Standard & Poor’s Ratings Services announced that it has placed its “BBB-” long-term counterparty credit and insurer financial strength ratings on Polish reinsurer Polskie Towarzystwo Reasekuracji S.A. (PTR) on CreditWatch with negative implications. “The CreditWatch placement follows the decision by …
A group of 18 insurers is suing American International Group and bankrupt fronting company Trenwick America Reinsurance Corp. for allegedly scheming to collect as much as $73 million in what the insurers claim are “grossly inflated” workers compensation and other …
Crane Co., a Stamford, Conn. manufacturer of engineered industrial products, has agreed to settle its insurance coverage claims for asbestos and other liabilities against underwriters at Lloyd’s of London reinsured by Equitas Limited for a total payment of $33 million. …
Without hearing arguments, the Pennsylvania Supreme Court has upheld a lower court ruling that permits four corporations to bypass the state regulator’s liquidation procedures involving failed carrier Legion Insurance Co. and obtain their settlement monies directly from Legion’s reinsurers. The …
A.M. Best Co. commented this week that while the most recent after tax reserve charge of $183 million falls within A.M. Best’s anticipated range of adverse loss development for XL Capital Group (XL Capital) (Hamilton, Bermuda), it is indicative that …
Standard & Poor’s Ratings Services has issued its assessment on the U.S. reinsurance sector, which concludes that it remains stable, even though there have been declines in pricing. S&P notes: “The market has witnessed some softening in terms and conditions, …
Investigative subpoenas have been issued by Florida Insurance Commissioner Kevin McCarty probing the dealings of 17 reinsurers selling finite risk policies. The companies on the receiving end of the subpoenas, including several Bermuda-based companies and those with offices on the …
Investigative subpoenas have been issued by Florida Insurance Commissioner Kevin McCarty probing the dealings of 17 reinsurers selling finite risk policies. The companies on the receiving end of the subpoenas, including several Bermuda-based companies and those with offices on the …
Standard & Poor’s Ratings Services has issued a report, entitled “Peer Comparison: Bermuda Property Catastrophe Reinsurers,” which examines the differences between five of the island’s reinsurers. S&P said the five share “a history as focused providers of short-tail property catastrophe …
Florida insurance regulators are probing the dealings of 17 reinsurers selling finite risk policies. Florida’s Insurance Commissioner Kevin McCarty said that he has issued investigative subpoenas to the reinsurers requesting information related to finite reinsurance activities. McCarty addressed the action …
