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Aon Corporation announced this week that its investment banking group, Aon Capital Markets, successfully completed the private placement of $225 million of principal at-risk variable rate notes for Newton Re Limited in two separate classes of notes. The placements provide Catlin Insurance Company Ltd. with fully collateralized catastrophe protection of $87.5 million for U.S. earthquake… Continue reading AON Capital Markets Places $225 Million U.S. Earthquake and U.S. Hurricane Catastrophe Bonds

The State of Florida is considering a class-action lawsuit against property/casualty insurers for allegedly failing to pass on savings to consumers as required under a state law implemented in early 2007. Gov. Charlie Crist tasked his general counsel and three private attorneys – Dexter Douglass, Robert Hackleman, and Roberto “Bobby” Martinez – with investigating how… Continue reading FL Considers Class-Action Suit Agasint P/C Insurers

Standard & Poor’s credit-rating downgrade of the small bond insurer ACA Financial Guaranty Corp. could negatively reverberate across Wall Street, as billions of dollars of guarantees made by the insurer may become effectively worthless.    On Wednesday, S&P cut its A credit rating on ACA to the deep junk rating of CCC, a heavy blow… Continue reading Credit Rating Downgrade of ACA Financial Could Reverberate Across Market

Facing the likelihood of billions of dollars in additional mortgage-related write-downs in the fourth quarter, Merrill Lynch & Co. is expected to become the latest financial firm to get a capital infusion from an Asian government investment fund.    Temasek Holdings Pte. Ltd., a Singapore state-owned investment company, is in advanced talks to inject as… Continue reading Merrill Lynch Expecting Capital Infusion After Facing Billions of Mortgage-Related Write-downs

Today New York-based insurance brokerage firm Marsh & McLennan Cos. Inc. announced that it will be replacing its chief executive Michael Cherkasky following a year of disappointing results.     A search is underway for a replacement after the company’s board determined that a change in leadership would best enable it to move forward.  … Continue reading Marsh & McLennan to Replace CEO Cherkasky

Standard & Poor’s Ratings Services joined A.M. Best in lowering its senior unsecured and long-term counterparty credit ratings on Toronto?based Kingsway Financial Services Inc. to ‘BB+’ from ‘BBB-‘. S&P also lowered the debt ratings on Kingsway’s subsidiaries to ‘BB+’ from ‘BBB-‘ and assigned a negative outlook.       “The downgrade follows Kingsway’s announcement that its… Continue reading S&P Lowers Kingsway Ratings to ‘BB+’; Outlook Negative

Bear Stearns Cos. posted its first quarterly loss in its 84-year history on higher-than-projected $1.9 billion in mortgage write-downs.For the quarter ended Nov. 30, the brokerage house recorded a net loss of $854 million, or $6.90 a share, versus net income of $563 million, or $4 a share. The company last month forecasted about $1.2… Continue reading Mortgage Writedowns Sting Bear Stearns as it Posts First Quarterly Loss in its History

Wells Fargo Insurance Services Inc, a subsidiary of Wells Fargo & Co, announced that it has completed the acquisition of four more insurance agencies: Technology Insurance Services Inc., Redwood City, Calif; Rogers & Belding Insurance Agency Inc., El Paso, Texas; Richardson Group, Dover, N.H.; and Brehm Group, Inc. of Minneapolis, the employee benefits business only.… Continue reading Wells Fargo Buys Four Insurance Agencies

Arthur J. Gallagher & Co. today announced the acquisition of Koster Insurance Agency, Inc. of Quincy, Massachusetts. Terms of the transaction were not disclosed.    Founded in 1994, Koster Insurance Agency, Inc. is an insurance and risk management agency that develops and administers student health, sports accident and special risk insurance programs for colleges, universities… Continue reading Arthur J. Gallagher Acquires MA Agency

Insurance Commissioner Nonnie Burnes has given the go ahead to eight insurers in Massachusetts that recently filed new automobile insurance rates under the state’s new managed competition system. State Farm, Fireman’s Fund, Quincy Mutual, Praetorian, Safety, OneBeacon, Amica and Farm Family can offer the rates, discounts and coverage options they filed for at late November… Continue reading Eight Carriers in MA Get Green Light on New Auto Rates