A.M. Best Downgrades and Assigns Ratings to Vesta Insurance Group; Ratings Remain Under Review

OLDWICK, N.J. March 08 (BestWire) — A.M. Best Co. has downgraded the financial strength rating (FSR) to C++ (Marginal) from B (Fair) and has assigned issuer credit ratings (ICR) of “b” to Vesta Insurance Group (Vesta) and its property/casualty affiliates. Concurrently, A.M. Best has downgraded the ICR to “cc” from “b” of Vesta’s parent, Vesta… Continue reading A.M. Best Downgrades and Assigns Ratings to Vesta Insurance Group; Ratings Remain Under Review

A.M. Best Downgrades Ratings of Atlantic Mutual Cos.; Places Under Review With Negative Implications

OLDWICK, N.J. March 03 (BestWire) — A.M. Best Co. has downgraded the debt rating to “ccc” from “b+” of the $100 million 6.05% 30-year surplus notes issued by Atlantic Mutual Insurance Co. (New York). A.M. Best has also downgraded the financial strength ratings (FSR) to B- (Fair) from B+ (Very Good) and the issuer credit… Continue reading A.M. Best Downgrades Ratings of Atlantic Mutual Cos.; Places Under Review With Negative Implications

Quanta raises ‘for sale’ sign following downgrade

Shares in (re)insurer Quanta look set to tumble today (2 March) after the company admitted it was considering putting itself up for sale following deteriorating losses and an imminent further downgrade by AM Best below the crucial A- level.

A.M. Best Downgrades Ratings of PXRE and Places Under Review With Negative Implications

A.M. Best Co. has downgraded the financial strength rating to B+ (Very Good) from B++ (Very Good) and the issuer credit ratings (ICR) to “bbb-” from “bbb” for the reinsurance subsidiaries of the PXRE Group Ltd. (PXRE) [NYSE:PXT] (Bermuda). The rating actions apply to PXRE Reinsurance Ltd. (Bermuda) and PXRE Reinsurance Co. (Hartford, Conn.). A.M.… Continue reading A.M. Best Downgrades Ratings of PXRE and Places Under Review With Negative Implications

A.M. Best Downgrades Ratings of PXRE

A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) and the issuer credit ratings (ICR) to “bbb” from “a-” for the reinsurance subsidiaries of the PXRE Group Ltd. (PXRE) [NYSE: PXT] (Bermuda). The rating actions apply to PXRE Reinsurance Ltd. (Bermuda) and PXRE Reinsurance Company (Hartford, Conn.). A.M.… Continue reading A.M. Best Downgrades Ratings of PXRE

AIG in $1.6bn settlement with regulators

American insurance giant AIG will today (9 February) announce a settlement of $1.6bn, resolving deception and accounting fraud charges with federal and state authorities.    The regulatory settlement is the largest by a single company in US history and would settle investigations by the Securities and Exchange Commission (SEC), New York State attorney general Eliot… Continue reading AIG in $1.6bn settlement with regulators

Alea Heads Into Runoff as 2005 Loss Estimate Approaches $240 Million

Alea Group Holdings (Bermuda) Ltd. unveiled a runoff strategy for its insurance and reinsurance businesses as it estimated its after-tax losses were between $200 million and $240 million for 2005.    The Bermuda-based group said it moved into runoff because it couldn’t attract a suitable volume of business after its ratings were downgraded in the… Continue reading Alea Heads Into Runoff as 2005 Loss Estimate Approaches $240 Million

Allstate Releasing 700 Employees

The Chicago Tribune reported today that Allstate Corp., the nation’s second-biggest auto and homeowner’s insurer after Bloomington-based State Farm Insurance Cos., will be offering a voluntary termination program to employees in its corporate office as a way to cut expenses.      Northbrook, Illinois-based Allstate recently posted a record quarterly loss in the wake of Huricanes… Continue reading Allstate Releasing 700 Employees

Best Downgrades FSR for Louisiana Farm Bureau; Outlook Negative

A.M. Best Co. has downgraded the financial strength rating to B+ (Very Good) from A- (Excellent) of Louisiana Farm Bureau Mutual Insurance Company (LFB) (Baton Rouge, La.). The rating has been removed from under review and assigned a negative outlook. The downgrade is attributable to the deterioration in LFB’s risk-adjusted capitalization following losses from hurricanes… Continue reading Best Downgrades FSR for Louisiana Farm Bureau; Outlook Negative

Vesta Insurance Says NYSE to Suspends Its Shares

Vesta Insurance Group said on Wednesday it was told by the New York Stock Exchange that its common stock would be suspended from trade because its market value fell below $75 million. The insurer based in Birmingham, Alabama, said the exchange told Vesta that it no longer met minimum criteria for listing. The company had… Continue reading Vesta Insurance Says NYSE to Suspends Its Shares