A new special report, compiled by A.M. Best, concludes that the string of major catastrophes, a persistent soft market and the near exhaustion of excess reserves have placed global reinsurers at a “critical” point. The rating firm said that the …
New Zealand’s government has agreed to provide financial support for AMI, the country’s second-largest residential insurer, after two major earthquakes threatened to deplete its capital, Finance Minister Bill English said on Thursday. English said the potential cost for the government …
Fitch Ratings has issued a bulletin, indicating that it “believes that while the 11 March earthquake in Japan will be among the largest insured losses in history, such losses can be absorbed by the insurance and reinsurance industries without widespread …
A decline in shares of Japanese non-life insurers including MS&AD Insurance Group [Mitsui Sumitomo] is expected to be temporary as the impact on their earnings of the earthquake and tsunami in northeast Japan should be limited, analysts said. The record …
Best Comments on Ratings of Chartis U.S. Insurance Group A.M. Best Co. has commented that the financial strength rating of ‘A’ (Excellent) and issuer credit ratings of “a” of the New York-based Chartis U.S. Insurance Group, whose members are wholly …
Standard & Poor’s Ratings Services announced that its ratings on American International Group Inc. (A-/Negative/A-2) and AIG’s insurance subsidiaries “are not affected by the company’s announcement that it expects to report a $4.1 billion charge for the fourth quarter of …
Bailed-out insurer American International Group Inc. said it would take a $4.1 billion charge at its Chartis unit after a review showed higher-than-expected claims on older policies for asbestos exposure and workers’ compensation. In a further bid to bolster capital …
