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Standard & Poor’s on Tuesday said that commercial and investment banks could see their credit ratings cut if the bond insurers which hedge some of their assets were themselves downgraded. The importance of the bond insurers’ financial health to the wider financial services industry was underscored by the S&P report. The sector has already taken… Continue reading Banks’ Credit Ratings Compromised by Bond Insurers, S&P Reports

OLDWICK, N.J.–(BUSINESS WIRE)–February 5, 2008–A.M. Best Co. has commented that the financial strength rating of A (Excellent) and the issuer credit rating of “a+” of Great Midwest Insurance Company (GMIC) (Byron Center, MI) are unchanged following the recent announcement that Southwest Insurance Partners Inc. (SWIP) (Houston, TX), a recently formedTexas holding company, has acquired FMG2,… Continue reading A.M. Best Comments on Acquisition of Great Midwest Insurance Company by Southwest Insurance Partners, Inc.

CNinsure Inc., a leading independent insurance agency and brokerage company operating in China, today announced the signing of a Memorandum of Understanding (MOU) with Ping An Life Insurance Company of China, Ltd. for a strategic partnership in the distribution and design of certain insurance products.     According to the MOU, CNinsure will work closely… Continue reading In China: CNinsure Enters into Strategic Partnership with Ping

The National Association of Insurance Commissioners (NAIC) announces the launch of a new public database containing the regulatory status of certain insurer-owned securities. The database is intended to assist market participants that advise insurance companies and investment professionals working for insurance companies. The tool shows whether a publicly rated security is subject to regulatory guidance… Continue reading NAIC SVO Launches Public Database

The crisis in the sub-prime mortgage market has had little impact on availability, cost or policy conditions of directors and officers liability (D&O) and errors and omissions liability (E&O) policies, according to a survey of financial sector risk managers and CFOs by Advisen Ltd., the leading provider of information and analytics to the commercial insurance… Continue reading Advisen Survey: D&O, E&O Markets Not Materially Impacted by Sub-Prime

The Chinese industry regulator reported that Chinese insurance companies have paid 680 million yuan ($94.6 million) in claims for snowstorms that have paralyzed the country.     In a statement posted on the China Insurance Regulatory Commission’s website today, China is urging insurers to speed up the claims settlement process.     China’s worst snowstorms… Continue reading Chinese Insurance Carriers Pay Out in Snowstorm Claims

Chief Executive Wilhelm Zeller of Hannover Re, the world’s fourth-biggest reinsurer, stated that the company surpassed its goal of earning 700 million euros ($1.04 billion) in net profit last year and expects return on equity of at least 15 percent in 2008 despite a softening reinsurance market.    Hannover Re initially aimed to achieve return… Continue reading Hannover Re Surpasses ’07 Net Profit Goal, Expects 15% Equity Return for ’08

In an interview aired on CNBC, billionaire investor Wilbur Ross on Tuesday said he expects to decide soon whether to invest $1 billion or more in the hard-hit U.S. bond insurance sector. He stated that he would be coming to a conclusion within the next few weeks and “very shortly.”    When asked whether he… Continue reading Billionaire Ross Says Decision on Bond Insurance Investment Coming Soon, Looking at Options

A Florida appellate court has denied Insurance Commissioner Kevin McCarty’s motion to reinstate his suspension against Allstate while the insurer appeals McCarty’s ordered ban. Citing what he called a lack of preparedness when Allstate arrived at a Jan. 15 hearing following a subpoena, McCarty on Jan. 17 ordered Allstate’s certificate of authority to write new… Continue reading Court Denies Florida Attempt to Reinstate Allstate Suspension

On Friday New York Insurance Superintendent Eric Dinallo cited “a number of developments” in his talks with bond insurers but did not expand on his statement after earlier reports of a rescue plan boosted some companies’ share prices. In his statement, Dinallo aid the talks were complicated and would take time. He added his three-point… Continue reading Talks Spur Developments Between Bond Insurers and NY Insurance Head Dinallo