Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit rating on four U.S. Mortgage insurers as follows: MGIC Investment Corp. to ‘BBB’ from ‘A-‘ and its counterparty credit and financial strength ratings on the mortgage insurance …
WNS (Holdings) Limited, a business process outsourcing company, reported that it has acquired Call 24/7 Ltd., an auto insurance claims processing services provider in the United Kingdom. WNS has acquired all shares of Chang Limited, the Stockport, Cheshire-based holding company …
Fitch Ratings has downgraded the insurer financial strength (IFS) to ‘BB’ from ‘A’ for the following ratings on Security Capital Assurance Ltd. (SCA) and its financial guaranty insurance subsidiaries: XL Capital Assurance Inc. (XLCA) XL Capital Assurance (U.K.) Ltd. (XLCA-UK) …
Sen. Charles Schumer, D-N.Y., on Friday called for a rethinking of the U.S. financial regulatory system, perhaps moving toward a single regulator, following the collapse this month of Bear Stearns Cos. In an opinion published in the Wall Street Journal, …
Arthur J. Gallagher & Co. announced today that it has completed the previously disclosed sale of substantially all of Gallagher Re’s U.K. reinsurance brokerage business to Aon Corporation. (See IJ web site-https://www.insurancejournal.com/news/national/2008/01/30/86833.htm). The bulletin indicated that the U.S. part of …
Swiss Re’s latest sigma study on natural catastrophes and man-made disasters in 2007 concludes that they killed over 20,000 people and cost the insurance industry $70 billion, $28 billion related to property claims. 2007 wasn’t even “an exceptional year” in …
Santa Ana, Calif.- based ensurApet, Inc. has issued a bulletin, which notes that “health insurance for pets in the United Kingdom is growing at a record rate.” CEO, Russell Smith stated: “According to Mintel, a leading analyst firm whose U.K. …
People Ken Ross has been named commissioner of the Michigan Office of Financial and Insurance Services. Ross has been the acting commissioner since Linda Watters left the post in October. He has been with the state agency since 2003. Prior …
Arthur J. Gallagher, Taylor Benefits Arthur J. Gallagher & Co. has acquired Utah-based Taylor Benefits. Terms of the transaction were not disclosed. Established in 1996, Taylor Benefits offers employee benefit consultation and brokerage services for their Western clients. They specialize …
Nanotechnology presents great opportunity, but the impact on insurance is still unknown Insurance professionals gathered in the oak-paneled Old Library of Lloyd’s of London this past December to learn more about a risk that the institution’s 17th century founders could …
