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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

Standard & Poor’s Ratings Services announced that it has placed its ratings on 10 interactively rated insurance and reinsurance groups on CreditWatch with negative implications due to their possible “exposure to the catastrophic and unparalleled losses stemming from Hurricane Katrina.”    International companies on the list are: Ace Group, Lloyd’s, Oil Casualty, Montpelier Re, PXRE… Continue reading S&P Puts 10 Insurers on Katrina CreditWatch/Negative

On the eve of the key Monte Carlo reinsurance Rendez-Vous event, Standard & Poor’s has again downgraded a troubled reinsurer below its pivotal A- rating.      The London-listed reinsurer Alea Group confirmed this morning that was now “exploring strategic alternatives including the sale of the Group” following S&P’s decision to downgrade the troubled reinsurer to… Continue reading Alea crippled by S&P downgrade; put up for sale

Toronto-based Fairfax Financial Holdings Limited announced that the Fairfax group, including its reinsurance subsidiary Odyssey Re, have received a subpoena from the Securities and Exchange Commission requesting documents regarding any non-traditional insurance or reinsurance product transactions entered into by group members.       Fairfax said it “is cooperating with that request”.      In a separate… Continue reading Fairfax, Odyssey Re Receive SEC Subpoenas in Non-Traditional Insurance Probe

The outpouring of concerns and offers of assistance for Independent Agents and the people of Southeast Louisiana from insurance professionals around Louisiana and throughout the nation have been overwhelming. Thank you for your kind and generous offers to help with the devastation from hurricane Katrina. This email outlines how you can help Independent Insurance Agents… Continue reading IIABL ACTION PLANS TO HELP AGENTS RECOVER FROM HURRICANE KATRINA

OLDWICK, N.J.–(BUSINESS WIRE)–Sept. 1, 2005–In response to Hurricane Katrina, A.M. Best Co. has begun to aggregate public and private information in order to assess the financial impact it will have on the global property/casualty insurance and reinsurance industry. A.M. Best expects that virtually all rated companies will be able to meet their commitments, despite the… Continue reading A.M. Best Comments on the Impact of Hurricane Katrina on the Property/Casualty Industry

AMERICAN INTERNATIONAL GROUP, INC. 70 PINE STREET NEW YORK, N.Y. 10270 August 31, 2005 Dear Colleagues: Hurricane Katrina has brought much destruction upon the Southeastern United States, and in its wake, many lives have been lost and millions are in dire need. Damages suffered in the hurricane may have made Katrina the most costly natural… Continue reading AIG steps up to provide financial aid in the relief effort for those devasted by hurricane Katrina.

NEW YORK Aug. 31, 2005–Standard & Poor’s Ratings Services said today that it placed its ‘A+’ counterparty credit and financial strength ratings on Oil Insurance Ltd. (OIL) on CreditWatch with Negative implications. Standard & Poor’s also placed its ‘A-1’ short-term and ‘A-‘ subordinated debt ratings on OIL on CreditWatch with negative implications. “This action reflects… Continue reading Oil Insurance Ltd. Ratings Placed On Watch Negative