Author: Farkas Laura

OLDWICK, N.J.–(BUSINESS WIRE)–Nov. 1, 2004–A.M. Best Co. has revised the rating outlook to negative from stable on the A (Excellent) financial strength ratings for Employers Reinsurance Corporation (Overland Park, KS) and GE Reinsurance Corporation (Barrington, IL)–together Employers Re Corp Group–First Specialty Insurance Corporation and Westport Insurance Corporation (both of Overland Park, KS). Concurrently, A.M. Best… Continue reading A.M. Best Revises Outlook for Employers Re Corp Group, Westport Insurance Corporation and First Specialty Insurance Corporation

Fitch Ratings has downgraded the senior debt and long-term ratings on Marsh & McLennan Companies Inc. (Marsh) to ‘BBB’ from ‘A-‘. The short-term ratings on Marsh remain at ‘F2’. All ratings remain on Rating Watch Negative. Fitch has lowered Marsh’s senior debt rating four notches since the announced civil suit brought against the company by… Continue reading Fitch Drops Marsh & McLennan’s Senior Debt

SAN FRANCISCO (CBS.MW) — Aon Corp. (aoc) had its counterparty credit, senior debt and preferred stock ratings cut by Standard & Poor’s Thursday on concern the insurance broker’s earnings and cash flow will be hit by New York Attorney General Eliot Spitzer’s investigation of the industry. The rating agency said it dropped Aon’s counterparty credit… Continue reading Aon ratings cut by S&P on concern about Spitzer probe

SAN FRANCISCO (CBS.MW) — Standard & Poor’s said Thursday that it has put Willis Group Holdings (wsh) counterparty credit rating on CreditWatch with negative implications. The ratings agency said the move comes after the New York Attorney General’s investigation into the insurance industry.

A.M. Best Co. has placed the financial strength rating of A+ (Superior) for the primary life insurance entities of ING Group’s (ING) U.S. operations (ING USA) (Atlanta, GA) (NYSE:ING) under review with negative implications. This rating action follows ING’s recent announcement that it intends to coinsure its U.S. individual life reinsurance business with Scottish Re… Continue reading A.M. Best Places Ratings of ING’s Domestic Life Insurance Entities Under Review With Negative Implications

Standard & Poor’s Ratings Services has lowered its counterparty and financial strength ratings on Fireman’s Fund Insurance Co. (FFIC) and some of its rated subsidiaries and its financial strength ratings on other units to ‘A’ from ‘A+’. The rating outlook remains negative.    The ratings were lowered because of Standard & Poor’s incremental concern regarding… Continue reading S&P Lowers FSR for Fireman’s Fund, Some Subs

A WSJ article (“Did AIG Hold Back on Its News?”, October 5, 2004) described “…transactions that it [AIG] arranged for PNC Financial Services Group, Inc. earlier this decade to allegedly help smooth the bank’s quarterly results.” More importantly, the WSJ article stated “…that the SEC enforcement staff has cited five other transactions, marketed as “GAITS,”… Continue reading Insurance Companies’ Reserves and Financial Results

New York, October 12, 2004 — Moody’s Investors Service announced today that it has placed the insurance financial strength and surplus note ratings of Atlantic Mutual Insurance Company and its rated affiliates on review for possible downgrade. The rating agency stated that the rating action reflects a number of recent events and trends, including the… Continue reading MOODY’S REVIEWS RATINGS OF ATLANTIC MUTUAL FOR POSSIBLE DOWNGRADE

Trinity Universal Insurance Company Affirmed at A2 New York, September 29, 2004 — Moody’s Investors Service downgraded Unitrin, Inc.’s (Unitrin) senior unsecured debt and issuer ratings to Baa1 from A3, and United Insurance Company of America’s (United) insurance financial strength rating to A1 from Aa3. The rating agency also affirmed Trinity Universal Insurance Company’s (Trinity)… Continue reading MOODY’S DOWNGRADES UNITRIN (SENIOR DEBT TO Baa1) AND UNITED INSURANCE CO. OF AMERICA (INSURANCE FINANCIAL STRENGTH TO A1)

OLDWICK, N.J.–(BUSINESS WIRE)–Sept. 29, 2004–A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B++ (Very Good) of Converium Insurance (North America) Inc. (CINA) (Fort Lee, NJ) following the latest announced business plan by its parent company, Converium AG (Converium) (Switzerland). Concurrently, A.M. Best has downgraded the issuer credit rating to “b-”… Continue reading A.M. Best Downgrades and Removes Ratings From Under Review of Converium Insurance and Converium Holdings Both of -North America- Inc.