Standard & Poor’s Ratings Services has raised its counterparty credit and insurer financial strength ratings on non-life insurer Zurich Espana, Compania de Seguros y Reaseguros, S.A.(Zurich España) to ‘AA-‘ from ‘A+’ and assigned a stable outlook.”The upgrade reflects our revision …
A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of “a+” of Zurich Insurance Company (ZIC), the main operating company of Zurich Financial Services (ZFS) and its subsidiaries. Best also …
Standard & Poor’s Ratings Services has placed its ‘A’ long-term counterparty credit and insurer financial strength ratings on Italy-based insurer HDI Assicurazioni SpA (HDI/Italia or HDI/I) on CreditWatch with negative implications. “The CreditWatch placement reflects our view that the company …
Recession has struck much of Europe, data showed on Friday, confirming a widespread economic downturn that world leaders hope to tackle at a weekend summit in Washington. The worst financial crisis in 80 years has weakened the world’s major economies. …
Allianz’s Dresdner Bank unit posted its biggest quarterly loss since the start of the financial crisis, the insurer said on Monday, pushing the group to a €2 billion ($2.58 billion) net loss. Allianz is selling Dresdner Bank, which had a …
Coface, the Paris-based business specialist, has issued a bulletin, which notes that the “credit crisis is spreading throughout Europe amid a deepening financial crisis, leading to a sudden squeeze in banking credit, plunging confidence levels, and a slowdown in activity.” …
Balance sheet pressures for insurance and reinsurance companies globally have become more severe as insurers experience greater unrealized market value losses, and take impairments, on their investment portfolios, says Fitch Ratings. As such, Fitch analysts expects a noteworthy ramp up …
A.M. Best Co. has upgraded the financial strength rating to ‘A+’ (Superior) from ‘A’ (Excellent) and the issuer credit rating to “aa-” from “a+” of New Zealand’s AMI Insurance Limited. Best also revised the outlook for both ratings to stable …
European governments struggled on Monday to shelter banks and bank depositors from a global financial crisis that is eroding confidence, endangering the economy and challenging their ability to respond as one. Germany promised blanket deposit protection for bank savers, prompting …
“Non-life insurance premiums are flat or declining while claims costs are escalating in Western Europe’s major markets,” said a bulletin from A.M. Best. “Meanwhile, life insurers’ growth is threatened by turmoil in the credit and equity markets. In Central and …
