According to a new study to be issued by ABSG Consulting Inc. and its subsidiary, EQECAT, Inc., “Japan’s chemical industry surprisingly could suffer financial losses equal to more than two years of pre-tax earnings, while the precision machinery and petroleum …
Goldman Sachs announced it is lowering its 2007 earnings per share estimate for Safeco by $0.55 to $6.20, primarily to reflect the third quarter EPS shortfall, as well as higher fourth quarter catastrophe losses expected to arise out of the …
Standard & Poor’s Ratings Services said today that it affirmed its ‘BBB’ counterparty credit rating on Commerce Group Inc. and its ‘A’ counterparty credit and financial strength ratings on CGI’s insurance operating companies: Commerce Insurance Co. and Citation Insurance Co. …
With fewer catastrophe claims to pay, Hanover Insurance Group Inc.’s profit jumped 61 percent in the third quarter, the company reported this week. Net income for the third quarter of $53.9 million, or $1.03 per share, compared to a net …
Spain’s largest insurer, Mapfre S.A., has agreed to buy the Massachusetts-based personal lines insurer The Commerce Group, Inc. for $2.21 billion in cash in a bold move to expand its presence in the U.S. market. Mapfre, which has more than …
Standard & Poor’s Ratings Services commented on an announcement by the Bermuda-based Everest Re Group Ltd. (A-/Negative/–) and related subsidiaries (collectively referred to as Everest). Following its third-quarter earnings release, Everest said it would “be reviewing the asbestos claims notifications …
W.R. Berkley, American Mining Insurer Connecticut-based W.R. Berkley Corp. has closed on the acquisition of CGH Insurance Group, the owner of American Mining Insurance Co. Terms of the transaction were not disclosed. American Mining, based in Birmingham, Ala., has specialized …
USI, Armitage USI Holdings Corp. has completed the acquisition of Jericho, N.Y.-based Armitage & Co., which sells property/casualty and surety products in the New York metropolitan area. Armitage will be combined with USI’s existing Woodbury, N.Y. location and is expected …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of Malaysia’s Labuan Reinsurance Ltd. with a stable outlook. “The ratings reflect Labuan Re’s stable underwriting performance, conservative investment portfolio and …
Standard & Poor’s Ratings Services has placed its ‘AA’ counterparty credit and financial strength ratings on Triad Guaranty Insurance Corp. and its ‘A’ counterparty credit rating on Triad Guaranty Inc. on CreditWatch with negative implications. “The CreditWatch follows today’s announcement …
