A.M. Best Co. announced that it has upgraded the financial strength rating to “A-” (Excellent) from “B++” (Very Good) of Through Transport Mutual Insurance Association Limited (TT Bermuda) and its wholly owned U.K. subsidiary, Through Transport Mutual Insurance Association (EurAsia) …
Standard & Poor’s Ratings Services announced several rating actions concerning French reinsurer SCOR. S&P said it has assigned an indicative “A-” long-term insurer financial strength rating to proposed Paris-based non-life reinsurer SCOR Global P&C S.A. At the same time, S&P …
The New York-based Navigators Group, Inc. reported net income of $15,525,000 or $0.93 per share for the 2006 first quarter based on 16,757,000 diluted shares compared to net income of $9,699,000 or $0.76 per share for the 2005 first quarter …
Atlanta-based Crawford & Company, an independent provider of claims management solutions to insurance companies and self-insured entities, has a 140 percent increase in first quarter earnings per share in its financial results for the first quarter ended March 31. First …
Mercator Risk Services, a New York-based independent wholesale insurance broker, has opened a Management/Professional Liability practice and appointed Peter McKeegan as executive vice president. In his new role, McKeegan will be responsible for building all of Mercator’s Management/Professional Liability business, …
Swiss Re announced the launch of its planned $1 billion rights issue to fund its purchase of GE Insurance Solutions (GEIS). In addition, the company provided further information on its forthcoming hybrid capital offerings. The company stressed that no public …
The U.K.’s Aviva Plc announced that it has received regulatory approval for its joint-venture company, Aviva-COFCO, to open a branch office in the city of Jinan, the capital of Shandong province on China’s East Coast. “Jinan is the province’s political, …
In its submission to the U.K. Government Fraud Review the Association of British Insurers notes that fraud is a “fast growing crime, having doubled in the in the last five years. Fraud costs around £16 billion [$28.5 billion] a year, …
CSR Limited, a large Australian building products manufacturer, has reached a settlement of asbestos litigation with a group of 48 Australian, United Kingdom and European insurers. Under the terms of the settlement each of the settling insurers is obliged to …
Richard Ward officially took up his duties as Lloyd’s new CEO today, replacing Nick Prettejohn, who resigned last December to head Prudential (U.K.)’s domestic insurance operations and taking over from interim CEO Luke Savage. He previously served as vice-chairman of …
