A.M. Best Co. has assigned a financial strength rating of “A-” (Excellent) and the issuer credit rating of “a-” to Bermuda-based Empyrean Re Ltd. with a stable outlook. “The ratings of Empyrean Re are based on its excellent capitalization, experienced …
Hilb Rogal & Hobbs has signed a definitive agreement to acquire the stock of Glencairn Group Limited, an independent Lloyd’s insurance and reinsurance broker group headquartered in London. HRH said the purchase price, which was not disclosed, “will consist of …
Standard & Poor’s Ratings Services noted that its “BBB+” long-term counterparty credit and its insurer financial strength ratings on Converium AG, and “BBB+” long-term insurer financial strength ratings on guaranteed operating entities Converium Rückversicherung (Deutschland) AG and Converium Insurance (U.K.) …
In a recently published report Standard & Poor’s Ratings Services said it “considers that the insurance sector in Europe has enjoyed a very good year in 2006, aided by the absence of the large losses that characterized 2005. Insurers’ strong …
A.M. Best Co. has affirmed the financial strength rating of “A-” (Excellent) of Guardian General Insurance Limited (GGIL) and its wholly owned subsidiary, N.E.M. (West Indies) Insurance Limited (NEMWIL) with a stable outlook. Both companies are domiciled in Trinidad & …
Insurance Australia Group Limited (IAG) announced plans to acquire the U.K.-based Equity Insurance Group, one of the country’s larger motor (auto) underwriters and brokers for £570 million (A$1.397 billion – US$ 1.12 billion). The deal would significantly expand IAG’s UK …
Driven in part by increased demands from regulatory and rating agencies, enterprise risk management (ERM) has become integral to insurers’ business processes around the world. Sixty percent of survey respondents explicitly factor risk management considerations into their decision-making, according to …
A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating (ICR) of “a” of Aspen Insurance UK Limited (AIUK). Best also affirmed the ICR of “bbb” of AIUK’s ultimate parent, Bermuda-based Aspen Insurance …
The U.K.’s Financial Services Authority (FSA) has fined General Reinsurance UK Limited (GenRe UK) £1.225 million ($2.35 million) for arranging two improper reinsurance transactions. The FSA said that in doing so GenRe had breached its “Principle 2 by not conducting …
A.M. Best Co. has assigned a rating of “bbb” to the $30 million floating rate subordinated bonds, issued by the U.K.-based Kiln plc with a stable outlook. Best noted: “The proceeds of this issue will be used to increase Kiln’s …
