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HARRISBURG, Pa. (BestWire) – Assets of the failed Reliance Insurance Co. trail the company’s outstanding liabilities by nearly $3 billion, and the gap could grow even wider if the company fails to covert a significant portion of its $3.9 billion in reinsurance recoverables, according to the latest filings by the Pennsylvania Insurance Department.    The… Continue reading RELIANCE’S NEGATIVE SURPLUS IS NEARLY $3 BILLION

NEW YORK, Feb. 24, 2004 On Feb. 24, 2004, Standard & Poor’s Ratings Services lowered its counterparty credit and financial strength ratings on American Physicians Assurance Corp. (APA) to ‘BBB-‘ from ‘BBB’ and then removed the ratings from CreditWatch where they were placed on Nov. 26, 2003. The outlook on APA is negative. The rating… Continue reading S&P Announces: American Physicians Assurance Corp. Ratings Lowered, off Watch; Outlook Negative

Standard & Poor’s Ratings Services has lowered its counterparty credit and senior debt ratings on Harleysville Group Inc. to “BBB-” from ‘BBB’. It has also removed the ratings from CreditWatch, where they had been placed on Oct. 17, 2003, and assigned a negative outlook. Summarizing its reasons for the New Year’s Eve announcement, S&P said:… Continue reading S&P Lowers Harleysville Group Ratings to ‘BBB-‘

OLDWICK, N.J.–(BUSINESS WIRE)–Dec. 24, 2003–A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) of Employers Reassurance Corporation (ERAC) (Overland Park, KS). The rating outlook is stable.     The rating reflects ERAC’s superior stand-alone risk-adjusted capitalization and favorable liquidity position. Offsetting factors include weak historical financial performance and withdrawal… Continue reading A.M. Best Downgrades Employers Reassurance Corporation

NEW YORK (Standard & Poor’s) Dec. 23, 2003–Standard & Poor’s Ratings Services said today that it affirmed its ‘BBB+’ counterparty credit rating on W. R. Berkley Corp. (NYSE:BER) and its ‘A+’ counterparty credit and financial strength ratings on BER’s operating companies (collectively referred to as Berkley)     Standard & Poor’s also said that the… Continue reading S&P Affirms W.R. Berkley and Subs Rtgs; Outlook Neg

NU Online News Service, Dec. 8, 3:45 p.m. EST—The sale of New York City-based Atlantic Mutual’s commercial business has some rating agencies placing the company on a rating watch as it realigns itself to become a niche player in the high-end personal lines business.    It was announced last week that Atlantic Mutual is selling… Continue reading Atlantic Mutual Leaves Business; Raters Watch

NU Online News Service, Dec. 8, 3:40 p.m. EST—Fitch Ratings, concerned about Harleysville Group Inc.’s lackluster underwriting results, downgraded its long-term and senior debt ratings for the company to “triple-B” from “triple-B-plus,” while assigning for the first time an “A” insurer financial strength rating for the Harleysville intercompany pool. The debt ratings for Harleysville have… Continue reading Fitch Downgrades Harleysville Debt Ratings

A.M. Best Co. has commented that the financial strength and debt ratings of the subsidiaries of White Mountains Insurance Group (NYSE: WTM) (Hamilton, Bermuda) and Atlantic Mutual Companies (New York, New York), remain unaffected following today’s announcement that OneBeacon Insurance Company (a subsidiary of White Mountains) has reached an agreement in principle to purchase Atlantic… Continue reading A.M. Best Comments on OneBeacon’s Purchase of Atlantic Mutual’s Commercial Lines Renewals

On Oct. 30, 2003, Standard & Poor’s Ratings Services revised its outlook on Cincinnati Insurance Co., Cincinnati Casualty Co., and Cincinnati Indemnity Co., which are Cincinnati Financial Corp.’s (Nasdaq:CINF) property/casualty operating companies, to negative from stable. Standard & Poor’s also revised its outlook on CINF and Cincinnati Life Insurance Co. to negative from stable. At… Continue reading S&P Announces:Cincinnati Insurance Co. and Affiliates Outlook Revised to Negative; Ratings Affirmed

A.M. Best Co. has downgraded the financial strength rating to A (Excellent) from A+ (Superior) of the property/casualty affiliates of American Family Insurance Group (American Family). Along with this action, A.M. Best has downgraded the rating of the group’s life affiliate, American Family Life Insurance Company (Wisconsin) (American Family Life), to A (Excellent) from A+… Continue reading A.M. Best Downgrades Financial Strength Rating of American Family Insurance Group; Affirms Rating on Commercial Paper Program