Author: Farkas Laura

The Associated Press Friday, May 16, 2003; 8:23 AM FRANKFURT, Germany – Germany’s Allianz insurance group lost 520 million euros ($592 million) in the first quarter due to the fallen value of its investment holdings. The Allianz loss reported Friday contrasted with a profit of 1.93 billion euros in the same quarter a year earlier… Continue reading Allianz Insurance Group Marks $592m Loss

Royal & Sun Alliance has announced it has freed up £540 million from the flotation of Promina, its Australian and New Zealand business. Shares in Promina began trading on the Sydney stock exchange after R&SA successfully completed the biggest initial public offering (IPO) in the world so far this year. Britain’s second biggest general insurer… Continue reading Royal & Sun Alliance raises £540m

Business Wire – May 12, 2003 09:53 OLDWICK, N.J.–(BUSINESS WIRE)–May 12, 2003–A.M. Best Co. has affirmed the financial strength ratings of A+ (Superior) of The Hartford Insurance Pool (Pool) and the main operating life insurance subsidiaries of Hartford Life Inc. (HLI). Concurrently, A.M. Best has downgraded to “a-” from “a+” the senior debt ratings of… Continue reading A.M. Best Affirms Financial Strength Ratings of The Hartford; Downgrades Debt Ratings

LONG GROVE, Ill.–(BUSINESS WIRE)–May 12, 2003–The Kemper Insurance Companies today announced it sold the renewal rights to certain lines of its existing U.S. commercial insurance business to The St. Paul Companies. The lines of business included in the transaction are Kemper’s middle market offerings, such as workers’ compensation, package, auto, and umbrella. It also includes… Continue reading Kemper Sells Renewal Rights for Selected Lines of Its U.S. Commercial Insurance Business to The St. Paul

CCNMatthews – May 02, 2003 14:45 OLDWICK, NEW JERSEY–A.M. Best Co. has placed the financial strength rating of A- (Excellent) of Gerling Canada Insurance Company (Toronto) under review with developing implications. In March, Gerling Canada in tandem with its parent company, Gerling Konzern Allgemeine (Germany), had its rating affirmed; however, the outlook was changed to… Continue reading A.M. Best Places Rating Of Gerling Canada Under Review

(The following statement was released by the rating agency) NEW YORK, May 2 – Standard & Poor’s Ratings Services said today that it lowered its counterparty credit and financial strength ratings on Boston-based Liberty Mutual Insurance Co. (Liberty Mutual) and related entities to ‘A’ from ‘A+’ and removed them from CreditWatch, where they were placed… Continue reading S&P cuts Liberty Mutual Insurance ratings

MELBOURNE (Standard & Poor’s) May 1, 2003–Standard & Poor’s Ratings Services said today that it placed on CreditWatch Negative the ‘AA-‘ insurer financial strength and counterparty credit ratings on AMP Life Ltd., the Australian operating subsidiary of AMP Ltd. AMP Ltd. is a Sydney-based life insurance and funds management group, with operations in Australia and… Continue reading AMP Ratings Placed on CreditWatch Negative

By Mark Skertic Tribune staff reporter May 1, 2003 The collapse of a deal to sell Kemper Insurance Cos.’ underwriting operations resulted in layoffs for about 1,000 employees Wednesday, including 400 in the Chicago area. Last week, a deal to sell Kemper’s insurance underwriting operations to a Swiss-backed investment group fell through. “A lot of… Continue reading Kemper laying off 1,000 in wake of deal collapse

NEW YORK–(BUSINESS WIRE)–April 30, 2003–Standard & Poor’s–Standard & Poor’s Ratings Services said today that it affirmed its ‘BBB’ counterparty credit and financial strength ratings on American Fire & Casualty Co., Ohio Casualty Insurance Co., Ohio Security Insurance Co., and West American Insurance Co., which make up the Ohio Casualty Insurance Co. Intercompany Pool (OCIP), based… Continue reading S&P Affirms Ohio Casualty Ratings; Outlook Negative

NU Online News Service, April 24, 3:11 p.m. EDT— The beleaguered Kemper Insurance Companies said this morning that its previously announced “letter of intent” prepared for the sale of its core middle-market business has been discontinued. The agreement under discussion had involved Kemper’s selling off its middle-market business–including workers’ compensation, auto offerings, as well as… Continue reading Kemper’s Sale Deal Discontinued