group Ltd. and its U.S.-based intermediary holding company, Everest Reinsurance Holdings Inc., to ‘BBB+’ from ‘A-‘. S&P also lowered its counterparty credit and financial strength …
Standard & Poor’s Ratings Services has raised its long-term counterparty credit and insurer financial strength ratings on French-based reinsurer SCOR SE and its core guaranteed subsidiaries (collectively SCOR or the group) to ‘A’ from ‘A-‘. The outlook on all of …
Swiss Re has announced that the “main terms of the convertible perpetual capital instrument to be issued to Berkshire Hathaway have been finalized.” The funding agreement was announced at the same time as Swiss Re’s 2008 earnings results, which revealed …
Warren Buffett’s Berkshire Hathaway was stripped of its ‘AAA’ credit rating by Fitch Ratings, barely hours after S&P cut General Electric Co’s top-tier rating, as the global financial crisis pummels America’s corporate titans. Citing concerns about Berkshire’s equity and derivatives …
Marsh announced the formation of “a nationwide community of independent mid-sized UK brokers who share a commitment to innovation on behalf of clients and are looking to protect and grow their businesses.” The bulletin described the initiative, called Marsh ProBroker, …
A.M. Best Co. has withdrawn the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of GMAC Direct Insurance Company of Maryland Heights, Mo. and assigned an NR-5 (Not Formally Followed) to the FSR and …
A.M. Best Co. has assigned indicative debt ratings of “bbb” to senior unsecured debt, “bbb-” to subordinated securities and “bb+” to preferred stock, which may be issued under United America Indemnity, Ltd.’s (UAI) (Georgetown, Cayman Islands) recently filed shelf registration …
Brit Insurance, a diversified UK-based insurer posted lower profits for 2008, but still managed a respectable £89.2 million ($125 million), compared to £191.2 million ($267 million) in 2007. The Company’s earnings bulletin also announced that it is considering moving its …
