Fitch Ratings has upgraded its ratings on the Massachusetts-based Commerce Group, Inc. (CGI) and its subsidiaries, and has assigned them a stable outlook: The following ratings are affected: Commerce Group, Inc.: Issuer Default Rating (IDR) to ‘A’ from ‘BBB+’; $300 …
Standard & Poor’s Ratings Services said that its ratings and outlook on Spain’s Mapfre S.A. (A+/Stable/–; core operating entities Mapfre Empresas, Compania de Seguros y Reaseguros, S.A. and Mapfre Re Compañía de Reaseguros, S.A. are rated AA/Stable/–) and on Massachusetts-based …
Standard & Poor’s Ratings Services has lowered its financial strength rating on Channel Reinsurance Ltd. to ‘AA’ from ‘AAA’, removed the rating from CreditWatch with negative implications and assigned a negative outlook. “The downgrade reflects the fact that, in our …
In a joint announcement Spain’s largest insurer, MAPFRE S.A. and The Massachusetts-based Commerce Group, Inc. announced that MAPFRE has completed its acquisition of Commerce. The parties reached agreement on a deal last October (See IJ web site – https://www.insurancejournal.com/news/national/2007/10/30/84650.htm). Along …
Spain’s largest insurer, Mapfre S.A., said it has completed its acquisition of The Commerce Group Inc., the 20th largest auto insurer in the country. Mapfre paid $36.70 in cash per share of Commerce’s publicly traded stock, with total merger consideration …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of Bermuda-based Through Transport Mutual Insurance Association Limited (TTB) and its wholly owned subsidiary, the UK-based TT Club Mutual Insurance …
Zurich Financial Services Group announced that Markus Hongler, currently CEO of Zurich Switzerland, has been appointed CEO of Zurich Insurance Ireland Limited (ZIIL), Zurich’s main EU-wide risk carrier for general insurance. The appointment will become effective January 1, 2009, in …
A group of Spanish workers injured by asbestos-containing insulation while working on Navy ships docked in Spain can sue the manufacturer of the insulation in New Jersey — where the products were produced — a panel of judges has ruled. …
Rivals are circling Royal Bank of Scotland’s insurance arm as a bid deadline approaches, but aside from Zurich Financial Services, few may have the desire and firepower to buy Britain’s largest motor insurer. RBS Insurance was put on the block …
Rivals are circling Royal Bank of Scotland’s insurance arm as a bid deadline approaches, but aside from Zurich Financial Services, few may have the desire and firepower to buy Britain’s largest motor insurer. RBS Insurance was put on the block …
