Author: Farkas Laura

OLDWICK, N.J.–(BUSINESS WIRE)–Jan. 6, 2005–A.M. Best Co. has downgraded the financial strength rating to B- (Fair) from B+ (Very Good) of Brandywine Group (Brandywine) and has placed the rating under review with negative implications pending regulatory approvals. The Brandywine Group consists of Century Indemnity Company (Century Indemnity) and its two wholly-owned subsidiaries, Century Reinsurance Company… Continue reading A.M. Best Downgrades and Places Under Review Rating of Brandywine Group; Affirms Ratings of ACE Group

HAMILTON, Bermuda January 06 (BestWire) — Seeking to finally kill off the asbestos reserving issue that has dogged it for the past eight years, Bermuda-based insurer Ace Ltd. said it would boost reserves at its asbestos and environmental runoff units and sell those units to a London-based holding company. Evan Greenberg, Ace’s president and chief… Continue reading Seeking to Cap Asbestos Liabilities, Ace to Boost Reserves, Sell Runoff Companies

A.M. Best Co. has placed the B+ (Very Good) rating of Atlantic Preferred Insurance Company (Tampa, Fla.), under review with negative implications. This action reflects the decline in surplus recorded in the third quarter of 2004 due to significant catastrophe activity and the deteriorated risk-adjusted capitalization of its affiliate, Southern Family Insurance Company. Accordingly, A.M.… Continue reading Best Places Rating for Atlantic Preferred Under Review

OLDWICK, N.J. December 22 (BestWire) — A.M. Best Co. has removed from under review and downgraded the financial strength ratings to C (Weak) from B (Fair) of Federated National Insurance Co. and to B- (Fair) from B+ (Very Good) of American Vehicle Insurance Co. (Both of Plantation, Fla.). As requested in the company’s press release… Continue reading A.M. Best Removes From Under Review and Downgrades Federated National Insurance Company and American Vehicle Insurance Company

The directors of U.S.I. Holdings Corporation of Briarcliff, N.Y. have approved a plan to reduce ongoing operating expenses. The plan is expected to result in cost savings of approximately $5 million, before taxes, in 2005. The companys aid that the majority of the cost savings will be attributable to the company’s insurance brokerage segment. In… Continue reading U.S.I. Holdings Unveils Expense, Staff Reductions and Plans to Sell Certain Operations

LAWRENCEVILLE, N.J. December 21 (BestWire) — New Jersey-based medical malpractice insurer Miix Group Inc. said that it and its subsidiary, New Jersey State Medical Underwriters Inc., each filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code with a Delaware bankruptcy court.    The companies continue to operate their businesses and manage their properties… Continue reading N.J. Insurer Miix Group, Subsidiary File for Chapter 11 Bankruptcy in Delaware

Standard & Poor’s Ratings Services announced that it has placed its “A+” counterparty credit and financial strength ratings on Employers Reinsurance Corp. (ERC), its “A-” counterparty credit rating on GE Insurance Solutions Corp., and various ratings on several of their affiliates on CreditWatch with negative implications. “These rating actions stem from our ongoing concerns about… Continue reading S&P Puts ERC, GE Solutions on CreditWatch Negative

CHICAGO–(BUSINESS WIRE)–Dec. 20, 2004–Fitch Ratings has downgraded the insurer financial strength ratings of Trustmark Insurance Company (Trustmark) and its sister company, Trustmark Life Insurance Company from ‘A’ to ‘A-‘. The ratings also remain on Rating Watch Negative by Fitch. Fitch rates these companies on a combined basis given their shared senior management, investment management, and… Continue reading Fitch Ratings Downgrades Trustmark Insurance Company

The actuarial profession in several countries is developing new rules and standards to affirm its integrity and competence to the public, said international representatives at the Casualty Actuarial Society (CAS) annual meeting in Montreal. Speaking at the annual meeting of the CAS, representatives of actuarial associations from Australia, Canada, the United Kingdom and the United… Continue reading Actuaries Address Concerns Over Professions Integrity

NEW ORLEANS December 07 (BestWire) — State insurance regulators were warned that cross-border class-action suits could usurp their authority unless they take an active role in seeking reform of the civil justice system. Industry representatives and attorneys delivered their warning to the Class Action Insurance Litigation Working Group of the National Association of Insurance Commissioners… Continue reading Regulators Warned of Class-Action Threat to Their Authority