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Standard & Poor’s Ratings Services reported that it revised its counterparty credit rating on Atlantic Mutual Insurance Co. to ‘R’ from ‘B+’ and its surplus note rating to ‘D’ from ‘CCC’ following the company’s nonpayment of interest on its $100 million 8.15% surplus notes that was due on Aug. 15, 2006. Standard & Poor’s said… Continue reading S&P Reports Atlantic Mutual Fails to Pay on Surplus Note

Lockton, Inc. and Alexander Forbes Ltd., the world’s ninth largest insurance broker, have reached a definitive agreement whereby Lockton will acquire Alexander Forbes International Risk Services, the international brokerage operation of Alexander Forbes Limited (AFIRS). “The $170 million (£90.2 million) transaction will make Lockton the largest independent, privately owned global insurance broker,” said the bulletin.… Continue reading Lockton to Acquire Forbes International Creating Biggest Private Broker

The Professional Insurance Agents of America has joined the chorus of Property-Casualty insurance agents critical of St. Paul Travelers’ agreement last week to stop paying contingent compensation fees for agents and brokers. St. Paul Traveler’s action came as part of a $77 million settlement with three state attorneys general to settle charges of accounting fraud,… Continue reading More Agent Outcries over St. Paul Travelers Settlement

Reinsurer Odyssey Re Holdings Corp. said on Wednesday it would delay filing a required quarterly financial report with U.S. regulators as it reviews investments for which it needs to correct accounting. Odyssey Re, which is controlled by Canada’s Fairfax Financial Holdings Ltd., had previously said it was restating earnings for the years 2001 through 2005,… Continue reading Odyssey Re Says Delays Quarterly Filing

The Bermuda-based PXRE Group Ltd. reported its results for the second quarter of 2006, and further indicated that, barring some last minute “strategic alternative,” it is heading towards runoff.    PXRE was severely impacted by last fall’s hurricanes, and as a consequence lost its “A” rating and as of August 1 around 82 percent of… Continue reading PXRE Heads Towards Run-off

A.M. Best Co. has affirmed the financial strength rating (FSR) of B- (Fair) and the issuer credit ratings (ICR) of “bb-”of the Atlantic Mutual Cos. (Atlantic) and its property/casualty members. A.M. Best has also affirmed the debt rating of “ccc” of the $100 million 8.15% 30-year surplus notes issued by Atlantic Mutual Insurance Co. (both… Continue reading A.M. Best Affirms and Withdraws Ratings of the Atlantic Mutual Cos. and Its Subsidiaries

The Independent Insurance Agents of Texas reported it has joined other agent groups in denouncing the latest attack on independent agents and agency compensation represented by the settlement between St. Paul Travelers and the attorneys general of New York, Connecticut and Illinois. Among other requirements, the settlement limits the payment of contingency income, including profit… Continue reading Texas Independent Agents Oppose Agency Compensation Settlements

Seven local insurance professionals joined together to form Seacrest Partners, Inc., a Savannah-based insurance brokerage and benefits consulting firm. Under the leadership of company president and CEO David E. Paddison, who recently spent 22 years at Palmer & Cay, Seacrest Partners aims to raise the bar for insurance brokerage, risk management consulting and employee benefit… Continue reading New Insurance Brokerage Firm Launched by Local Executives

Management of Aon Corp. insurance brokerage said today it intends to get out of the property-casualty underwriting business, selling off its warranty and some specialty assets and placing the remainder in runoff.     Greg Case, president and chief executive officer of the Chicago-based firm, made the announcement during the company’s analyst’s conference call to… Continue reading Aon To Quit As P-C Broker; Focus On Life, Accident

DALLAS, Aug. 4 /PRNewswire-FirstCall/ — Republic Companies Group, Inc. (Nasdaq: RUTX) (“Republic”) today announced that it has entered into a definitive merger agreement pursuant to which a subsidiary of Delek Capital Ltd. (“Delek Capital”) would acquire all of the outstanding shares of Republic’s common stock for $20.40 per share in cash. The closing price of… Continue reading Republic Companies Group, Inc. Enters Into Merger Agreement With a Wholly Owned US Subsidiary of Delek Capital Ltd.