Author: Farkas Laura

Arthur J. Gallagher & Co. on Wednesday reached a comprehensive agreement with the Illinois Attorney General and the Director of Insurance of Illinois to resolve issues related to industry-wide investigations surrounding contingent commissions. There was no lawsuit involved nor were there any findings of unlawful or deceitful conduct or that any client had been disadvantaged.… Continue reading Arthur J. Gallagher & Co., Illinois AG, Insurance Director Reach Agreement

A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) of GMAC Insurance Group (GMAC) (Michigan) and revised the outlook to negative from stable. Concurrently, A.M. Best has assigned issuer credit ratings (ICR) of “a-” to GMAC’s property/casualty subsidiaries. The outlook for the ICRs is negative. The rating action reflects… Continue reading A.M. Best Downgrades Rating of GMAC Insurance Group and Assigns Issuer Credit Ratings; Revises Outlook to Negative

Moody’s Investors Service announced today that it had assigned a negative outlook to the Baa1 insurance financial strength rating (IFSR) of Converium AG and the Baa1 IFSR of Converium Rueckversicherung (Deutschland) AG, as well as to the 8.25% subordinated notes due 2032 issued by Converium Finance SA and guaranteed by Converium AG. Moody’s said that… Continue reading Moody’s Assigns Negative Outlook to the Insurance Financial Strength Ratings of Converium Ag and Converium Rueckversicherung (Deutschland) Ag as well as to the Subordinated Notes Guaranteed by Converium Ag

A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) of Renaissance Reinsurance Ltd. (RenRe Ltd.) and the financial strength ratings of A (Excellent) of the subsidiaries of Glencoe Group Holdings Ltd. (Glencoe). These companies are operating subsidiaries of the holding company, RenaissanceRe Holdings Ltd. (RenaissanceRe) (NYSE: RNR) (all of Bermuda). Concurrently, A.M.… Continue reading A.M. Best Affirms Ratings of Subsidiaries of RenaissanceRe, Downgrades Issuer Credit and Debt Ratings; Removes All Ratings From Under Review

WILLIS is to cut 500 of its 14,500 staff after reporting a 60% plunge in operating profit and a 3% fall in revenues in the first quarter of 2005, writes Stuart Collins.    The mainly London-based broker reported operating profits of $94m in the first quarter, down from $234m in the same period last year.… Continue reading Willis to cut 500 staff after profits plunge 60%

SACRAMENTO-The Senate Banking, Finance and Insurance Committee issued a stinging rebuke to Insurance Commissioner John Garamendi today, rejecting in its entirety his proposal to enact new fiduciary duties on brokers and agents and even voting down a compromise proposal to add new disclosure requirements.                SB 938 (Dunn) would have imposed a series of unprecedented… Continue reading SENATE INSURANCE COMMITTEE REPUDIATES GARAMENDI

A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A (Excellent) of Zurich Specialties London Limited (ZSL) (United Kingdom). The rating has been removed from under review with negative implications. At the same time, A.M. Best has assigned an issuer credit rating (ICR) of “bbb” to ZSL. A negative outlook… Continue reading A.M. Best Downgrades Zurich Specialties; Removes Rating From Under Review; Assigns Issuer Credit Rating and Negative Outlook

A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A (Excellent) of Zurich Specialties London Limited (ZSL) (United Kingdom). The rating has been removed from under review with negative implications. At the same time, A.M. Best has assigned an issuer credit rating (ICR) of “bbb” to ZSL. A negative outlook… Continue reading A.M. Best Downgrades Zurich Specialties; Removes Rating From Under Review; Assigns Issuer Credit Rating and Negative Outlook

OLDWICK, N.J. (BestWire) – A.M. Best Co. has downgraded the financial strength rating to C++ (Marginal) from B- (Fair) of Mutual Protective Insurance Co. and its wholly owned subsidiary, Medico Life Insurance Co. (both headquartered in Omaha, Neb.), and revised the outlook to stable from negative. The downgrade of the rating primarily reflects Mutual Protective’s… Continue reading A.M. BEST DOWNGRADES RATING OF MUTUAL PROTECTIVE AND MEDICO LIFE, REVISES OUTLOOK TO STABLE

A.M. Best Co. has downgraded the financial strength ratings to B- (Fair) from B (Fair) and the issuer credit ratings to “bb-” from “bb” of Commercial Risk Reinsurance Company Limited (Hamilton, Bermuda) and its U.S. subsidiary, Commercial Risk Re-Insurance Company (Burlington, Vt.), together known as Commercial Risk Partners. The rating outlook for both companies has… Continue reading Best Downgrades, Withdraws Ratings for Commercial Risk Partners; Outlook Negative