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London, April 8 – Moody’s Investors Service has changed the rating outlook on Swiss Reinsurance Company and subsidiaries to negative from stable. The company is rated Aa1 for insurance financial strength. The outlook change is based largely on the continued negative trend in the company’s profitability, a pronounced decline in its capital position in recent… Continue reading Moody’s Changes Rating Outlook For Swiss RE To Negative From Stable

NU Online News Service, April 7, 4:50 p.m. EST—Completing a rating review that started when ACE revealed $2.2 billion in asbestos losses back in January, Moody’s Investors Service in New York announced today that has lowered some debt and financial strength ratings of ACE Limited. The ratings downgraded in today’s action include long-term and short-term… Continue reading Moody’s Lowers Some ACE Limited Ratings

NU Online News Service, April 4, 3:30 p.m. EST—Moody’s Investors Service announced today that it has downgraded its rating for the world’s largest reinsurer, Munich Re. New York-based Moody’s said the rating action involves lowering financial strength ratings to “Aa3” from “Aa1” for Munich Reinsurance Company, as well as the group’s Hamburg-Mannheimer Versicherungs AG and… Continue reading Moody’s Downgrades Munich Re

OLDWICK, N.J.–(BUSINESS WIRE)–April 2, 2003–A.M. Best Co. has downgraded the financial strength rating to A+ (Superior) from A++ (Superior) of the property/casualty affiliates of Erie Insurance Group (Erie). Along with this action, the group’s life affiliate, Erie Family Life Insurance Company, has been downgraded to A (Excellent) from A+ (Superior). Both companies are located in… Continue reading A.M. Best Downgrades Ratings of Erie Insurance Group and Erie Family Life

OLDWICK, N.J.–(BUSINESS WIRE)–April 2, 2003–A.M. Best Co. has withdrawn the financial strength rating of C (Weak) and assigned a NR-4 rating (Company Request) to Trenwick America Reinsurance Corporation (Stamford, CT). Concurrently, A.M. Best has downgraded the debt rating of the group’s U.S. holding company, Trenwick America Corporation, to “d” from “c” relating to its $75… Continue reading A.M. Best Withdraws Financial Strength and Debt Ratings of Trenwick Group

Travelers Property Casualty Corp. announced that it is strengthening certain reserves at Gulf Insurance, its majority owned subsidiary, resulting in a first quarter 2003 charge to Travelers of approximately $77 million, or $0.08 per share, after reinsurance, tax and minority interest. This reserve strengthening primarily relates to a line of business that insured residual values… Continue reading Travelers P/C Announces First Quarter 2003 Reserve Actions

NEW YORK–(BUSINESS WIRE)–April 1, 2003–Standard & Poor’s Ratings Services said today that it withdrew its ‘A’ counterparty credit and financial strength ratings on California Insurance Co. due to the company’s sale by its immediate parent, Coregis Group Inc. All outstanding policyholder liabilities at the time of sale were ceded to Coregis Insurance Co., which is… Continue reading S&P Withdraws California Insurance Co. ‘A’ Ratings

OLDWICK, N.J.–(BUSINESS WIRE)–March 31, 2003–A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B+ (Very Good) of the property/casualty affiliates of Vesta Insurance Group (NYSE:VTA)(Birmingham, Ala.). Additionally, A.M. Best has assigned a “b-” rating to the existing senior debt issued by Vesta Insurance Group Inc. and “ccc” on its deferrable capital… Continue reading A.M. Best Downgrades Rating of Vesta Insurance Group and Assigns Debt Ratings

Lumbermens Mutual Casualty Co., the parent of Kemper Insurance Cos., said Tuesday that it will default on $700 million of bonds and offered to buy them back at 10 cents on the dollar. Illinois insurance regulators prohibited the company from making interest payments in June and July on the bonds, Lumbermens spokeswoman Linda Kingman said.… Continue reading LUMBERMENS MUTUAL: Kemper parent to default on bonds

OLDWICK, N.J.–(BUSINESS WIRE)–March 21, 2003–A.M. Best Co. has lowered the financial strength rating to A+ (Superior) from A++ (Superior) of Allianz AG, Germany, and its core subsidiaries. At the same time, A.M. Best has lowered the ratings on Allianz’s senior debt to “aa-” from “aa+.” (See list by clicking on URL below.) The outlook on… Continue reading A.M. Best Lowers Ratings of Allianz AG