Author: Farkas Laura

A.M. Best Co. has downgraded the financial strength rating to A (Excellent) from A+ (Superior) of American Re Corporation Group’s (American Re) member companies, which include American Re-Insurance Company, American Alternative Insurance Corporation and The Princeton Excess & Surplus Lines Insurance Company (all domiciled in Wilmington, DE). A.M. Best has also downgraded the issuer credit… Continue reading A.M. Best Downgrades Ratings of American Re; Revises Outlook to Stable

New York, February 16, 2005 — Moody’s Investors Service has confirmed the long-term ratings of Liberty Mutual Group Inc. (LMGI) (senior unsecured debt at Baa3) and of Liberty Mutual Insurance Company and its pooled affiliates (Insurance Financial Strength at A2, Surplus Notes at Baa2). The long-term rating on debt issued by Liberty Mutual Capital Corporation… Continue reading MOODY’S CONFIRMS LIBERTY MUTUAL’S RATINGS; OUTLOOK REMAINS NEGATIVE

OLDWICK, N.J.–(BUSINESS WIRE)–Feb. 15, 2005–A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A (Excellent) of Ohio Indemnity Company (OIC) (Columbus, OH). Additionally, A.M. Best has placed Ohio Indemnity Company under review with negative implications. This rating action follows an earlier announcement made by Bancinsurance Corporation (“Bancinsurance”) (NASDAQ: BCISE) that… Continue reading A.M. Best Downgrades Rating of Ohio Indemnity Company; Places Rating Under Review

Fitch Ratings on Thursday said it may cut XL Capital Ltd.’s (XL.N: Quote, Profile, Research) debt ratings, citing snags in its acquisition of Winterthur International that could force XL to take a $900 million pretax charge. XL Capital bought Winterthur International in July 2001 from Winterthur Swiss Insurance Co. As part of that purchase, Winterthur… Continue reading Fitch may cut XL Capital’s debt ratings

Bancinsurance Corporation(Nasdaq: BCIS) announced today that Ernst & Young LLP (“E&Y”) has withdrawn its audit reports for the years 2001-2003, for the Company as well as Ohio Indemnity Company and American Legal Publishing Company, wholly-owned subsidiaries. The Company’s appointed actuary, who is employed by E&Y, also withdrew his certification of the Ohio Indemnity’s statutory reserves… Continue reading Bancinsurance Corporation’s Independent Auditor Withdraws Reports for 2001-2003

A.M. Best Co. has placed the financial strength ratings of A (Excellent) of the operating companies of GE Frankona Group under review with negative implications. This rating action follows the placement of its parent, Employers Reinsurance Corporation (ERC), under review with negative implications. (See related A.M. Best press release dated February 3, 2005.) The ratings… Continue reading A.M. Best Places Ratings of GE Frankona Group Under Review With Negative Implications

A.M. Best Co. has downgraded the financial strength ratings to B++ (Very Good) from A- (Excellent) for the insurance subsidiaries formerly owned by First Health Group Corp. The entities downgraded include First Health Life & Health Insurance Co. (Texas), Cambridge Life Insurance Co. (Missouri), and American Life & Health Insurance Co. (Missouri). The rating outlook… Continue reading A.M. Best Downgrades Ratings of Coventry Health Care’s Subsidiaries Formerly Owned by First Health Group

FOLLOWING last week’s £1.2bn ($2.3bn) reserving action at GE Insurance Solutions, financial strength ratings have so far remained unchanged but rating agents are far from happy.     Most significantly, Standard & Poor’s (S&P) affirmed GE Insurance Solutions’ A+ rating but left the company on creditwatch with negative implications. S&P placed the company on creditwatch… Continue reading GE holds on to its A+ but stays on watch

A.M. Best Co. has downgraded the financial strength ratings to A+ (Superior) from A++ (Superior) of The Travelers Insurance Company (TIC) and The Travelers Life and Annuity Company (TLAC), insurance subsidiaries of Citigroup, Inc. [NYSE:C], following the announcement of a definitive agreement to sell the companies to Metropolitan Life Insurance Company. The rating change reflects… Continue reading A.M. Best Co. Downgrade Travelers Insurance Company…

A.M. Best Co. has downgraded the financial strength ratings to B++ (Very Good) from A- (Excellent) of Trustmark Insurance Co. (Trustmark Insurance) and Trustmark Life Insurance Co. (Trustmark Life) (combined known as Trustmark) (both of Lake Forest, Ill.). The rating outlook remains negative. The ratings reflect the unfavorable arbitration ruling related to Trustmark’s involvement in… Continue reading A.M. Best Downgrades Ratings of Trustmark Insurance Group