Houston-based specialty insurer HCC Insurance Holdings, Inc. has acquired VMGU Insurance Agency, an underwriter of the lumber, building materials, forest products and woodworking industries. The acquisition, along with recently announced transactions in the public risk insurance sector, will further extend …
Swiss insurer Zurich Financial Services Group, a serial acquirer in recent years, is not letting tighter credit markets hamper its pursuit of acquisitions, a company executive said on Monday. “Zurich is definitely in a position where it can consider acquisitions,” …
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 lot happened in the world of insurance agency/brokerage mergers and acquisitions in 2008. Willis made the biggest slash with its $2.1 billion acquisition of Hilb Rogal & Hobbs Co. (HRH), one of the world’s largest insurance brokers and risk …
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 has revised its outlook on Spain’s Mapfre S.A and related core subsidiaries (Mapfre Empresas, Compania de Seguros y Reaseguros, S.A. and Mapfre Re Compañía de Reaseguros, S.A.) to negative from stable. S&P also affirmed its ‘A+’ …
HCC Insurance Holdings Inc. announced it has executed an agreement to acquire Surety Company of the Pacific (SCP), a writer of license and permit bonds headquartered in Encino, Calif. This transaction is subject to approval of the California Department of …
Mapfre Re announced that it has been authorised to establish a local reinsurer in Brazil, through its new subsidiary MAPFRE RE DO BRASIL Companhia de Reasseguros. The bulletin noted that Bosco Francoy, “together with a group of talented managers,” will …
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. …
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 …
