OLDWICK, N.J.–(BUSINESS WIRE)–Oct. 11, 2005–A.M. Best Co. has recently completed its annual review of financial strength ratings for health maintenance organization (HMO) public data ratings. A.M. Best has downgraded the pd ratings of 38 HMOs, upgraded the ratings of 28, affirmed the ratings of 79 and assigned ratings to 17 HMOs. Over the last year,… Continue reading A.M. Best Completes Review of Health Insurer Public Data Ratings; Reports More Downgrades Than Upgrade
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S&PCORRECT: Farmers Insurance Exchange And Units Ratings Affirmed; Outlook Remains Negative
(Editor’s note: The original version of this article, which was published earlier today, contained an incorrect rating for Farmers Group Inc. A corrected version follows. ) NEW YORK Oct. 10, 2005–Standard & Poor’s Ratings Services said today that it affirmed its ‘A’ counterparty credit and financial strength ratings on Farmers Insurance Exchange and its… Continue reading S&PCORRECT: Farmers Insurance Exchange And Units Ratings Affirmed; Outlook Remains Negative
MOODY’S DOWNGRADES LONG TERM RATINGS OF OIL INSURANCE LIMITED (SENIOR DEBT TO A1 FROM Aa3) AND UNDERLYING RATING OF CATALYST CAPITAL, LTD.; RATINGS REMAIN ON REVIEW FOR DOWNGRADE; PRIME-1 SHORT-TERM DEBT RATING PLACED ON REVIEW FOR POSSIBLE DOWNGRADE
New York, October 10, 2005 — Moody’s Investors Service announced today that it has downgraded the long-term debt and insurance financial strength ratings of Oil Insurance Limited (“OIL” — senior unsecured debt to A1 from Aa3, insurance financial strength to A2 from A1 and subordinated debt to Baa1 from A2) with the ratings remaining on… Continue reading MOODY’S DOWNGRADES LONG TERM RATINGS OF OIL INSURANCE LIMITED (SENIOR DEBT TO A1 FROM Aa3) AND UNDERLYING RATING OF CATALYST CAPITAL, LTD.; RATINGS REMAIN ON REVIEW FOR DOWNGRADE; PRIME-1 SHORT-TERM DEBT RATING PLACED ON REVIEW FOR POSSIBLE DOWNGRADE
Fitch Maintains PXRE’s Watch Negative after Capital Raising
CHICAGO–(BUSINESS WIRE)–Oct. 10, 2005–Fitch Ratings commented today that ratings of PXRE Group Ltd. (PXRE), PXRE Capital Trust I, PXRE Reinsurance Ltd., and PXRE Reinsurance Company remain on Rating Watch Negative following PXRE’s successful capital raising in the form of common stock and the private placement of perpetual preferred shares, which together raised approximately $474 million,… Continue reading Fitch Maintains PXRE’s Watch Negative after Capital Raising
Troubled GoshawK doubles Katrina loss estimates
Shares in Bermuda headquartered GoshawK slumped 18 percent to a low of 19.5 pence this morning (7 October) after the troubled reinsurer more than doubled its estimate of net losses stemming from Hurricane Katrina and said it would have difficulty writing new business if it was unable to raise new capital. In a statement… Continue reading Troubled GoshawK doubles Katrina loss estimates
Best Affirms Munich Re, American Re FSR; Removes from Review; Assigns Negative Outlook
A.M. Best Co. announced rating actions on Germany’s Muenchener Rueckversicherungs (Munich Re) and its U.S. subsidiary American Re Corporation Group. Best affirmed its financial strength ratings on the companies, lowered Munich Re’s debt ratings one notch, removed all the ratings from under review status and assigned a negative outlook. Best said it has downgraded Munich… Continue reading Best Affirms Munich Re, American Re FSR; Removes from Review; Assigns Negative Outlook
A.M. Best Places Ratings of Quanta Europe Ltd Under Review with Negative Implications
OLDWICK, N.J.–(BUSINESS WIRE)–Oct. 4, 2005–A.M. Best Co. has placed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Quanta Europe Ltd (Quanta Europe) (Dublin, Ireland) under review with negative implications following similar rating actions on Quanta Reinsurance Ltd. (Quanta Re) (Hamilton, Bermuda), the main operating company of the group. (See… Continue reading A.M. Best Places Ratings of Quanta Europe Ltd Under Review with Negative Implications
Best Places Ratings of Allied World Assurance, Subs Under Review
A.M. Best Co. has placed the financial strength rating of A+ (Superior) of Allied World Assurance Company Ltd. (AWAC) (Hamilton, Bermuda) and its reinsured operating subsidiaries under review with negative implications. The rating action follows A.M. Best’s assessment of Hurricane Katrina losses on the company’s risk-based capital position and the potential shortfall relative to… Continue reading Best Places Ratings of Allied World Assurance, Subs Under Review
Universal Underwriters Insurance ordered to refund fees
Universal Underwriters Insurance Co., the nation’s largest insurer of automobile dealerships, has been ordered by regulators to refund to customers overcharges discovered in a routine review of the company. The Kansas Insurance Department found a “large number of rating errors” in a market conduct examination of the Overland Park insurer. Department officials said… Continue reading Universal Underwriters Insurance ordered to refund fees
Big ‘I’ Adopts Insurer Disclosure Policy
The national board of the Independent Insurance Agents & Brokers of America (IIABA) has adopted a new policy on producer compensation disclosure by carriers. The policy seeks to avoid disparate and conflicting company requirements, and to encourage carriers to consult with IIABA, its state associations and independent agents before implementing any producer compensation disclosure. … Continue reading Big ‘I’ Adopts Insurer Disclosure Policy