Category: Show on Homepage

The St. Paul Travelers Companies Inc. says it plans to slash expenses by $568 million, much more than announced April 1 when the company was created through the merger of the St. Paul Companies and Travelers Property Casualty Corp. The cost-cutting effort includes cutting about 3,000 jobs in addition to reducing advertising and legal expenses,… Continue reading St. Paul Travelers planning more cost cuts

A.M. Best Co. has downgraded the debt ratings of St. Paul Travelers Companies, Inc. (St. Paul Travelers) (NYSE: STA) (St. Paul, MN) to “a-” from “a” on senior debt, “bbb+” from “a-” on subordinated debt, “bbb” from “bbb+ on trust preferred securities and “bbb” from “bbb+” on preferred stock. A.M. Best has also downgraded the… Continue reading A.M. Best Downgrades Debt Ratings of St. Paul Travelers; Affirms Financial Strength Ratings and Revises Outlooks

A.M. Best Co. has downgraded the financial strength ratings of Converium AG (Switzerland) and its rated core subsidiaries (collectively referred to as Converium) to “A-” (Excellent) from “A” (Excellent). At the same it has downgraded all issuer credit ratings and related debt issues and placed all ratings under review with negative implications. (See full list… Continue reading Best Downgrades Converium AG

THERE were fears yesterday of a further round of reserve-strengthening actions among major insurance groups after a leading analyst downgraded its investment rating on St Paul Travelers.    Prudential Equity said its decision to downgrade its investment rating on St Paul Travelers to neutral weight from overweight was based in part on its belief that… Continue reading St Paul Travelers’ downgrade raises fresh reserving doubts

W. R. Berkley Corporation has announced the formation of Berkley Specialty Underwriting Managers LLC, to offer specialty insurance products on behalf of the company’s insurance subsidiaries. Berkley also announced that it has agreed, beginning on July 1, 2004, to acquire the renewal rights to certain excess and surplus lines casualty business from Gulf Insurance Company.… Continue reading W. R. Berkley Forms New Specialty Company, Acquires Gulf Renewal Rights; Zeitman to Head Unit

Ciara Linnane NEW YORK (CBS.MW) — Arthur J. Gallagher (ajg) shares fell Tuesday after JP Morgan cut the insurance broker’s stock to “underweight” vs. “neutral,” citing a weak property/casualty market and the stock’s high price. “While we admire the Gallagher organization, we believe that its current premium valuation remains unwarranted,” analyst David Sheusi told clients… Continue reading Arthur J. Gallagher shares slip on JP Morgan downgrade

A.M. Best Co. has downgraded the financial strength rating to B+ (Very Good) from B++ (Very Good) of The Atlantic Mutual Companies (The Atlantic). Concurrently, A.M. Best has downgraded the debt rating to “b+” from “bb+” of Atlantic Mutual Insurance Company’s (both of New York, NY) existing $100 million 8.15% surplus notes. The outlook for… Continue reading A.M. Best Downgrades Ratings of Atlantic Mutual Companies

Trinity Universal Insurance Company Affirmed at A2 Jersey City, June 25, 2004 — Moody’s Investors Service put Unitrin, Inc.’s (Unitrin) A3 senior unsecured debt and United Insurance Company of America’s (United) Aa3 insurance financial strength ratings on review for possible downgrade. The rating agency affirmed Trinity Universal Insurance Company’s (Trinity) A2 insurance financial strength rating… Continue reading MOODY’S PUTS UNITRIN (SENIOR DEBT AT A3) AND UNITED INSURANCE CO. OF AMERICA (FINANCIAL STRENGTH AT Aa3) ON REVIEW FOR POSSIBLE DOWNGRADE

A.M. Best Co. has affirmed the financial strength ratings of A (Excellent) of Employers Re Corp Group (Employers Re) and Westport Insurance Corporation (Jefferson City, MO). The affiliates comprising the group are Employers Reinsurance Corporation, GE Reinsurance Corporation (Barrington, IL) and First Specialty Insurance Corporation, a reinsured affiliate. All companies listed above are located in… Continue reading A.M. Best Affirms Ratings of Employers Re Corp Group and Westport Insurance, Downgrades Rating of Medical Protective and Revises Outlook to Stable

OLDWICK, N.J., June 15, 2004 A.M. Best Co. has downgraded the debt ratings of various senior unsecured notes of GE Global Insurance Holdings Corporation (GE Global) (Overland Park, KS) to “bbb+” from “a-” and revised the outlook to negative from stable. This rating action is the consequence of A.M. Best’s recently completed annual review of… Continue reading A.M. Best Downgrades Debt Ratings of GE Global Insurance Holdings Corporation; Revises Outlook to Negative