A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a” of United Fire & Casualty Group and its five P/C members, which operate under a business pooling agreement led …
American International Group , the world’s largest insurer, is expected to report a quarterly loss Thursday, with crippled mortgage investments taking a $5 billion bite out of its derivatives portfolio. Analysts’ average forecast is a loss of 18 cents a …
Australia’s QBE Insurance Group announced that operating profit after tax for the year ended 31 December 2007 was up 30 percent to a record A$1.925 billion ($US1.786 billion). Other key highlights for the year were listed as follows: — Gross …
Standard & Poor’s Ratings Services announced several rating actions on a number of monoline bond insurers “following additional stress tests with respect to their domestic nonprime mortgage exposure.” S&P listed its actiuons as follows: — The financial strength ratings on …
China’s CNinsure Inc. has announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2007. The bulletin noted that the earnings announcement “contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at specified …
In a statement, separate from its earnings announcment (see related article), Chinese broker, CNinsure Inc. announced that, David Tang will resign from his position as Chief Financial Officer and Vice President of the company, “for personal reasons,” effective April 1, …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of Sun Hung Kai Properties Insurance Limited (SHKPI) with a stable outlook. “The ratings reflect the company’s consistent positive operating …
Bermuda-based Montpelier Re Holdings Ltd. led off its earnings report with the good news. The Company reported a fully converted book value per share of $17.88 as at December 31, 2007, an increase of 5.4 percent and 17.6 percent for …
Some observers speculate the fallout could lead to additional woes for AIG including possibly CEO Sullivan’s exit While American International Group Inc. sought to downplay its miscalculation of losses on a derivatives portfolio as not “material to the company,” Wall …
Quarterly profits at Marsh & McLennan dropped 62 percent, as fourth quarter and annual revenues rose 8 percent. The giant insurance brokerage reported that fourth quarter net income dropped to $85 million, or 16 cents per share, from $226 million, …
