Swiss-based Zurich Financial Services (ZFS) confirmed previous indications that 2002 was a very bad year by posting a $3.4 billion net loss. The losses were mainly due to special writeoffs and the decline in equity values, which amounted to around …
A. Bilbrough & Co., the managing agents of the London Protection and Indemnity Club, the marine insurers that issued coverage for the oil tanker Prestige, have posted a 3 million Euro ($3.24 million) bond for the release of Apostolos Mangouras, …
A.M. Best announced that it has affirmed the financial strength rating of ‘A-‘ (Excellent) of Gulf Insurance Limited, which operates from Port of Spain, Trinidad, and has assigned the ratings a stable outlook. “The rating of Gulf reflects its consistent …
Houston-based HCC Insurance Holdings Inc. is changing the name of its recently acquired underwriting agency, MAG Global Financial Products, to HCC Global Financial Products (HCC Global). According to the company, HCC Global will continue to be managed by R. Matthew …
A.M. Best Co. affirmed the “A” (Excellent) financial strength ratings of Zurich Financial Services Group (ZFS) and its core operating subsidiaries. Simultaneously, A.M. Best affirmed the “a” and “a-” ratings on the senior and subordinated debt instruments issued or guaranteed …
Houston’s HCC Insurance Holdings, Inc. announced that it has completed the acquisition of the St. Paul’s Spanish operations, St. Paul Espana, Compania de Seguros, S.A., headquartered in Madrid. The acquired operations will be renamed Houston Casualty Company Europe, Compania de …
In a yearly review released today Munich Re calculates the overall economic losses from natural and man-made catastrophes in 2002 at a staggering $55 billion, compared to $35 billion last year. However, the world’s biggest reinsurer estimated that insured losses …
A.M. Best Co. has affirmed its “Superior” ratings on two of France’s largest general insurers. Yesterday it confirmed the A++ (Superior) rating of Assurances Generales de France (AGF), but kept it under review with “negative implications,” and also affirmed Groupama’s …
A.M. Best Co. has affirmed the A (Excellent) financial strength ratings of the Zurich Financial Services Group (ZFS) and its core operating subsidiaries. It also affirmed its “a” and “a-” ratings on the senior and subordinated debt instruments issued or …
HCC Insurance Holdings Inc., based in Houston, plans to acquire Dickson Manchester & Company Limited (DM), a Lloyd’s broker headquartered in London, England. According to HCC, the transaction is expected to close shortly. HCC said DM is a market leader …
