An Alabama state judge has ordered former HealthSouth CEO Richard Scrushy to pay nearly $2.9 billion to shareholders who sued over a massive accounting fraud that nearly sent the rehabilitation chain into bankruptcy. Circuit Judge Allwin E. Horn, who heard …
The property and casualty insurance industry is projected to be smaller, in dollar terms, once the current financial crisis is corrected, according to a leading industry economist. Once the recession finally ends, the industry will be about 3 percent smaller, …
A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B+ (Good) and issuer credit rating to “bb” from “bbb-” of State Farm Florida Insurance Co. The rating agency’s outlook for the insurer has been revised to …
Standard & Poor’s Ratings Services has assigned its ‘A+’ counterparty credit and financial strength ratings to Everest Reinsurance Co. (Ireland) Ltd. S&P also said the outlook on Everest Re Ireland is stable. S&P noted that Everest Re Ireland is a …
Standard & Poor’s Ratings Services has affirmed its ‘BBB-‘ counterparty credit rating on Max Capital Group Ltd. and removed it from CreditWatch, where it was placed on March 2, 2009.The outlook on the group’s ratings is positive. S&P took the …
The years-long struggle between the State of Texas and State Farm Insurance Company over homeowners insurance overcharges may be coming to a close soon, as Texas Insurance Commissioner Mike Geesling is expected to rule on the case this summer. Pick …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of the Bermuda-based Through Transport Mutual Insurance Association Limited (TTB), and its wholly owned subsidiary, the UK-based TT Club Mutual …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘B++’ (Good) and upgraded the issuer credit rating (ICR) to “bbb+” from “bbb” of 1st Choice Auto Insurance Company, Inc., and has revised its outlook on the ratings to …
Property/casualty insurers and reinsurers rely more than ever on the expertise of actuaries at a point in the cycle when the market is neither softening nor hardening, attendees at the CAS Seminar on Reinsurance were told in a wide-ranging panel …
Some property/casualty insurers might be in for a rude awakening with respect to their reserve practices, according to industry experts. The property/casualty insurance sector’s ability to properly estimate its loss and loss-adjustment expense reserves directly affects its financial strength, noted …
