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A.M. Best Co. announced rating actions on Germany’s Muenchener Rueckversicherungs (Munich Re) and its U.S. subsidiary American Re Corporation Group. Best affirmed its financial strength ratings on the companies, lowered Munich Re’s debt ratings one notch, removed all the ratings from under review status and assigned a negative outlook. Best said it has downgraded Munich… Continue reading Best Affirms Munich Re, American Re FSR; Removes from Review; Assigns Negative Outlook

OLDWICK, N.J.–(BUSINESS WIRE)–Oct. 4, 2005–A.M. Best Co. has placed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Quanta Europe Ltd (Quanta Europe) (Dublin, Ireland) under review with negative implications following similar rating actions on Quanta Reinsurance Ltd. (Quanta Re) (Hamilton, Bermuda), the main operating company of the group. (See… Continue reading A.M. Best Places Ratings of Quanta Europe Ltd Under Review with Negative Implications

A.M. Best Co. has placed the financial strength rating of A+ (Superior) of Allied World Assurance Company Ltd. (AWAC) (Hamilton, Bermuda) and its reinsured operating subsidiaries under review with negative implications.    The rating action follows A.M. Best’s assessment of Hurricane Katrina losses on the company’s risk-based capital position and the potential shortfall relative to… Continue reading Best Places Ratings of Allied World Assurance, Subs Under Review

Universal Underwriters Insurance Co., the nation’s largest insurer of automobile dealerships, has been ordered by regulators to refund to customers overcharges discovered in a routine review of the company.     The Kansas Insurance Department found a “large number of rating errors” in a market conduct examination of the Overland Park insurer. Department officials said… Continue reading Universal Underwriters Insurance ordered to refund fees

The national board of the Independent Insurance Agents & Brokers of America (IIABA) has adopted a new policy on producer compensation disclosure by carriers. The policy seeks to avoid disparate and conflicting company requirements, and to encourage carriers to consult with IIABA, its state associations and independent agents before implementing any producer compensation disclosure.     … Continue reading Big ‘I’ Adopts Insurer Disclosure Policy

OLDWICK, N.J.–(BUSINESS WIRE)–Sept. 22, 2005–A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) and the issuer credit rating to “bbb” from “a-” of the insurance and reinsurance operating subsidiaries of Alea Group Holdings (Bermuda) Ltd (collectively referred to as Alea Group or Alea). This rating action removes the… Continue reading A.M. Best Removes Alea Group and Its Subsidiaries from Under Review; Downgrades Financial Strength and Issuer Credit Ratings

NEW YORK Sept. 20, 2005–Standard & Poor’s Ratings Services said today that it placed its ratings on XL Capital Group (XL) on CreditWatch with negative implications due to the uncertainty around Hurricane Katrina’s ultimate impact on XL’s capital adequacy ratio as measured by Standard & Poor’s capital model. The ratings and outlook on XL’s ‘AAA’… Continue reading XL Capital Group Ratings Placed On Watch Negative

PASCAGOULA, Miss. September 16 (BestWire) — Homeowners insurers in Mississippi and Louisiana are facing lawsuits seeking to force them to pay for all Hurricane Katrina-related claims regardless of whether the damage is covered or not.    Homeowners policies excluded damage caused by flooding and have done so for nearly 40 years, since the creation of… Continue reading Insurers Face Lawsuits Over Flood Exclusions Following Katrina

New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills on Thursday announced the indictment of eight former executives of insurance brokerage giant Marsh Inc. for their roles in a bid rigging scheme that officials maintain defrauded clients of millions of dollars.     The former executives are accused of colluding with executives at… Continue reading N.Y. AG Spitzer Indicts Former Marsh Execs for Roles in Bid Rigging, Fraud

New York, September 12, 2005 — Moody’s Investors Service has placed the A3 insurance financial strength rating of Montpelier Reinsurance Ltd. and the Baa2 senior debt rating of Montpelier Reinsurance Holdings Ltd. (NYSE: MRH) under review for possible downgrade. The rating review follows the company’s announcement that it estimates the net impact of Hurricane Katrina… Continue reading MOODY’S PLACES RATINGS OF MONTPELIER RE HOLDINGS LTD. AND SUBSIDIARY (A3 INSURANCE FINANCIAL STRENGTH) ON REVIEW FOR POSSIBLE DOWNGRADE