Standard & Poor’s Ratings Services has lowered its subordinated debt rating on Avalon Re Ltd.’s Series C variable rate notes, which are due June 6, 2008, to “CCC-” from “B.” Concurrently S&P removed the rating from its CreditWatch with negative …
The Bermuda-based Catlin Group Limited issued a general statement following the conclusion of its annual general meeting, held in Bermuda on June 6, which showed a “solid performance by the Catlin Group during the period ended 30 April 2006.” The …
The U.K.’s insurance community is poised to fully enter the electronic age with the announcement from RI3K and Xchanging of the “London Market Electronic Insurance Exchange” (FELIX). The new system is described as providing “a framework that charts the business …
In a comment on its CreditWatch placement of Swiss Reinsurance Co. and its core operating companies, Standard & Poor’s Ratings Services has said that the long-term counterparty credit and insurer financial strength ratings on all entities remain on CreditWatch with …
Nationwide Mutual Insurance Company and Hellman & Friedman Advisors LLC, a San Francisco-based private equity investment firm, have entered into a definitive agreement for Nationwide’s sale of Gartmore Investment Management plc (GIM), the London-based arm of Gartmore Group, to Hellman …
Standard & Poor’s Ratings Services has assigned its interactive Lloyd’s Syndicate Assessment (LSA) of ‘”-” (low dependency) to U.K.-based Catlin Underwriting Agencies – Syndicate 2003 with a stable outlook. “The assessment reflects the syndicate’s strong competitive position, above-average long-term earnings, …
The potential exposures for the property casualty insurance industry have fallen under the radar in the discussions of the effects of an Avian flu or other pandemic. Most people keeping watch on the possible effects have had their eye on …
Global broker Willis Group Holdings has been named the “2006 European Commercial Broker of the Year” for the second consecutive year. The award was presented as part of the annual European Risk Management Awards conducted by StrategicRISK. It’s determined by …
Don Bailey has been appointed chief operating officer of Willis Group Holdings North American business unit. Bailey will work with Mario Vitale, chief executive officer of Willis North America, in managing the organization’s day-to-day operational and sales activities while also …
RLI Corp. of Peoria, Ill., has hired Craig Kliethermes as vice president of actuarial services. Kliethermes will report to Joseph Dondanville, chief financial officer and senior vice president. His responsibilities include pricing, reserving, enterprise risk modeling and actuarial analysis of …
