Category: Show on Homepage

The Chicago insurer is shedding noncore assets to focus exclusively on its property/casualty business.Chicago-based insurance company CNA Financial Corp. (http://www.cna.com/news/index.shtml) has put its life insurance and group health insurance businesses on the auction block, sources said. Together the units could fetch about $1.5 billion, according to Gary Ransom, an analyst at Fox-Pitt, Kelton Inc. The… Continue reading CNA seeks buyer for life insurer

WORCESTER, Mass. — Allmerica Financial Corp. (AFC, news) is getting out of the life-insurance business to focus on property-and-casualty insurance, a move that will result in the elimination of 335 jobs. About half of the layoffs will be at the company’s Worcester, Mass., headquarters, with the rest coming in offices around the country. Chief Executive… Continue reading Allmerica drops life insurance, cuts jobs

This action follows a $55 million pretax charge in the third quarter by HGIC to strengthen prior year loss reserves for worker’s compensation ($17 million), commercial automobile liability ($19 million), commercial multi-peril ($14 million), and personal automobile liability ($5 million) lines of business. In the first quarter of 2003 prior period worker’s compensation reserves were… Continue reading Fitch Ratings has placed Harleysville Group Inc.’s (HGIC) ‘BBB+’ senior debt rating on Rating Watch Negative.

NEW YORK–(BUSINESS WIRE)–Oct. 20, 2003–Fitch Ratings commented that following a review of Liberty Mutual Insurance Co.’s (Liberty) public disclosures regarding the completion of the insurance company’s ‘grounds up’ asbestos reserve study, the ‘A-‘ Insurer Financial Strength Rating, ‘BBB-‘ surplus note rating and Negative Rating Outlook remain unchanged. The net asbestos reserve charge of $331 million,… Continue reading Fitch Comments on Liberty Mutual’s Asbestos Charge

OLDWICK, N.J.–(BUSINESS WIRE)–Oct. 17, 2003–A.M. Best Co. has affirmed the financial strength rating of A (Excellent) for the property/casualty pooling members of Harleysville Insurance, (Harleysville, PA). Also, A.M. Best has affirmed the “bbb+” debt rating for Harleysville Group Inc.’s (HGIC) (NASDAQ: HGIC) existing senior notes and the indicative ratings of “bbb+” senior debt, “bbb” subordinated… Continue reading A.M. Best Affirms Ratings for Harleysville Insurance

OLDWICK, N.J., U.S.A., Oct. 17, 2003 A.M. Best Co. has downgraded the financial strength ratings to A+ (Superior) from A++ (Superior) of Swiss Re, Switzerland, and its core subsidiaries. (See list below.) At the same time, A.M. Best has accordingly downgraded the ratings on all debt instruments issued by Swiss Re’s group entities. A.M. Best… Continue reading A.M. Best Downgrades Financial Strength and Debt Ratings of Swiss Re

By Michael Ha NU Online News Service, Oct. 1, 2003, 4:06 p.m. EDT—Fitch Ratings announced it had lowered Atlantic Mutual Companies’ ratings today, citing its concern that the insurer’s plans to sell off most of its marine business renewal rights will not be enough to replenish the needed capital.The New York-based ratings agency said the… Continue reading Fitch Downgrades Atlantic Mutual

New York, September 12, 2003 — Moody’s Investors Service, commenting on the SEC’s announcement of enforcement actions against American International Group, Inc. (AIG) and others arising from an alleged accounting fraud committed at Brightpoint, Inc., noted that it sees no evident ratings impact for AIG and its subsidiaries. According to the SEC, “The fraud charges… Continue reading MOODY’S COMMENTS ON SEC’S ANNOUNCEMENT OF ENFORCEMENT ACTION AGAINST AIG

LONDON, Sept 10 – Standard & Poor’s Ratings Services said today it affirmed its long-term counterparty credit and insurer financial strength ratings on various entities of U.K.-based Royal & Sun Alliance Insurance Group PLC RSA.L (R&SA). At the same time, Standard & Poor’s lowered to ‘BB+’ from ‘BBB-‘ its long-term counterparty credit and insurer financial… Continue reading S&P affirms R&SA’sratings, cuts US subs, off watch

SYDNEY SHARES in AMP Ltd slumped today as concerns resurfaced about the troubled financial services group needing another capital injection. The group reiterated that it was considering a rights issue, believed to be about $1.2 billion, if its plan to demerge its Australian and British businesses is allowed to proceed. Its comments came as the… Continue reading AMP shares slump as capital concerns resurface