S&P Affirms W.R. Berkley and Subs Rtgs; Outlook Neg

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

Atlantic Mutual Leaves Business; Raters Watch

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

Fitch Downgrades Harleysville Debt Ratings

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 Comments on OneBeacon’s Purchase of Atlantic Mutual’s Commercial Lines Renewals

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

S&P Announces:Cincinnati Insurance Co. and Affiliates Outlook Revised to Negative; Ratings Affirmed

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 Downgrades Financial Strength Rating of American Family Insurance Group; Affirms Rating on Commercial Paper Program

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

CNA seeks buyer for life insurer

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

Allmerica drops life insurance, cuts jobs

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

Fitch Ratings has placed Harleysville Group Inc.’s (HGIC) ‘BBB+’ senior debt rating on Rating Watch Negative.

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.

Fitch Comments on Liberty Mutual’s Asbestos Charge

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