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FOLLOWING last week’s £1.2bn ($2.3bn) reserving action at GE Insurance Solutions, financial strength ratings have so far remained unchanged but rating agents are far from happy.     Most significantly, Standard & Poor’s (S&P) affirmed GE Insurance Solutions’ A+ rating but left the company on creditwatch with negative implications. S&P placed the company on creditwatch… Continue reading GE holds on to its A+ but stays on watch

A.M. Best Co. has downgraded the financial strength ratings to A+ (Superior) from A++ (Superior) of The Travelers Insurance Company (TIC) and The Travelers Life and Annuity Company (TLAC), insurance subsidiaries of Citigroup, Inc. [NYSE:C], following the announcement of a definitive agreement to sell the companies to Metropolitan Life Insurance Company. The rating change reflects… Continue reading A.M. Best Co. Downgrade Travelers Insurance Company…

A.M. Best Co. has downgraded the financial strength ratings to B++ (Very Good) from A- (Excellent) of Trustmark Insurance Co. (Trustmark Insurance) and Trustmark Life Insurance Co. (Trustmark Life) (combined known as Trustmark) (both of Lake Forest, Ill.). The rating outlook remains negative. The ratings reflect the unfavorable arbitration ruling related to Trustmark’s involvement in… Continue reading A.M. Best Downgrades Ratings of Trustmark Insurance Group

OLDWICK, N.J.–(BUSINESS WIRE)–Jan. 6, 2005–A.M. Best Co. has downgraded the financial strength rating to B- (Fair) from B+ (Very Good) of Brandywine Group (Brandywine) and has placed the rating under review with negative implications pending regulatory approvals. The Brandywine Group consists of Century Indemnity Company (Century Indemnity) and its two wholly-owned subsidiaries, Century Reinsurance Company… Continue reading A.M. Best Downgrades and Places Under Review Rating of Brandywine Group; Affirms Ratings of ACE Group

HAMILTON, Bermuda January 06 (BestWire) — Seeking to finally kill off the asbestos reserving issue that has dogged it for the past eight years, Bermuda-based insurer Ace Ltd. said it would boost reserves at its asbestos and environmental runoff units and sell those units to a London-based holding company. Evan Greenberg, Ace’s president and chief… Continue reading Seeking to Cap Asbestos Liabilities, Ace to Boost Reserves, Sell Runoff Companies

A.M. Best Co. has placed the B+ (Very Good) rating of Atlantic Preferred Insurance Company (Tampa, Fla.), under review with negative implications. This action reflects the decline in surplus recorded in the third quarter of 2004 due to significant catastrophe activity and the deteriorated risk-adjusted capitalization of its affiliate, Southern Family Insurance Company. Accordingly, A.M.… Continue reading Best Places Rating for Atlantic Preferred Under Review

OLDWICK, N.J. December 22 (BestWire) — A.M. Best Co. has removed from under review and downgraded the financial strength ratings to C (Weak) from B (Fair) of Federated National Insurance Co. and to B- (Fair) from B+ (Very Good) of American Vehicle Insurance Co. (Both of Plantation, Fla.). As requested in the company’s press release… Continue reading A.M. Best Removes From Under Review and Downgrades Federated National Insurance Company and American Vehicle Insurance Company

The directors of U.S.I. Holdings Corporation of Briarcliff, N.Y. have approved a plan to reduce ongoing operating expenses. The plan is expected to result in cost savings of approximately $5 million, before taxes, in 2005. The companys aid that the majority of the cost savings will be attributable to the company’s insurance brokerage segment. In… Continue reading U.S.I. Holdings Unveils Expense, Staff Reductions and Plans to Sell Certain Operations

LAWRENCEVILLE, N.J. December 21 (BestWire) — New Jersey-based medical malpractice insurer Miix Group Inc. said that it and its subsidiary, New Jersey State Medical Underwriters Inc., each filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code with a Delaware bankruptcy court.    The companies continue to operate their businesses and manage their properties… Continue reading N.J. Insurer Miix Group, Subsidiary File for Chapter 11 Bankruptcy in Delaware

Standard & Poor’s Ratings Services announced that it has placed its “A+” counterparty credit and financial strength ratings on Employers Reinsurance Corp. (ERC), its “A-” counterparty credit rating on GE Insurance Solutions Corp., and various ratings on several of their affiliates on CreditWatch with negative implications. “These rating actions stem from our ongoing concerns about… Continue reading S&P Puts ERC, GE Solutions on CreditWatch Negative