Author: Farkas Laura

Moody’s Investors Service announced that is has lowered the debt ratings of Travelers Property Casualty Corp., and those of its subsidiary Travelers Insurance Group Holdings Inc., by one notch. Senior debt was lowered to “A3” from “A2” and junior subordinated debt to “Baa1” from “A3.” “This action concludes a review for downgrade of the company’s… Continue reading Moody’s Lowers Travelers P/C Debt Ratings

A.M. Best Co. has downgraded the financial strength rating to B+ (Very Good) from A- (Excellent) of Providence Washington Insurance Companies (Providence, RI) and placed the rating under review with negative implications. The rating applies to the four inter-company pool members led by Providence Washington Insurance Company. The rating reflects the group’s weak capitalization and… Continue reading A.M. Best Downgrades Providence Washington

A.M. Best Co. announced that it has downgraded the financial strength ratings to “A-” (Excellent) from “A” (Excellent) of the U.S. based property/casualty insurance subsidiaries of Winterthur Swiss Insurance Company (WSIC). Best noted that it had taken the same action on the ratings of Winterthur’s Swiss companies (See companion article in International section). The rating… Continue reading Best Downgrades Winterthur’s U.S. Subs to ‘A-

OLDWICK, N.J.–(BUSINESS WIRE)–March 15, 2004–A.M. Best Co. has placed the B (Fair) financial strength rating of the property/casualty affiliates of Vesta Insurance Group (NYSE: VTA) (Birmingham, AL) under review with negative implications. Concurrently, A.M. Best has placed the “b-” senior debt and “ccc” deferrable capital securities ratings of Vesta Insurance Group Inc., under review with… Continue reading A.M. Best Places Ratings of Vesta Insurance Group Under Review with Negative Implications

New York, March 12, 2004 — Moody’s Investors Service has assigned a Baa3 rating to the senior unsecured notes to be issued by Liberty Mutual Group Inc. (LMGI) in a 144A private placement 144A announced earlier today. Moody’s expects the majority of the proceeds from the $500 million transaction will be used to refinance higher… Continue reading MOODY’S RATES LIBERTY MUTUAL GROUP INC’S SENIOR UNSECURED DEBT Baa3; OUTLOOK REMAINS NEGATIVE

NEW YORK–(BUSINESS WIRE)–March 9, 2004–On March 9, 2004, Standard & Poor’s Ratings Services revised its outlook on United Fire & Casualty Co. (NYSE:UFCS), UFCS’s wholly owned property/casualty subsidiaries (Addison Insurance Co. and Lafayette Insurance Co.), and UFCS’s life subsidiary (United Life Insurance Co.) to negative from stable. At the same time, Standard & Poor’s affirmed… Continue reading S&P Announces: United Fire & Casualty Co. and Subsidiaries Outlook Revised to Negative; ‘BBB+’ Ratings Affirmed

NU Online News Service, March 9, 1:46 p.m. EST—Moody’s Investors Service has lowered its debt ratings for the Chubb Corporation to “A2” from “A1”, citing its concerns over the insurer’s earnings volatility and a potential for asbestos losses hurting profits. Moody’s ratings action follows a review initiated last week. The “Aa2” insurance financial strength ratings… Continue reading Moody’s Downgrades Chubb, Cites Earnings Volatility

HARRISBURG, Pa. (BestWire) – Assets of the failed Reliance Insurance Co. trail the company’s outstanding liabilities by nearly $3 billion, and the gap could grow even wider if the company fails to covert a significant portion of its $3.9 billion in reinsurance recoverables, according to the latest filings by the Pennsylvania Insurance Department.    The… Continue reading RELIANCE’S NEGATIVE SURPLUS IS NEARLY $3 BILLION

NEW YORK, Feb. 24, 2004 On Feb. 24, 2004, Standard & Poor’s Ratings Services lowered its counterparty credit and financial strength ratings on American Physicians Assurance Corp. (APA) to ‘BBB-‘ from ‘BBB’ and then removed the ratings from CreditWatch where they were placed on Nov. 26, 2003. The outlook on APA is negative. The rating… Continue reading S&P Announces: American Physicians Assurance Corp. Ratings Lowered, off Watch; Outlook Negative

Standard & Poor’s Ratings Services has lowered its counterparty credit and senior debt ratings on Harleysville Group Inc. to “BBB-” from ‘BBB’. It has also removed the ratings from CreditWatch, where they had been placed on Oct. 17, 2003, and assigned a negative outlook. Summarizing its reasons for the New Year’s Eve announcement, S&P said:… Continue reading S&P Lowers Harleysville Group Ratings to ‘BBB-‘