Capacity returned in force to the global reinsurance market in 2009, as solid earnings helped to propel capital upward by 24 percent from the previous year, despite a softening market. Recovering from harsh blows delivered by the global financial crisis …
The incidence of corporate fraud, particularly financial statement fraud, is rising in India, largely due to pressure to meet earnings targets and weak internal control systems, a survey by consultancy KPMG showed. More than 60 percent of respondents said meeting …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Panama City-based ASSA Compania de Seguros, S.A., both with stable outlooks. The ratings reflect ASSA’s “excellent capitalization, favorable operating results and …
Hartford Financial Services Group Inc. will restructure itself under a plan to reignite growth by courting small- and medium-sized businesses as clients and reining in risk. The announcement of the plan comes a day after the insurer, the 10th-oldest company …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of the New York-based Tower Group Companies and its pooled and reinsured members. Best also affirmed the FSR of ‘A-‘ …
Standard & Poor’s Rating Services has lowered its long-term counterparty credit ratings and insurer financial strength ratings on the core entities of France’s AXA group to ‘AA-‘ from ‘AA’. S&P also revised the counterparty credit rating on the holding company …
Standard & Poor’s Ratings Services announced that it has revised the outlooks on the various operating entities of Switzerland’s Zurich Financial Services (collectively ZFS) to stable from negative. ZFS includes Swiss-based Zurich Insurance Company Ltd. (ZIC), Ireland-based Zurich Insurance PLC, …
A fund that helps Wisconsin health care providers pay medical malpractice claims is in poor financial shape after lawmakers raided $200 million to balance the budget, auditors have warned. The Injured Patients and Families Compensation Fund also has been negatively …
For the first time in many years the first quarter 2010 results of reinsurers will be worse than the results of their primary insurance company clients thanks in part to unprecedented catastrophe losses. Some $16 billion in losses due to …
A.M. Best Co. affirmed the issuer credit rating (ICR) of “bbb+” of The Hartford Financial Services Group, Inc. with a negative outlook. The rating agency also affirmed the FSRs of ‘A’ (Excellent) and ICRs of “a+” of the key life/health …
