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Standard & Poor’s Ratings Services said today that it lowered its counterparty credit and financial strength ratings on United Fire & Casualty Co. and its wholly owned subsidiaries to ‘A-‘ from ‘A’.     Standard & Poor’s also said that the outlook on these companies is stable.     “The downgrade reflects our view that… Continue reading United Fire & Casualty Co. And Subsidiaries Ratings Lowered One Notch To ‘A-‘; Outlook Stable

The Independent Insurance Agents & Brokers of America (the Big “I”) is disappointed to see another settlement out of New York Attorney General Eliot Spitzer’s office that bans the payment of contingent compensation that is entirely legal. The settlement is with Chubb Corp. and was joined by the attorneys general of Connecticut and Illinois.  … Continue reading BIG “I” OPPOSES A.G. INTERVENTION IN INCENTIVE COMPENSATION

The Chubb Corporation has entered into a settlement agreement with the Attorneys General of New York, Connecticut and Illinois, to resolve an investigation of customer steering, improper finite reinsurance transactions, and other unlawful industry practices. Under terms of the settlement, Chubb agreed to discontinue paying contingent commissions on all insurance lines in the United States… Continue reading Chubb Settles with N.Y., Conn., Ill. AGs; Agrees to End Contingent Commissions

The Chubb Group of Insurance Companies has begun to offer an admitted excess flood insurance product to homeowners policyholders who face either inland or coastal exposures in 15 jurisdictions, including California, Connecticut, Illinois, Florida, Maryland, Massachusetts, New Jersey, New York and Pennsylvania. In April, Chubb had announced that it was writing a first-dollar, primary personal… Continue reading Chubb Expands Excess Flood Policy

A.M. Best Co. reacted to yesterday’s announcement that Australia’s QBE has agreed to purchase Hannover Re’s Praetorian Financial Group, thereby taking over the German reinsurer’s North American operating units, with a series of bulletins. Best’s financial strength rating of “A” (Excellent) and the issuer credit rating (ICR) of “a” on Hannover Rueckversicherung AG (Hannover Re)… Continue reading Best Takes Various Rating Actions on QBE, Hannover Re and Praetorian

Dec. 13 (Bloomberg) — QBE Insurance Group Ltd., Australia’s largest property and casualty insurer, agreed to buy Praetorian Financial Group Inc. from Hannover Re for $800 million in its biggest purchase, more than doubling sales in the U.S. The acquisition of New York-based Praetorian from the world’s fourth-largest reinsurer will add $1.4 billion to annual… Continue reading QBE Insurance to Buy Praetorian for $800 Million

Standard & Poor’s Ratings Services today said it withdrew its ‘B+’ counterparty credit rating on PXRE Corp. In addition, Standard & Poor’s withdrew its ‘CCC+’ rating on PXRE’s Capital Trust I preferred stock, supported by deferrable subordinated debt from PXRE Corp. The ratings were withdrawn because PXRE Corp., a subsidiary of PXRE Group Ltd., does… Continue reading PXRE Corp. Ratings Withdrawn Due To Lack Of Public Statements

A.M. Best Co. has downgraded the financial strength rating (FSR) to “B” (Fair) from “B+” (Very Good) and the issuer credit ratings (ICR) to “bb+” from “bbb-” of the primary operating insurance subsidiaries of the Cayman Island-based Scottish Re Group Limited. Best also downgraded the ICR of Scottish Re to “b” from “bb-” and all… Continue reading Best Lowers Scottish Re Ratings

Safeco Corp. says it wants to add 1,000 agents to sell its auto and home insurance and an additional 300 to 500 agents to sell coverage to businesses in the next year. To recruit that many agents, Safeco is increasing the commissions it pays to the independent agents who represent it. Safeco has about 9,000… Continue reading Safeco Luring Agents with Commissions Insurance Firm Plans to Pay More, Hopes to Expand Coverage

Aon Corp. (NYSE:AOC) said it has signed a letter of intent to sell its Construction Program Group to Chicago-based Old Republic Insurance Co. for $85 million in cash, furthering Aon’s exit from the property and casualty business. Aon said the sale would boost the company’s specialty property and casualty reserves by about $100 million. Aon… Continue reading Aon to Sell Construction Group, Continuing Exit of P&C Business