Author: Farkas Laura

Standard & Poor’s Corp. assigned an A financial strength and counter-party credit ratings to AXIS Insurance Monday and extended that rating to AXIS Capital operating units AXIS Specialty Ltd., AXIS Reinsurance Co., AXIS Specialty Europe Ltd., AXIS Specialty Insurance Co., AXIS Surplus Insurance Co. and AXIS Re Ltd.     “The ratings assignment on AXIS… Continue reading Standard & Poor’s Corp. assigned an A financial strength and counter-party credit ratings to AXIS Insurance.

The Hanover Insurance Group reported strong fourth quarter results for 2007, with net income up by 63.6% and property/casualty pre-tax segment income up by 5.6%. Following are the financial highlights as reported on the insurer’s website: 2007 Fourth Quarter Financial Highlights * Net income of $1.44 per share, up 63.6%, compared to $0.88 per share… Continue reading Hanover Reports Strong Fourth-Quarter

As the 2008 congressional session begins, the American Insurance Association (AIA) today commended lawmakers returning to Capitol Hill for their continued focus on the need for affordable property insurance, an Optional Federal Charter to address the burdensome insurance regulatory system in America, and comprehensive flood insurance reform. “2008 is shaping up to be another active… Continue reading AIA Congressional Legislative Priorities for 2008 Include Property Insurance, Optional Federal Charter, and NFIP Reforms

U.S. specialty insurer Assurant Inc reported that it reinstated Robert Pollock, who had been placed on administrative leave after he received a regulatory notice, as chief executive and president, effective Jan. 28.    The decision comes after a special board committee, following an investigation into the events that had resulted in Pollock’s receipt of the… Continue reading Assurant Reinstates Pollock as CEO

As reported by “Business Insurance”, former General Re Corp. Chief Financial Officer Elizabeth Monrad’s attorney on Monday accused a star government witness of lying in previous statements to prosecutors and regulators, aiming to raise doubts about whether Ms. Monrad expected American International Group Inc. (AIG) to account improperly for an allegedly fraudulent 2000 loss portfolio… Continue reading Lawyer in Gen Re Trial Questions Witness’ Veracity

Countrywide Financial Corp., the nation’s largest mortgage lender, swung to a fourth-quarter loss, as delinquencies continued to rise and the mortgage lender recorded more write-downs and set aside $924 million for credit losses.     Loan volumes were down sharply from the third quarter and the company said it expects volume to be down throughout… Continue reading Countrywide Posts Additional Write-Downs, Losses for Fourth Quarter

Members of the National Association of Insurance Commissioners (NAIC) met recently to discuss regulatory solutions to ensure the continued strength and stability of the financial guaranty insurance market.    “State insurance regulators are working together so that all states and municipalities will have continued access to highly rated financial guaranty insurers,” said NAIC President and… Continue reading NAIC Meets to Discuss Solutions in the Bond Market

Berkshire Hathaway in recent weeks announced its establishment of new bond company, obtaining licensing in New York initially. On Monday, a national group of state insurance commissioners stated that it was working towards getting the the new bond insurance group licensed in multiple states quickly. The National Assn. of Insurance Commissioners said it was working… Continue reading States Move Forward to Get Berkshire’s New Bond Group Licensed

French lawyer Frederik-Karel Canoy is representing 100 small shareholders who are suing French Societe Generale over the way it unbundled billions of dollars in allegedly fraudulent share deals earlier this week.    Mr. Canoy on Monday said the bank should have informed markets about its pending losses before embarking on a massive selling spree on… Continue reading French Societe Generale Sued by Shareholders

The issue of whether the federal government should step in and help insure homeowners in the hurricane-battered coast of Florida has taken center stage in the Sunshine State as the Republican primary nears.    Former New York Mayor Rudy Giuliani, who has seen his numbers fall in the polls, has put all his campaigning efforts… Continue reading Cat Plan in FL Takes Center Stage in Republican Primary, Giuliani in Favor