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NU Online News Service, June 10, 4:14 p.m. EDT—A.M. Best said it has downgraded its ratings for Bermuda-based ACE Limited’s debt securities as well as those for securities guaranteed by ACE while affirming the financial strength ratings of ACE’s operating units. In today’s ratings action, the Oldwick, N.J.-based rating agency lowered ACE’s senior debt rating… Continue reading Best Lowers ACE’s Debt Ratings

OLDWICK, N.J.–(BUSINESS WIRE)–June 6, 2003–A.M. Best Co. has placed the financial strength rating of A- (Excellent) of the Atlantic Mutual Companies (The Atlantic) (New York) under review with negative implications. Concurrently, A.M. Best has placed the “bbb” debt rating of Atlantic Mutual Insurance Company’s existing $100 million 8.15% surplus notes, due February 2028 under review… Continue reading A.M. Best Places Ratings of Atlantic Mutual Companies Under Review with Negative Implications

COLUMBUS, Ohio, Jun 05, 2003, (A. M. Best via COMTEX) — A shareholder’s proposal to increase share value for the company has prompted State Automobile Mutual Insurance Co. to review a merger proposal with an as-yet unformed company. Gregory Shepard–a shareholder of State Auto Financial Corp. (NYSE:STFC), the insurer’s publicly traded holding company subsidiary–has proposed… Continue reading State Auto Looks Skeptically at Shareholder’s Merger Offer

NEW YORK–(BUSINESS WIRE)–June 5, 2003–Standard & Poor’s–Standard & Poor’s Ratings Services said today that it lowered its counterparty credit and financial strength ratings on Princeton Insurance Co. to ‘Bpi’ from ‘BBBpi’ because of adverse reserve development in 2002 and 2001, which significantly affected the company’s operating performance and capitalization. “Standard & Poor’s believes the company… Continue reading S&P Lowers Princeton Insurance Co. Ratings to ‘Bpi’

NU Online News Service, May 21, 10:02 a.m. EDT—Standard & Poor’s Ratings Services has lowered its counterparty credit and senior debt rating on Harleysville Group Inc. to “Triple-B” from “Triple-B-Plus,” citing first-quarter company losses and the “volatile” performance of its subsidiaries. The New York-based S&P said that the ratings outlook is “stable.” “The ratings action… Continue reading Harleysville’s S&P Rating Downgraded

The Associated Press Friday, May 16, 2003; 8:23 AM FRANKFURT, Germany – Germany’s Allianz insurance group lost 520 million euros ($592 million) in the first quarter due to the fallen value of its investment holdings. The Allianz loss reported Friday contrasted with a profit of 1.93 billion euros in the same quarter a year earlier… Continue reading Allianz Insurance Group Marks $592m Loss

Royal & Sun Alliance has announced it has freed up £540 million from the flotation of Promina, its Australian and New Zealand business. Shares in Promina began trading on the Sydney stock exchange after R&SA successfully completed the biggest initial public offering (IPO) in the world so far this year. Britain’s second biggest general insurer… Continue reading Royal & Sun Alliance raises £540m

Business Wire – May 12, 2003 09:53 OLDWICK, N.J.–(BUSINESS WIRE)–May 12, 2003–A.M. Best Co. has affirmed the financial strength ratings of A+ (Superior) of The Hartford Insurance Pool (Pool) and the main operating life insurance subsidiaries of Hartford Life Inc. (HLI). Concurrently, A.M. Best has downgraded to “a-” from “a+” the senior debt ratings of… Continue reading A.M. Best Affirms Financial Strength Ratings of The Hartford; Downgrades Debt Ratings

LONG GROVE, Ill.–(BUSINESS WIRE)–May 12, 2003–The Kemper Insurance Companies today announced it sold the renewal rights to certain lines of its existing U.S. commercial insurance business to The St. Paul Companies. The lines of business included in the transaction are Kemper’s middle market offerings, such as workers’ compensation, package, auto, and umbrella. It also includes… Continue reading Kemper Sells Renewal Rights for Selected Lines of Its U.S. Commercial Insurance Business to The St. Paul

CCNMatthews – May 02, 2003 14:45 OLDWICK, NEW JERSEY–A.M. Best Co. has placed the financial strength rating of A- (Excellent) of Gerling Canada Insurance Company (Toronto) under review with developing implications. In March, Gerling Canada in tandem with its parent company, Gerling Konzern Allgemeine (Germany), had its rating affirmed; however, the outlook was changed to… Continue reading A.M. Best Places Rating Of Gerling Canada Under Review