Author: Farkas Laura

OLDWICK, N.J.–(BUSINESS WIRE)–April 2, 2003–A.M. Best Co. has downgraded the financial strength rating to A+ (Superior) from A++ (Superior) of the property/casualty affiliates of Erie Insurance Group (Erie). Along with this action, the group’s life affiliate, Erie Family Life Insurance Company, has been downgraded to A (Excellent) from A+ (Superior). Both companies are located in… Continue reading A.M. Best Downgrades Ratings of Erie Insurance Group and Erie Family Life

OLDWICK, N.J.–(BUSINESS WIRE)–April 2, 2003–A.M. Best Co. has withdrawn the financial strength rating of C (Weak) and assigned a NR-4 rating (Company Request) to Trenwick America Reinsurance Corporation (Stamford, CT). Concurrently, A.M. Best has downgraded the debt rating of the group’s U.S. holding company, Trenwick America Corporation, to “d” from “c” relating to its $75… Continue reading A.M. Best Withdraws Financial Strength and Debt Ratings of Trenwick Group

Travelers Property Casualty Corp. announced that it is strengthening certain reserves at Gulf Insurance, its majority owned subsidiary, resulting in a first quarter 2003 charge to Travelers of approximately $77 million, or $0.08 per share, after reinsurance, tax and minority interest. This reserve strengthening primarily relates to a line of business that insured residual values… Continue reading Travelers P/C Announces First Quarter 2003 Reserve Actions

NEW YORK–(BUSINESS WIRE)–April 1, 2003–Standard & Poor’s Ratings Services said today that it withdrew its ‘A’ counterparty credit and financial strength ratings on California Insurance Co. due to the company’s sale by its immediate parent, Coregis Group Inc. All outstanding policyholder liabilities at the time of sale were ceded to Coregis Insurance Co., which is… Continue reading S&P Withdraws California Insurance Co. ‘A’ Ratings

OLDWICK, N.J.–(BUSINESS WIRE)–March 31, 2003–A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B+ (Very Good) of the property/casualty affiliates of Vesta Insurance Group (NYSE:VTA)(Birmingham, Ala.). Additionally, A.M. Best has assigned a “b-” rating to the existing senior debt issued by Vesta Insurance Group Inc. and “ccc” on its deferrable capital… Continue reading A.M. Best Downgrades Rating of Vesta Insurance Group and Assigns Debt Ratings

Lumbermens Mutual Casualty Co., the parent of Kemper Insurance Cos., said Tuesday that it will default on $700 million of bonds and offered to buy them back at 10 cents on the dollar. Illinois insurance regulators prohibited the company from making interest payments in June and July on the bonds, Lumbermens spokeswoman Linda Kingman said.… Continue reading LUMBERMENS MUTUAL: Kemper parent to default on bonds

OLDWICK, N.J.–(BUSINESS WIRE)–March 21, 2003–A.M. Best Co. has lowered the financial strength rating to A+ (Superior) from A++ (Superior) of Allianz AG, Germany, and its core subsidiaries. At the same time, A.M. Best has lowered the ratings on Allianz’s senior debt to “aa-” from “aa+.” (See list by clicking on URL below.) The outlook on… Continue reading A.M. Best Lowers Ratings of Allianz AG

NEW YORK–(BUSINESS WIRE)–March 19, 2003–Standard & Poor’s–Standard & Poor’s Ratings Services said today that it lowered its counterparty credit and financial strength ratings on RGA Reinsurance Co. (RGA Re) to ‘AA-‘ from ‘AA’ because of RGA Re’s strategic importance within the MetLife Inc. group of companies and the application of Standard & Poor’s group methodology… Continue reading S&P Lowers RGA Reinsurance and Parent Rtgs One Notch

NEW YORK, March 17 – Standard & Poor’s Ratings Services said today that it affirmed its ‘A+’ counterparty credit and financial strength ratings on Nationwide Mutual Insurance Co. and related entities (Nationwide; see ratings list). The outlook has been revised to ‘negative’ from ‘stable’. “This rating action reflects the gradual but growing deterioration in the… Continue reading S&P revises Nationwide Mutual Insurance outlook

AMB Number: 11325 Rating Action: Downgraded Current Rating: A (Excellent) Previous Rating: A+ (Superior)