A.M. Best Co. has commented that the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of new Zealand’s Tower Insurance Limited “remain unchanged as a result of the recent announcement of the discontinuance of …
General Motors Corp. and its auditor have agreed to pay $303 million to settle claims that the automaker misled shareholders about its finances. Under the settlement, GM would pay $277 million to investors, while its auditor, Deloitte & Touche LLP, …
Omaha, Neb.-based Berkshire Hathaway Inc. reported an 8 percent decline in second-quarter profit as of Friday, Aug. 8 because it collected fewer insurance premiums and recorded $1 billion in unrealized derivative losses. Billionaire Warren Buffett’s company said it generated $2.9 …
Bermuda-based CastlePoint Holdings, Ltd. reported net income of $10.3 million and basic and diluted earnings per share of $0.27 for the second quarter of 2008. Operating earnings for the second quarter of 2008 were $13.2 million and $0.35 per share. …
Kingsway Financial Services Inc. announced financial results (in U.S. dollars) for the second quarter ended June 30, 2008 that rebounded from a first quarter loss. The Company reported net income of $6.3 million or $0.11 diluted per share for the …
A.M. Best Co. has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit rating of “aa-” of Hong Kong-based HSBC Insurance (Asia) Limited with a stable outlook. “The ratings reflect HSBC Insurance’s sound underwriting earnings, leading market presence …
Standard & Poor’s Ratings Services indicated that its ratings on American International Group Inc. – currently ‘AA-‘ with a negative outlook/Debt ‘A-1+’ – and AIG’s subsidiaries are unaffected by yesterday’s report of an operating loss of $5.4 billion. S&P said …
Louisiana-based Amerisafe Inc., which provides workers’ compensation insurance for small to mid-sized companies in hazardous industries, recorded a 13 percent increase in second-quarter profit despite a slight decline in revenue, the company reported. For the quarter ending June 30, Amerisafe …
The Munich Re Group recorded a profit of €1.4 billion ($2.123 billion) for the first half of 2006, a decline from the €2.1 billion ($3.18 billion) recorded in the same peiod of 2007. However, given the ongoing turmoil in the …
Following the release of Munich Re’s six-month earnings report (See above), Standard & Poor’s Ratings Services said that its ‘AA-‘ long-term counterparty credit and insurer financial strength ratings on the Group “are unaffected by the recent reduction in its forecast …
