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OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and assigned an issuer credit rating of “a-”to Blue Whale Re Ltd. (Burlington, VT). The outlook for the FSR is stable, and the outlook assigned to the ICR is stable. The ratings reflect the company’s strong capitalization and conservative operating… Continue reading A.M. Best Affirms Financial Strength Rating of Blue Whale Re Ltd.

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has upgraded financial strength rating to B (Fair) from B- (Fair) and the issuer credit rating to “bb” from “bb-” of Springfield Insurance Company (Springfield) (Covina, CA). The outlook for the ratings is stable. The ratings reflect Springfield’s sound capitalization, recently improved operating performance and adequate liquidity. Springfield’s underwriting results… Continue reading A.M. Best Upgrades Ratings of Springfield Insurance Company

A.M. Best Co. has placed the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of “a” of Seguros ING, S.A. de C.V. (Seguros ING) and ING Fianzas, S.A. de C.V. (ING Fianzas) (both of Mexico) under review with negative implications. These rating actions follow the announcement that Seguros ING’s ultimate… Continue reading A.M. Best Places Ratings of Seguros ING, S.A. de C.V. and ING Fianzas, S.A. de C.V. Under Review with Negative Implications

A hearing on February 14 in the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises focused on bond insurance but also underscored the importance of all types of insurance to the broader U.S. economy, according to the American Insurance Association (AIA).       “While the specific problems confronting the bond insurers may… Continue reading Congressional Bond Hearing Underscores Need for Optional Federal Charter for Insurers

American International Group Inc.’s domestic property/casualty subsidiaries and its majority-owned Transatlantic Holdings Inc. company financial strength rating of A+ is under review by AM Best Co with negative implications, according to the ratings organization. The Best review comes on the heels of AIG’s Feb. 11 Securities & Exchange Commission EC Form 8-K filing “clarifying its… Continue reading Best Places AIG Under Review

Marsh & McLennan Cos. is proposing to eliminate the current three-class structure of its board. The declassification of the board, if shareholders approve, would subject directors at the insurance broker to annual election as existing three-year terms expire. Stephen R. Hardis, chairman, said, “The decision to declassify is the latest step in the board’s ongoing… Continue reading Marsh Proposing to Change Board Structure

As reported in the Wall Street Journal, according to a source familiar with the matter, Financial Guaranty Insurance Co., a major bond insurer, has notified the New York State Insurance Department that it will request to be split into two companies.    One of the firms would likely retain much of the business of insuring… Continue reading FGIC Plans to Request Company be Split into Two Entities, Moody Cut Its Triple A Rating

UBS AG stated today that the world’s banks “remain at risk” of up to $203 billion in additional write-downs, largely because the bond insurance crisis could worsen.    “Banks have made progress in credit-market related write-downs,” London-based UBS analyst Philip Finch said in a note to investors today. “But more are expected,” he added.   … Continue reading UBS: Bond Crisis Could Result in $203B in Additional Write-downs

Thursday mortgage financier Freddie Mac it is temporarily changing its eligibility requirements for private mortgage insurers to allow them to increase their ability to pay claims and retain capital. Freddie Mac said the new rules restrict how much risk insurers can lay off to lenders via complex arrangements where lenders and insurers share risk on… Continue reading Freddie Mac Temporarily Adjusts PMI Eligibility Requirements

C.V. Starr & Company, a subsidiary of C. V. Starr & Co., Inc., and Allied World Assurance Company (U.S.) Inc. and Allied World National Assurance Company have entered into a program agreement whereby C.V. Starr & Company will begin offering management liability lines of insurance coverage on behalf of Allied World to commercial middle market… Continue reading C.V. Starr and Allied World Assurance Enter into Program Agreement