Florida moves to seize control of Poe Financial Group’s 3 insurance companies

With only five weeks before hurricane season starts, state insurance officials recommended taking over Poe Financial Group’s three insurance companies, a rare move that underscores the insurance crisis in Florida and could shift tens of thousands of homeowner and condominium policies into Citizens Property Insurance Corp. The state Department of Financial Services on Tuesday filed… Continue reading Florida moves to seize control of Poe Financial Group’s 3 insurance companies

Insurance Commissioner John Garamendi Issues Accusation Against Hartford Insurance Group and Seeks Refunds for Thousands of Policyholders

SACRAMENTO – Insurance Commissioner John Garamendi announced today that the California Department of Insurance (CDI) has begun legal proceedings against The Hartford Insurance Group alleging that the company charged illegal fees. The complaint contends that The Hartford allowed one of its agents, Irvine-based Superior Access Insurance Services, to charge and collect fees not approved by… Continue reading Insurance Commissioner John Garamendi Issues Accusation Against Hartford Insurance Group and Seeks Refunds for Thousands of Policyholders

A.M. Best Downgrades and Withdraws Ratings of PXRE

A.M. Best Co. has downgraded the financial strength rating (FSR) to B (Fair) from B+ (Very Good) and the issuer credit ratings (ICR) to “bb” 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 Company (Hartford, CT).… Continue reading A.M. Best Downgrades and Withdraws Ratings of PXRE

Safeco Gears For Direct Auto Marketing

Seattle-based insurer Safeco is seriously planning to enter the direct marketing of its auto insurance business over the Internet to reach consumers it isn’t reaching.     Michael LaRocco, president and chief operating officer, said the carrier has approached its independent agent partners to field suggestions and get feedback on its plan to try and… Continue reading Safeco Gears For Direct Auto Marketing

A.M. Best Downgrades and Withdraws Ratings of Olympus Reinsurance Company Ltd.

A.M. Best Co. has downgraded the financial strength rating (FSR) to B- (Fair) from B+ (Very Good) and the issuer credit rating to “bb-” from “bbb-” of Olympus Reinsurance Company Ltd. (Olympus) (Hamilton, Bermuda), and removed both ratings from under review. The ratings have been assigned a negative outlook. Subsequently, the ratings will be withdrawn… Continue reading A.M. Best Downgrades and Withdraws Ratings of Olympus Reinsurance Company Ltd.

Fitch Places Fairfax, Odyssey Re some Subs on Rating Watch Negative

Fitch Ratings announced that it has placed Fairfax Financial Holdings Limited, Odyssey Re Holdings Corp. and its insurance subsidiaries, and TIG Holdings Inc. on Rating Watch Negative. “The rating action on TIG reflects the alignment of TIG’s and Fairfax’s debt ratings given that Fairfax guarantees TIG’s debt,” said Fitch.     It also noted, however,… Continue reading Fitch Places Fairfax, Odyssey Re some Subs on Rating Watch Negative

A.M. Best Places Ratings of Odyssey, Fairfax Financial and Northbridge Under Review With Negative Implications

A.M. Best Co. has placed the financial strength rating (FSR) and the issuer credit ratings (ICR) of the operating subsidiaries of Odyssey Re Holding Corp. (Odyssey) [NYSE:ORH] (Stamford, Conn.) and the debt ratings of Odyssey under review with negative implications following Odyssey’s announcement that it will delay the filing of its 2005 Form 10K for… Continue reading A.M. Best Places Ratings of Odyssey, Fairfax Financial and Northbridge Under Review With Negative Implications

Few Homeowners Buy Flood Insurance When Not Required, Study Says

Only about half of homeowners living in some of the most flood-prone areas of the United States buy federal flood insurance, leaving millions of families at risk for severe financial losses when floods strike, according to a RAND Corporation study issued today. Most homeowners buying flood insurance do so only because it is required in… Continue reading Few Homeowners Buy Flood Insurance When Not Required, Study Says

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