A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A++’ (Superior) from ‘A+’ (Superior) and issuer credit ratings (ICR) to “aa+” from “aa” of Ancon Insurance and Petroleum Casualty Group and its member companies, Ancon Insurance Company, Inc. …
Despite the challenges faced by the state of Louisiana since Hurricanes Katrina and Rita wrought their havoc in 2005, there are bright spots in the state’s property casualty insurance industry, says Louisiana Commissioner of Insurance Jim Donelon. The workers’ compensation …
Property/casualty insurers Travelers Cos. Inc. and Chubb Corp. said they do not need federal financial assistance and chided other insurers pushing to be included in the $700 billion bailout. “Most companies in the P&C (property-casualty) industry are in a strong …
The U.S. property/casualty industry’s net income after taxes fell more than 50 percent to $15.9 billion in the first half of 2008 on a combination of deteriorating underwriting results and declining investment returns, according to A.M. Best Co. As a …
A.M. Best’s preliminary assessment of the potential financial impact from Hurricane Ike concludes that, even though its passage was a “sizeable catastrophic event, the overall financial impact to both the primary and reinsurance sectors is expected to be generally manageable …
Agent-Broker Duties “It’s important to understand this bill doesn’t change anything for brokers that want to continue doing business as usual. Yet it really creates an opportunity for producers to have a safe harbor, if you will, to take advantage …
Standard & Poor’s Ratings Services revised its outlook on the U.S. commercial lines property/casualty insurance sector to negative from stable. Standard & Poor’s credit analyst John Iten explained that the decision to revise the sector outlook reflects S&P’s “concern over …
The U.S. insurance industry’s exposure to securities issued by Fannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs), is substantial for a handful of companies. Nevertheless, A.M. Best Co. does not foresee substantial write-downs, as much of the industry’s exposure …
Brokerage M&As Expected to Continue for the Near Term; Time’s Almost Up for Congress to Pass Reform Bill Surplus lines insurers continued to outperform the property/casualty industry in underwriting and operating performance in 2007 despite the softening market and more …
Surplus lines insurers continued to outperform the property/casualty industry in underwriting and operating performance in 2007, despite the softening market and more aggressive competition. Heightened competition along with the turbulent market, however, caused a slight deterioration in underwriting profitability that …
