A.M. Best Co. has revised its outlook to stable from positive for the ratings of Hannover Rueckversicherung AG (Hannover Re) and its rated subsidiaries, while also affirming the German reinsurer’s financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit …
Florida-based insurance broker Brown & Brown, Inc. managed to increase its earnings slightly in the second quarter despite the financial downturn. Net income for the second quarter of 2009 was $40,668,000 compared to $40,398,000 for the same quarter of 2008. …
The State of the Insurance M&A Marketplace During most of the past three years, the mergers and acquisitions (M&A) market for insurance agencies and brokerages has been marked by strong deal volume and soaring valuations. From 2006-2008, aggressive buyers were …
The U.S. property/casualty industry’s net income fell 87 percent to $1.2 billion in the first three months of 2009, according to A.M. Best. “The year-over-year decline in earnings was due primarily to the severe and prolonged turmoil in the financial …
A.M. Best Co. has affirmed the financial strength rating of ‘A+’ (Superior) and the issuer credit rating of “aa-” of Spain’s Ocaso, S.A. Seguros y Reaseguros, both with stable outlooks. “The ratings reflect the company’s superior risk-based capitalization, excellent operating …
A.M. Best Co. has downgraded the financial strength rating (FSR) to ‘B-‘ (Fair) from ‘B+’ (Good) and issuer credit ratings (ICR) to “bb-” from “bbb-” of Castle Key Group and its members, formerly known as Allstate Floridian Insurance Group (headquartered …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Bermuda-based Omega Specialty Insurance Company Limited (OSIL), both with stable outlooks. In a separate action Best also affirmed its Syndicate Rating …
Smithfield Foods Inc. said Tuesday that fire damage at its Patrick Cudahy meat plant in Cudahy, Wisconsin, should not have a measurable affect on its earnings or liquidity. Partial production has resumed in areas of the plant not damaged by …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s of London and Lloyd’s Reinsurance Company (China) Limited (LRCCL). Best also affirmed the ICR of “a” on the …
Standard & Poor’s Ratings Services has revised its outlook on Bermuda-based insurance and reinsurance holding company Validus Holdings Ltd. to positive from stable, and has affirmed its ‘BBB-‘ counterparty credit rating on the holding company. However, in a separate bulletin …
