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On the heels rating agency Fitch’s warning that it may downgrade the bond insurance unit of MBIA Inc, the largest US bond insurer said on Wednesday that it would raise $750 million by issuing new shares in an attempt to boost its capital to retain the top credit ratings crucial for its business.    … Continue reading MBIA to Raise $750M, Annoucement Comes after Fitch’s Downgrade Warning

Largely as a result of D&O prices related to the sub-prime lending crises, the composite rate reductions for Property and Casualty insurance moderated slightly in January. According to Richard Kerr, Founder and CEO of MarketScout, “D&O and all lines of professional liability actually experienced moderated reductions in January 2008 as compared to December 2007. D&O… Continue reading MarketScout Reports January Premiums Decline at Slower Rate

A new report: ‘Property/Casualty Insurance Profit Dynamics’ has been published by Fitch Ratings. The report looks at the profitability dynamics for property/casualty insurers and how Fitch assesses insurer profitability on a statutory basis, examining the interplay of five key factors: underwriting performance, investment yield, operating leverage, asset leverage and tax rates that affect insurers’ profitability… Continue reading New Report, Property/Casualty Insurance Profit Dynamics, Published by Fitch

Just three weeks after reaffirming the industry leader at AAA, Fitch Ratings warned on Tuesday that could downgrade its top-level ratings on the bond insurance units of MBIA Inc.      The warning comes as Fitch, which also said it could downgrade the AAA-rated units of CIFG Guaranty, re-evaluates the industry in light of its new… Continue reading Fitch Warns of Possible Downgrade of MBIA Bond Insurance Units

On Wednesday, Mapfre stated that 2007 saw a net profit of 731.1 million euros ($1.1 billion), up 19.8 percent thanks to new acquisitions and joint ventures with Spanish banks. After results were announced, the Spanish insurer’s shares were up 8 percent at 2.85 euros, while the European insurance sector was down 0.5 percent.    “Mapfre… Continue reading Spanish Mapfre Reports 2007 Net Profit Up Nearly 20%

Europe’s second-biggest insurer, AXA, has agreed to buy local partner Oyak out of its Turkish insurance joint venture for $525 million, Oyak said on Wednesday, the latest deal in the fast-growing Turkish sector.     The joint venture, AXA OYAK Holding, controls AXA OYAK Insurance and AXA OYAK Life Insurance. AXA bought an additional 50… Continue reading AXA to Purchase Turkish Oyak

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