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OLDWICK, N.J.–(BUSINESS WIRE)–March 31, 2003–A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B+ (Very Good) of the property/casualty affiliates of Vesta Insurance Group (NYSE:VTA)(Birmingham, Ala.). Additionally, A.M. Best has assigned a “b-” rating to the existing senior debt issued by Vesta Insurance Group Inc. and “ccc” on its deferrable capital… Continue reading A.M. Best Downgrades Rating of Vesta Insurance Group and Assigns Debt Ratings

Lumbermens Mutual Casualty Co., the parent of Kemper Insurance Cos., said Tuesday that it will default on $700 million of bonds and offered to buy them back at 10 cents on the dollar. Illinois insurance regulators prohibited the company from making interest payments in June and July on the bonds, Lumbermens spokeswoman Linda Kingman said.… Continue reading LUMBERMENS MUTUAL: Kemper parent to default on bonds

OLDWICK, N.J.–(BUSINESS WIRE)–March 21, 2003–A.M. Best Co. has lowered the financial strength rating to A+ (Superior) from A++ (Superior) of Allianz AG, Germany, and its core subsidiaries. At the same time, A.M. Best has lowered the ratings on Allianz’s senior debt to “aa-” from “aa+.” (See list by clicking on URL below.) The outlook on… Continue reading A.M. Best Lowers Ratings of Allianz AG

NEW YORK–(BUSINESS WIRE)–March 19, 2003–Standard & Poor’s–Standard & Poor’s Ratings Services said today that it lowered its counterparty credit and financial strength ratings on RGA Reinsurance Co. (RGA Re) to ‘AA-‘ from ‘AA’ because of RGA Re’s strategic importance within the MetLife Inc. group of companies and the application of Standard & Poor’s group methodology… Continue reading S&P Lowers RGA Reinsurance and Parent Rtgs One Notch

NEW YORK, March 17 – Standard & Poor’s Ratings Services said today that it affirmed its ‘A+’ counterparty credit and financial strength ratings on Nationwide Mutual Insurance Co. and related entities (Nationwide; see ratings list). The outlook has been revised to ‘negative’ from ‘stable’. “This rating action reflects the gradual but growing deterioration in the… Continue reading S&P revises Nationwide Mutual Insurance outlook

AMB Number: 11325 Rating Action: Downgraded Current Rating: A (Excellent) Previous Rating: A+ (Superior)

OLDWICK, N.J.–(BUSINESS WIRE)–March 7, 2003–A.M. Best Co. has downgraded the financial strength rating to A (Excellent) from A+ (Superior) of Liberty Mutual Insurance Companies (Liberty Mutual) (Boston, MA). A.M. Best has also downgraded the financial strength rating to A (Excellent) from A+ (Superior) of Liberty Northwest Group (Portland, OR). The financial strength rating of A… Continue reading A.M. Best Downgrades Ratings of Liberty Mutual; Assigns Debt Ratings

NEW YORK–(BUSINESS WIRE)–March 7, 2003–Standard & Poor’s–Standard & Poor’s Ratings Services today said it lowered its counterparty credit and financial strength ratings on Farmers Home Mutual Insurance Co. (Farmers Home) and Pioneer Insurance Co. (MN) (Pioneer) to ‘Bpi’ from ‘BBpi’ on March 7, 2003. In addition, the ‘Bpi’ counterparty credit and financial strength ratings on… Continue reading S&P Lowers Farmers Mutual Ins Co & Rltd Rtgs to ‘Bpi’

OLDWICK, N.J.–(BUSINESS WIRE)–March 6, 2003–A.M. Best Co. has commented that the financial strength ratings of A- (Excellent) of the Royal & SunAlliance USA Insurance Pool (R&SA-USA) (NYSE: RSA) and the affiliated Royal Surplus Lines Insurance Company remain unchanged following the parent company’s announcement of the 2002 year-end results. The U.S. rating outlooks remain negative. As… Continue reading A.M. Best Comments on Royal & Sun Alliance USA Insurance Pool and Royal Surplus Lines Insurance Company

By Bruce Brammall 04mar03 WEEKEND pessimism from AMP chief executive Andrew Mohl did nothing to give the company a floor for its share price yesterday. The market again thumped the insurer and funds manager, sending it sharply lower before a slight afternoon recovery. Its shares fell to as low as $6.60, down 40c from Friday’s… Continue reading More pain for AMP