ACE Limited said it is today filing a Form 8-K restating its financial results for the years 2000 through 2004, as well as its results for each of the quarters in the years 2003 and 2004, and for the first quarter of 2005. The primary purpose of the restatement is to correct the accounting treatment… Continue reading ACE Ltd. Restates 5 Years’ Results to Correct Finite Reinsurance Accounting
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McGavick Announces Plans to Leave Safeco
Safeco Chairman and Chief Executive Officer Mike McGavick announced plans to leave his CEO post, effective Aug. 31, 2005. He will retain his duties as chairman of the board and will provide other transitional leadership as needed at least through the end of this year. The Associated Press reported that McGavick may be considering a… Continue reading McGavick Announces Plans to Leave Safeco
RenaissanceRe falls on exec resignation
SAN FRANCISCO (MarketWatch) — RenaissanceRe Holdings shares fell on Monday after the Bermuda-based reinsurer said that one of its executives refused to cooperate with a U.S. Securities and Exchange Commission investigation and resigned. Michael Cash, a senior vice president in the company’s specialty reinsurance division, had received a subpoena from the SEC asking him to… Continue reading RenaissanceRe falls on exec resignation
New Strategy Adopted for U.S. Subsidiary Clarendon
Germany’s Hannover Re, the world’s third largest reinsurer, announced the adoption of a new strategy for its U.S. subsidiary Clarendon at its annual “Investors Day” press conference on Friday, July 1. Following what it described as an “intense analysis of business,” Hannover’s management, led by Chief Executive Wilhelm Zeller, concluded that Clarendon should… Continue reading New Strategy Adopted for U.S. Subsidiary Clarendon
Report: Marsh, Aon Will Lose Market Share
The country’s largest brokerages will likely lose their market share to middle-market firms in the near future, a new report by Cochran, Caronia & Co. predicted. Adam Klauber, the author of the report and Cochran, Caronia & Co.’s managing director of equity research, said that rapid growth through acquisition over the past decade… Continue reading Report: Marsh, Aon Will Lose Market Share
S&P Conference: With End of Contingent Commissions, Brokers Find Ways to Plug the Hole
Insurance brokerage executives at Standard & Poor’s insurance conference, “Insurance 2005: Under the Microscope,” expressed confidence Tuesday that brokers would survive the sunset of the contingent-commission era through a combination of higher premium commissions, a broader array of insurance products for their clients, and better alignment of costs and expenses. Despite the negative… Continue reading S&P Conference: With End of Contingent Commissions, Brokers Find Ways to Plug the Hole
Arthur J. Gallagher & Co., Illinois AG, Insurance Director Reach Agreement
Arthur J. Gallagher & Co. on Wednesday reached a comprehensive agreement with the Illinois Attorney General and the Director of Insurance of Illinois to resolve issues related to industry-wide investigations surrounding contingent commissions. There was no lawsuit involved nor were there any findings of unlawful or deceitful conduct or that any client had been disadvantaged.… Continue reading Arthur J. Gallagher & Co., Illinois AG, Insurance Director Reach Agreement
A.M. Best Downgrades Rating of GMAC Insurance Group and Assigns Issuer Credit Ratings; Revises Outlook to Negative
A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) of GMAC Insurance Group (GMAC) (Michigan) and revised the outlook to negative from stable. Concurrently, A.M. Best has assigned issuer credit ratings (ICR) of “a-” to GMAC’s property/casualty subsidiaries. The outlook for the ICRs is negative. The rating action reflects… Continue reading A.M. Best Downgrades Rating of GMAC Insurance Group and Assigns Issuer Credit Ratings; Revises Outlook to Negative
Moody’s Assigns Negative Outlook to the Insurance Financial Strength Ratings of Converium Ag and Converium Rueckversicherung (Deutschland) Ag as well as to the Subordinated Notes Guaranteed by Converium Ag
Moody’s Investors Service announced today that it had assigned a negative outlook to the Baa1 insurance financial strength rating (IFSR) of Converium AG and the Baa1 IFSR of Converium Rueckversicherung (Deutschland) AG, as well as to the 8.25% subordinated notes due 2032 issued by Converium Finance SA and guaranteed by Converium AG. Moody’s said that… Continue reading Moody’s Assigns Negative Outlook to the Insurance Financial Strength Ratings of Converium Ag and Converium Rueckversicherung (Deutschland) Ag as well as to the Subordinated Notes Guaranteed by Converium Ag
A.M. Best Affirms Ratings of Subsidiaries of RenaissanceRe, Downgrades Issuer Credit and Debt Ratings; Removes All Ratings From Under Review
A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) of Renaissance Reinsurance Ltd. (RenRe Ltd.) and the financial strength ratings of A (Excellent) of the subsidiaries of Glencoe Group Holdings Ltd. (Glencoe). These companies are operating subsidiaries of the holding company, RenaissanceRe Holdings Ltd. (RenaissanceRe) (NYSE: RNR) (all of Bermuda). Concurrently, A.M.… Continue reading A.M. Best Affirms Ratings of Subsidiaries of RenaissanceRe, Downgrades Issuer Credit and Debt Ratings; Removes All Ratings From Under Review