Category: Show on Homepage

WILLIS is to cut 500 of its 14,500 staff after reporting a 60% plunge in operating profit and a 3% fall in revenues in the first quarter of 2005, writes Stuart Collins.    The mainly London-based broker reported operating profits of $94m in the first quarter, down from $234m in the same period last year.… Continue reading Willis to cut 500 staff after profits plunge 60%

SACRAMENTO-The Senate Banking, Finance and Insurance Committee issued a stinging rebuke to Insurance Commissioner John Garamendi today, rejecting in its entirety his proposal to enact new fiduciary duties on brokers and agents and even voting down a compromise proposal to add new disclosure requirements.                SB 938 (Dunn) would have imposed a series of unprecedented… Continue reading SENATE INSURANCE COMMITTEE REPUDIATES GARAMENDI

A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A (Excellent) of Zurich Specialties London Limited (ZSL) (United Kingdom). The rating has been removed from under review with negative implications. At the same time, A.M. Best has assigned an issuer credit rating (ICR) of “bbb” to ZSL. A negative outlook… Continue reading A.M. Best Downgrades Zurich Specialties; Removes Rating From Under Review; Assigns Issuer Credit Rating and Negative Outlook

A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A (Excellent) of Zurich Specialties London Limited (ZSL) (United Kingdom). The rating has been removed from under review with negative implications. At the same time, A.M. Best has assigned an issuer credit rating (ICR) of “bbb” to ZSL. A negative outlook… Continue reading A.M. Best Downgrades Zurich Specialties; Removes Rating From Under Review; Assigns Issuer Credit Rating and Negative Outlook

OLDWICK, N.J. (BestWire) – A.M. Best Co. has downgraded the financial strength rating to C++ (Marginal) from B- (Fair) of Mutual Protective Insurance Co. and its wholly owned subsidiary, Medico Life Insurance Co. (both headquartered in Omaha, Neb.), and revised the outlook to stable from negative. The downgrade of the rating primarily reflects Mutual Protective’s… Continue reading A.M. BEST DOWNGRADES RATING OF MUTUAL PROTECTIVE AND MEDICO LIFE, REVISES OUTLOOK TO STABLE

A.M. Best Co. has downgraded the financial strength ratings to B- (Fair) from B (Fair) and the issuer credit ratings to “bb-” from “bb” of Commercial Risk Reinsurance Company Limited (Hamilton, Bermuda) and its U.S. subsidiary, Commercial Risk Re-Insurance Company (Burlington, Vt.), together known as Commercial Risk Partners. The rating outlook for both companies has… Continue reading Best Downgrades, Withdraws Ratings for Commercial Risk Partners; Outlook Negative

ATLANTA April 11 (BestWire) — A federal appeals court in Atlanta has upheld the right of a former managing director of Marsh & McLennan Cos. to get out of a noncompete agreement he signed while employed by the giant broker, ruling the agreement unenforceable. The 11th U.S. Circuit Court of Appeals decision is “significant” because… Continue reading Appeals Panel Holds Broker Marsh’s Noncompete Agreement Unenforceable

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-” for the reinsurance subsidiaries of Inter-Ocean Holdings Limited (Inter-Ocean) (Bermuda). Additionally, A.M. Best has downgraded the issuer credit rating to “bb” from “bbb-” of Inter-Ocean. Subsequently, Inter-Ocean and its reinsurance… Continue reading A.M. Best Downgrades and Withdraws Ratings of Inter-Ocean and Its Subsidiaries

Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on Employers Reinsurance Corp. and affiliated insurance/reinsurance entities (collectively referred to as GE Insurance Solutions) to “A” from “A+” and removed them from CreditWatch.     S&P also said that it has lowered its counterparty credit rating on… Continue reading S&P Lowers GE Insurance Solutions Ratings; Off CreditWatch; CEO Comments

Effective immediately, AM Best has downgraded Workmen’s Auto Insurance Company from a B++ to a B(u), citing the company’s drop in surplus as the main reason for the downgrade. The company has filed a lawsuit against Guy Carpenter alleging failure to exercise reasonable care in performance of its duties; failure to effect appropriate documentation; breach… Continue reading Downgrade of Calif. Auto Company Results from Reinsurance Broker Error