Standard & Poor’s Ratings Services announced that it has placed its ratings on 10 interactively rated insurance and reinsurance groups on CreditWatch with negative implications due to their possible “exposure to the catastrophic and unparalleled losses stemming from Hurricane Katrina.” International companies on the list are: Ace Group, Lloyd’s, Oil Casualty, Montpelier Re, PXRE… Continue reading S&P Puts 10 Insurers on Katrina CreditWatch/Negative
Author: Farkas Laura
Alea crippled by S&P downgrade; put up for sale
On the eve of the key Monte Carlo reinsurance Rendez-Vous event, Standard & Poor’s has again downgraded a troubled reinsurer below its pivotal A- rating. The London-listed reinsurer Alea Group confirmed this morning that was now “exploring strategic alternatives including the sale of the Group” following S&P’s decision to downgrade the troubled reinsurer to… Continue reading Alea crippled by S&P downgrade; put up for sale
Fairfax, Odyssey Re Receive SEC Subpoenas in Non-Traditional Insurance Probe
Toronto-based Fairfax Financial Holdings Limited announced that the Fairfax group, including its reinsurance subsidiary Odyssey Re, have received a subpoena from the Securities and Exchange Commission requesting documents regarding any non-traditional insurance or reinsurance product transactions entered into by group members. Fairfax said it “is cooperating with that request”. In a separate… Continue reading Fairfax, Odyssey Re Receive SEC Subpoenas in Non-Traditional Insurance Probe
IIABL ACTION PLANS TO HELP AGENTS RECOVER FROM HURRICANE KATRINA
The outpouring of concerns and offers of assistance for Independent Agents and the people of Southeast Louisiana from insurance professionals around Louisiana and throughout the nation have been overwhelming. Thank you for your kind and generous offers to help with the devastation from hurricane Katrina. This email outlines how you can help Independent Insurance Agents… Continue reading IIABL ACTION PLANS TO HELP AGENTS RECOVER FROM HURRICANE KATRINA
A.M. Best Comments on the Impact of Hurricane Katrina on the Property/Casualty Industry
OLDWICK, N.J.–(BUSINESS WIRE)–Sept. 1, 2005–In response to Hurricane Katrina, A.M. Best Co. has begun to aggregate public and private information in order to assess the financial impact it will have on the global property/casualty insurance and reinsurance industry. A.M. Best expects that virtually all rated companies will be able to meet their commitments, despite the… Continue reading A.M. Best Comments on the Impact of Hurricane Katrina on the Property/Casualty Industry
AIG steps up to provide financial aid in the relief effort for those devasted by hurricane Katrina.
AMERICAN INTERNATIONAL GROUP, INC. 70 PINE STREET NEW YORK, N.Y. 10270 August 31, 2005 Dear Colleagues: Hurricane Katrina has brought much destruction upon the Southeastern United States, and in its wake, many lives have been lost and millions are in dire need. Damages suffered in the hurricane may have made Katrina the most costly natural… Continue reading AIG steps up to provide financial aid in the relief effort for those devasted by hurricane Katrina.
Oil Insurance Ltd. Ratings Placed On Watch Negative
NEW YORK Aug. 31, 2005–Standard & Poor’s Ratings Services said today that it placed its ‘A+’ counterparty credit and financial strength ratings on Oil Insurance Ltd. (OIL) on CreditWatch with Negative implications. Standard & Poor’s also placed its ‘A-1’ short-term and ‘A-‘ subordinated debt ratings on OIL on CreditWatch with negative implications. “This action reflects… Continue reading Oil Insurance Ltd. Ratings Placed On Watch Negative
Nationwide to Limit Property Exposure in Florida; Approximately 39,800 personal lines property policies and 12,000 commercial property policies to be affected
COLUMBUS, Ohio, Aug. 31 /PRNewswire/ — The Nationwide Mutual Insurance Company announced today that it is taking steps to reduce its property exposure in the state of Florida. After these reductions, Nationwide will continue to serve more than 570,000 total policies in Florida, including 240,000 homeowner policies. Nationwide will continue to service these policies and… Continue reading Nationwide to Limit Property Exposure in Florida; Approximately 39,800 personal lines property policies and 12,000 commercial property policies to be affected
GE likely to ‘sell down’ its reinsurance operations
The head of General Electric’s (re)insurance arm has confirmed that the giant conglomerate will probably sell or spin-off all its underwriting units in due course. Ron Pressman was speaking only a month after the group confirmed the sale of a healthcare subsidiary Medical Protective Corp to Berkshire Hathaway for $825mn. GE will probably “sell down… Continue reading GE likely to ‘sell down’ its reinsurance operations
MOODY’S CONFIRMS ATLANTIC MUTUAL’S RATINGS (SURPLUS NOTES AT B1, NEGATIVE OUTLOOK)
New York, August 15, 2005 — Moody’s Investors Service announced today that it has confirmed the B1 surplus note and Baa3 financial strength ratings of Atlantic Mutual Insurance Company and it subsidiaries. The outlook on the ratings is now negative. These actions conclude a review for possible downgrade that was initiated on October 12, 2004,… Continue reading MOODY’S CONFIRMS ATLANTIC MUTUAL’S RATINGS (SURPLUS NOTES AT B1, NEGATIVE OUTLOOK)