Author: Farkas Laura

NEW YORK–(BUSINESS WIRE)–Oct. 20, 2003–Fitch Ratings commented that following a review of Liberty Mutual Insurance Co.’s (Liberty) public disclosures regarding the completion of the insurance company’s ‘grounds up’ asbestos reserve study, the ‘A-‘ Insurer Financial Strength Rating, ‘BBB-‘ surplus note rating and Negative Rating Outlook remain unchanged. The net asbestos reserve charge of $331 million,… Continue reading Fitch Comments on Liberty Mutual’s Asbestos Charge

OLDWICK, N.J.–(BUSINESS WIRE)–Oct. 17, 2003–A.M. Best Co. has affirmed the financial strength rating of A (Excellent) for the property/casualty pooling members of Harleysville Insurance, (Harleysville, PA). Also, A.M. Best has affirmed the “bbb+” debt rating for Harleysville Group Inc.’s (HGIC) (NASDAQ: HGIC) existing senior notes and the indicative ratings of “bbb+” senior debt, “bbb” subordinated… Continue reading A.M. Best Affirms Ratings for Harleysville Insurance

OLDWICK, N.J., U.S.A., Oct. 17, 2003 A.M. Best Co. has downgraded the financial strength ratings to A+ (Superior) from A++ (Superior) of Swiss Re, Switzerland, and its core subsidiaries. (See list below.) At the same time, A.M. Best has accordingly downgraded the ratings on all debt instruments issued by Swiss Re’s group entities. A.M. Best… Continue reading A.M. Best Downgrades Financial Strength and Debt Ratings of Swiss Re

By Michael Ha NU Online News Service, Oct. 1, 2003, 4:06 p.m. EDT—Fitch Ratings announced it had lowered Atlantic Mutual Companies’ ratings today, citing its concern that the insurer’s plans to sell off most of its marine business renewal rights will not be enough to replenish the needed capital.The New York-based ratings agency said the… Continue reading Fitch Downgrades Atlantic Mutual

New York, September 12, 2003 — Moody’s Investors Service, commenting on the SEC’s announcement of enforcement actions against American International Group, Inc. (AIG) and others arising from an alleged accounting fraud committed at Brightpoint, Inc., noted that it sees no evident ratings impact for AIG and its subsidiaries. According to the SEC, “The fraud charges… Continue reading MOODY’S COMMENTS ON SEC’S ANNOUNCEMENT OF ENFORCEMENT ACTION AGAINST AIG

LONDON, Sept 10 – Standard & Poor’s Ratings Services said today it affirmed its long-term counterparty credit and insurer financial strength ratings on various entities of U.K.-based Royal & Sun Alliance Insurance Group PLC RSA.L (R&SA). At the same time, Standard & Poor’s lowered to ‘BB+’ from ‘BBB-‘ its long-term counterparty credit and insurer financial… Continue reading S&P affirms R&SA’sratings, cuts US subs, off watch

SYDNEY SHARES in AMP Ltd slumped today as concerns resurfaced about the troubled financial services group needing another capital injection. The group reiterated that it was considering a rights issue, believed to be about $1.2 billion, if its plan to demerge its Australian and British businesses is allowed to proceed. Its comments came as the… Continue reading AMP shares slump as capital concerns resurface

$100 million of Surplus Notes Affected New York, September 05, 2003 — Moody’s Investors Service has placed the ratings of the Atlantic Mutual Companies on review for possible downgrade. Included in the review is the Ba1 rating of Atlantic Mutual Insurance Company’s $100 million in surplus notes due in 2028, as well as the Baa1… Continue reading MOODY’S PLACES ATLANTIC MUTUAL’S RATINGS ON REVIEW FOR POSSIBLE DOWNGRADE

NEW YORK (Standard & Poor’s) Sept. 5, 2003–Standard & Poor’s Ratings Services said today that it lowered its financial strength and counterparty credit ratings on the members of the Royal & SunAlliance USA Group (RSA USA) to ‘BBB-‘ from ‘BBB+’: Royal Insurance Co. of America, Royal Indemnity Co., Connecticut Indemnity Co., Security Insurance Co. of… Continue reading S&P Downgrades Royal & SunAlliance USA Group Members

NEW YORK (Standard & Poor’s) Sept. 3, 2003–Standard & Poor’s Ratings Services said today that it lowered its financial strength and counterparty credit ratings on Employers Reinsurance Corp. and affiliated nonlife insurance/reinsurance entities (collectively ERC) to ‘A+’ from ‘AA-‘. Standard & Poor’s affirmed the ‘A+’ ratings on GE Reinsurance Corp. The outlook is negative. At… Continue reading S&P Downgrades Employers Reinsurance Corp.; On Watch