Tower Group, Inc. announced that it intends to offer $135 million aggregate principal amount of convertible senior notes due 2014 through a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, …
A.M. Best Co. has downgraded the issuer credit rating of Southern General Underwriters Insurance Company (SGU) Marietta, Georgia, to “bbb” from “bbb+” and affirmed the financial strength rating of B++ (Good). Concurrently, A.M. Best Co. has affirmed the financial strength …
State Compensation Insurance Fund today announced it earned $143 million in net income in 2009, up from $75 million for the prior year. In its 2009 Annual Report, the company noted it has an increase of $161 million in policyholders’ …
A special report from A.M. Best concludes that “robust earnings reports mask challenges ahead for the global reinsurance industry: a convergence of market pressures, low interest rates and tightening financial and market regulations that could impact the industry’s capital. “These …
PartnerRe Ltd. announced that its Board of Directors has approved a new share repurchase authorization up to a total of 7 million common shares, effective immediately. “This replaces the prior authorization of 8 million common shares announced by the Company …
China will allow insurers to broaden their investment channels into private equity and real estate, a long-awaited move that could unleash as much as $100 billion worth of fresh funding into unlisted firms and the property sector. Chinese insurers are …
Will India’s government succeed in passing key pro-market bills that have been in limbo for years? Not in the near future, say analysts. With state elections around the corner, the Congress-led government may have lost a political window to push …
Ireland’s financial headache worsened on Wednesday after Standard & Poor’s cut its credit rating in a move criticized by the country’s debt management agency. In a strongly worded statement, the National Treasury Management Agency said it disagreed with S&P’s view …
Aon Benfield Securities, the securities and investment banking operation of Aon Benfield, announced the launch of the Aon Benfield ILS Indices, which provide a quantitative view of monthly insurance-linked securities (ILS) returns since December 2000. The ILS Indices “track the …
The world economy continued its rebound from the worst recession in decades, according to the quarterly ICC/Ifo World Economic Survey released today, but at a slower pace. The survey concluded that “some regions, notably North America and Asia, saw slowing …
