September 1, 2010
The reinsurance sector is vulnerable to a significant insured loss from the Atlantic storm season as their reserve capital has been used to offset low premiums, Fitch Ratings said, as Hurricane Earl threatens to hit land. As Earl lingers as …
September 1, 2010
ProAssurance Corp., headquartered in Birmingham, Ala., and Austin, Texas-based American Physicians Service Group Inc. (APS) announced that ProAssurance plans to acquire all the outstanding shares of APS in an all-cash transaction for $32.50 per share. The transaction is expected to …
August 31, 2010
Kenneth Feinberg, who last week took over the claims process for BP Plc’s Macondo well oil spill, has so far paid nearly $10 million in emergency payouts to Gulf Coast residents who have suffered economic harm, documents show. Feinberg, who …
August 30, 2010
A.M. Best Co. has affirmed the financial strength rating of ‘A++’ (Superior) and issuer credit rating of “aa+” of French government backed reinsurer Caisse Centrale de Réassurance (CCR), both with stable outlooks. The ratings reflect CCR’s “superior risk-adjusted capitalization, good …
August 26, 2010
Standard & Poor’s Ratings Services has affirmed its ‘BBB’ unsolicited counterparty credit rating on Markel Corp. However, S&P said the “outlook on Markel remains negative.” Credit analyst Taoufik Gharib explained: “The affirmation reflects Markel’s strong competitive position in the excess …
August 26, 2010
Fitch Ratings has affirmed the ratings of PartnerRe Ltd. with a negative outlook. The affirmation follows an “updated review of PartnerRe’s financial performance, capital position, liquidity, and investment exposures,” said Fitch. The rationale for the ratings includes the company’s” strong …
August 26, 2010
First-half 2010 operating profits declined for most publicly traded property/casualty insurance companies that Fitch Rating follows, according to a new report. However, the $16.2 billion of aggregate net earnings reported by these companies represents a substantial improvement versus the prior …
August 25, 2010
Standard & Poor’s Ratings Services has raised its counterparty credit rating on Validus Holdings Ltd. to ‘BBB’ from ‘BBB-‘. S&P has also assigned its ‘A-‘ counterparty credit and financial strength ratings to Validus’ insurance subsidiary, Validus Reinsurance Ltd. The outlook …
August 25, 2010
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of AMEX Assurance Company, a wholly owned subsidiary of American Express Company. The outlook for both ratings is stable. The ratings reflect …
August 23, 2010
A.M. Best Co. has affirmed Best’s Syndicate Rating of ‘A’ (Excellent) and issuer credit rating of “a+” of Lloyd’s Syndicate 2003, which is managed by Catlin Underwriting Agencies Limited (CUAL), a member of the Bermuda-based Catlin Group Limited (CGL). The …