GE’s sale of its insurance operations to Swiss Re

An excellent article regarding GE’s sale of its insurance operations to Swiss Re is in the current issue of Fortune at, http://www.fortune.com/fortune/articles/0,15114,1135407,00.html. I encourage everyone to think of how this applies to many other insurance companies because GE’s situation is not isolated by any means. Another way of thinking of this is that Swiss Re… Continue reading GE’s sale of its insurance operations to Swiss Re

A.M. Best Downgrades and Assigns Ratings to Crestbrook Insurance Co

A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A+ (Superior) of Crestbrook Insurance Company (CIC) (Columbus, OH) and assigned an issuer credit rating of “a-“. Both ratings have been placed under review with negative implications. CIC is currently an inactive, fully reinsured subsidiary of Nationwide Mutual Insurance Company (Nationwide) (Columbus,… Continue reading A.M. Best Downgrades and Assigns Ratings to Crestbrook Insurance Co

A.M. Best Downgrades and Removes From Under Review Rating of NLC Mutual

OLDWICK, N.J. December 06 (BestWire) — A.M. Best Co. has downgraded the financial strength rating to C++ (Marginal) from B+ (Very Good) for NLC Mutual Insurance Co. (NLC) (South Burlington, Vt.). The rating has been removed from under review and assigned a negative outlook. The rating reflects NLC’s marginal capitalization, elevated underwriting leverage and history… Continue reading A.M. Best Downgrades and Removes From Under Review Rating of NLC Mutual

S&P Downgrades XL’s Ratings to ‘A+’

Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on XL Capital Ltd.’s core operating companies to “A+” from “AA-” and removed them from CreditWatch with negative implications, where they were placed on Sept. 20, 2005.     S&P also lowered its counterparty credit ratings on XL… Continue reading S&P Downgrades XL’s Ratings to ‘A+’

Texas Man Charged With Selling Thousands Of Fake Policies

Former Los Angeles Insurance Broker Collected $3.8 Million in Nationwide Bogus Insurance Program    SANTA ANA – Insurance Commissioner John Garamendi announced Monday that a former California insurance broker has been arrested and charged with 63 felony counts related to the sale of thousands of fake insurance policies throughout the nation.    San Antonio, Texas… Continue reading Texas Man Charged With Selling Thousands Of Fake Policies

Best Places Rating for Gulf States Under Review; Positive Implications

A.M. Best Co. has placed the B+ (Good) financial strength rating of Gulf States Insurance Company (Gulf States) under review with positive implications. This rating action follows the announcement that Texas General Agency Inc. (TGA), the parent company, has signed a definitive agreement with Hallmark Financial Services Inc. for the sale of TGA and certain… Continue reading Best Places Rating for Gulf States Under Review; Positive Implications

GE Insurance

The Economist has noted the following regarding the sale of GE Insurance to Swiss Re, “Mr. Aigrain says he expects to lose perhaps 30% of the new company’s business. He also wants GEIS to be choosier in its underwriting.” Agencies doing a lot of business with GEIS, should consider what to do with 30% of… Continue reading GE Insurance

Western General in Runoff;Best Downgrades Ratings

A.M. Best Co. announced that it has downgraded the financial strength rating to “B++” (Very Good) from of “A” (Excellent) and issuer credit rating to “bbb” from “a” on Bermuda’s Western General Insurance Ltd. Both ratings remain under review with negative implications. “The rating actions follow Western General’s announcement that the company has been placed… Continue reading Western General in Runoff;Best Downgrades Ratings

S&P Puts Hannover Re, Clarendon on CreditWatch/Negative

While Fitch Ratings decided to affirm its “A+” ratings on Hannover Re and its subsidiaries (See following article), Standard & Poor’s Ratings Services has adopted a wait and see attitude. S&P announced that it has placed its “AA-” long-term counterparty credit and insurer financial strength ratings on Hannover Re and its core entities on CreditWatch… Continue reading S&P Puts Hannover Re, Clarendon on CreditWatch/Negative