Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit rating on Alleghany Corp. by one notch to ‘BBB’ from ‘BBB+’ and assigned a stable outlook. “We lowered the rating because we believe Alleghany increasingly resembles a …
The World Bank launched a new catastrophe loan facility on Tuesday, March 4, and revised an existing contingency credit line designed to help increase its business with middle-income countries. The World Bank board approved the Catastrophe Risk Deferred Drawdown Option …
Risk Management Solutions has given updated estimates of the likely insured losses caused by the earthquake that struck Market Rasen in Lincolnshire in Northeast England on Thursday (See IJ web site – https://www.insurancejournal.com/news/international/2008/02/28/87725.htm). RMS said the quake “is likely to …
California’s former insurance commissioner, who resigned during a 2000 election scandal, is again facing scrutiny — this time as a Florida lawman who shot someone he was trying to arrest. Lee County Deputy Chuck Quackenbush, 54, was placed on administrative …
The British Geological Survey (BGS – http://www.earthquakes.bgs.ac.uk/) recorded an earthquake with a magnitude of 5.2 (ML) on the Richter scale near Market Rasen, Lincolnshire at 00:56 GMT, yesterday, Feb. 27. While mild by global standards, earthquakes are relatively rare in …
A “doomsday” seed vault built to protect millions of food crops from climate change, wars and natural disasters opened deep within an Arctic mountain in the remote Norwegian archipelago of Svalbard. “The Svalbard Global Seed Vault is our insurance policy,” …
That earthquake in eastern Nevada last week may be a bit of a wake-up call for Utah homeowners. According to the Utah Department of Insurance, most homeowners in the state don’t have coverage for earthquakes. Like floods, earthquakes are a …
The Greenlining Institute is the most recent consumer protection organization to file a petition with the California Department of Insurance over a proposed rate filing by the United States Automobile Association. Greenlining’s petition joins an earlier petition by the Foundation …
The Bermuda-based Catlin Group Limited has purchased a collateralized US$150 million annual aggregate reinsurance contract to protect the Group’s portfolio of property treaty reinsurance against accumulated losses from specific perils. The bulletin described the transaction as “unusual, as it provides …
A strong earthquake struck near the northeastern Nevada town of Wells Thursday, causing major structural damage to some older masonry buildings, igniting small fires and bursting windows in homes and businesses. According to reports, the shock was felt in 225 …
