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The uninsured and those covered by Medicaid are more likely than those with private insurance to receive a diagnosis of cancer in late stages, often diminishing their chances of survival, according to a nationwide study. The study by researchers with the American Cancer Society also found that blacks had a higher risk of late diagnosis,… Continue reading Study Shows Uninsured More Likely to Receive Cancer Diagnosis Late

Sandy Praeger, President of the National Association of Insurance Commissioners (NAIC) and Kansas Insurance Commissioner, in a letter dated February 15, reiterated the strengths of state-based regulation and reasserted opposition to federal legislation that would establish an optional federal charter (OFC). The letter, sent to American Insurance Association (AIA) president, Gov. Marc Racicot, reads as… Continue reading NAIC President Questions Motives of OFC Supporters

According to a person familiar with the matter, Ambac Financial Group Inc. is in discussions to effectively split itself up into two companies in a move aimed at ensuring that municipal bonds backed by the company retain high credit ratings. Bond insurers in recent weeks have become ground zero in the global credit crisis because… Continue reading First FGIC, Now Ambac Talks Splitting Up Company

In defending his decision to nationalize mortgage lender Northern Rock PLC, United Kingdom’s Prime Minister Gordon Brown stated on Monday that this the best option for the U.K. taxpayer and that the company will be sold back to the private sector “as soon as possible”.    The U.K. government Sunday announced it had decided to… Continue reading UK Prime Minister Defends Decision to Nationalize Troubled Mortgage Lender

Losses related to sub-prime at Japan’s Aioi Insurance Co are expected to more than triple to more than 80 billion yen ($743 million) in the year to March, according to the Yomiuri newspaper.    Japan’s fourth-largest non-life insurer said in November its paper losses as of the end of September stood at 25.2 billion yen… Continue reading Japanese Non-Life Insurer to See Sub-Prime Losses Triple

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of International Insurance Company of Hannover Limited (Inter Hannover) (United Kingdom), a subsidiary of Hannover Rueckversicherung AG (Hannover Re) (Germany). The outlook for both ratings is stable. A.M. Best expects Inter Hannover’s risk-adjusted capitalisation to… Continue reading A.M. Best Affirms Ratings of International Insurance Company of Hannover Limited

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