Author: Farkas Laura

A.M. Best Co. has assigned a rating of “bbb” to the forthcoming senior unsecured notes of up to $550 million due 2014 to be issued by CNA Financial Corp. (CNAF) (Chicago) [NYSE: CNA]. The financial strength rating of A (Excellent) of CNA Insurance Cos. (Chicago) is unaffected. The outlook for all ratings is negative. The… Continue reading A.M. Best Co. has assigned a rating of “bbb”

A report from the Financial Times indicates that France’s Axa Group is in serious discussions with Credit Suisse to acquire Winterthur, the banking group’s insurance division. Credit Suisse had dropped hints earlier this month that it would be interested in selling Winterthur – at the right price – as it moves to concentrate its capital… Continue reading Axa Reported in Serious Talks with Credit Suisse to Acquire Winterthur

OLDWICK, N.J. November 19 (BestWire) — A.M. Best Co.has downgraded the financial strength rating to B+ (Very Good) from B++ (Very Good) of Nationwide Indemnity Co. (Nationwide Indemnity) (Columbus, Ohio). The rating has been placed under review with negative implications due to the significant decline in capitalization reported in the company’s third quarter financial statement.… Continue reading A.M. Best Downgrades Rating of Nationwide Indemnity, Places It Under Review

OLDWICK, N.J.–(BUSINESS WIRE)–Nov. 18, 2004–A.M. Best Co. has placed the financial strength ratings of A+ (Superior) of Philadelphia Indemnity Insurance Company (PIIC) and its affiliate, Philadelphia Insurance Company (PIC) (both of Bala Cynwyd, PA) under review with negative implications. Concurrently, A.M. Best has downgraded the financial strength ratings to A- (Excellent) from A+ (Superior) of… Continue reading A.M. Best Takes Various Rating Actions on Subsidiaries of Philadelphia Consolidated Holding Corporation

SAN FRANCISCO (CBS.MW) — New York Attorney General Eliot Spitzer will sue Universal Life Resources, a San Diego, Calif. -based group life, accident and disability insurance consultant, CNBC reported. ULR was sued last month by United Policyholders, a non-profit group representing insurance buyers in California, which claimed the consultant was accepting contingent commissions in return… Continue reading Spitzer to sue Universal Life Resources, CNBC says

CHICAGO–(BUSINESS WIRE)–Nov. 11, 2004–Fitch Ratings today downgraded the long-term issuer and debt ratings of the Vesta Insurance Group (NYSE:VTA) to ‘CCC’ from ‘B-‘. This action affects approximately $55.7 million of Vesta’s senior debentures. Fitch also downgraded the insurer financial strength ratings of VTA’s property/casualty insurance subsidiaries to ‘BB-‘ from ‘BB’ and the capital securities rating… Continue reading Fitch Downgrades Vesta & Places Ratings on Rating Watch Negative

Quotesmith.com, Inc., (Nasdaq: QUOT), the only place on earth where you can get instant insurance quotes from over 200 leading companies and have the freedom to buy from the company of your choice, today announced that it has received a subpoena requesting documents and seeking information from the State of Illinois Department of Financial and… Continue reading Quotesmith.com Receives Subpoena Relative to Insurance Industry Sales Practices

OLDWICK, N.J. Nov. 11, 2004 A.M. Best Co. has placed the financial strength rating of B (Fair) of the property/casualty affiliates of Vesta Insurance Group Inc. (Vesta) (NYSE: VTA) (Birmingham, AL) under review with negative implications. A.M. Best has also assigned an issuer credit rating of “b” to Vesta, placing the rating under review with… Continue reading A.M. Best Places Ratings of Vesta Insurance Group Under Review With Negative Implications

CHICAGO–(BUSINESS WIRE)–Nov. 3, 2004–Fitch Ratings has placed the ‘B+’ insurer financial strength (IFS) ratings of the three domestic insurance subsidiaries of Brandywine Holdings on Rating Watch Negative. (See below for a detailed rating list.)     Today’s rating action does not affect either the ratings or Rating Outlook of any other ACE subsidiaries. Additionally, today’s… Continue reading Fitch Places Brandywine Holdings’ Subs IFS Ratings on Watch Negative

Standard & Poor’s Ratings Services announced that it has placed its “BB-” counterparty credit and bank loan ratings on USI Holdings Corp. on CreditWatch with negative implications. “This rating action follows the company’s announcement on Oct. 29, 2004, that it expects to receive a subpoena from the New York State Attorney General regarding the payment… Continue reading S&P Puts USI Ratings on CreditWatch Negative