Category: Show on Homepage

The Western Insurance Agents Association has issued a statement saying the settlement that St. Paul Travelers has just reached with attorneys general from Connecticut, Illinois, and New York is the latest attempt by an insurer to haphazardly and expediently put to rest allegations of bid-rigging and anti-competitive behavior.     “On behalf of our members… Continue reading Western Agents Blast Insurers for Settlements Restricting Compensation

Calling it a very embarrassing moment, the chairman and chief executive officer of Canadian insurance holding company Fairfax Financial Holdings Ltd. told investors the company would restate financial results because of various accounting errors related to a reinsurance contract with Swiss Reinsurance Co.         Prem Watsa said the errors, arising primarily in 2001 and prior… Continue reading Fairfax Financial Restates Earnings, Commutes $1 Billion Swiss Re Contract

OLDWICK, N.J.–(BUSINESS WIRE)–July 6, 2006–A.M. Best Co. has revised the financial strength rating (FSR) to E (Under Regulatory Supervision) from C++ (Marginal) and the issuer credit ratings (ICR) to “d” from “b” for the property/casualty affiliates of Vesta Insurance Group (Vesta). Concurrently, A.M. Best has revised the ICR to “d” from “cc” for Vesta’s parent,… Continue reading A.M. Best Revises Ratings of Vesta Insurance Group

A Leon County Circuit Court has ordered state regulators to take over the assets of Florida Select Insurance Co., a fate regulators say could befall other insurers.    The action, taken Friday, was consented to by the insurer, which was not able to buy enough reinsurance, or insurance for insurance companies.    Florida insurance regulators… Continue reading State Halts Another Insurer

Paris-based insurer Axa announced it plans to acquire Winterthur Group from the Zurich-based banking firm Credit Suisse Group in a cash deal for some $10 billion, while leaving the ultimate fate of the carrier’s U.S. property-casualty book to be determined.     The deal includes Axa’s refinancing $1.3 billion of Winterthur’s outstanding debt, of which… Continue reading Axa To Acquire Winterthur, Putting U.S. Book In Limbo

A workers’ compensation insurer does not have a claim against      a bankrupt business for unpaid premiums under bankruptcy law, according to the      U.S. Supreme Court in a 6-3 decision that insurers are warning could disrupt the      insurance marketplace unless Congress acts to reverse it.         The Supreme Court majority rejected an insurer’s… Continue reading Supreme Court: Workers Comp Premiums Not Priority in Bankruptcy

OLDWICK, N.J.–(BUSINESS WIRE)–May 25, 2006–A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of “a” for the CNA Insurance Companies (CNA). Concurrently, A.M. Best has affirmed the ICR of “bbb”, the senior debt ratings and the shelf registration of CNA Financial Corporation (CNAF) (NYSE: CNA… Continue reading A.M. Best Affirms Ratings of CNA and Its Subsidiaries

Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on Insurance Corp. of Hannover (ICH) and Redland Insurance Co. to “A” from “A+”. S&P also lowered its counterparty credit rating on Praetorian Financial Group Inc. (PFG), an intermediate insurance holding company ultimately owned by Germany’s Hannover Rueckversicherung-AG… Continue reading S&P Lowers Ratings on Hannover Re’s U.S. Subs

ST. PAUL, Minn. (BestWire) – The U.S. Securities and Exchange Commission is reviewing some reserve adjustments, totaling $1.63 billion, recorded by St. Paul Travelers Cos. during the second quarter of 2004. St. Paul Travelers (NYSE:STA) disclosed the SEC inquiry in a regulatory filing, in which the insurer said it had received a letter from the… Continue reading SEC REVIEWING ST. PAUL TRAVELERS’ 2004 RESERVE ADJUSTMENTS, MERGER

OVERLAND PARK, Kan., May 17 /PRNewswire-FirstCall/ — Michael Lowry, president of Brooke Credit Corporation, the finance subsidiary of Brooke Corporation (Nasdaq: BXXX – News), announced selected April 2006 results.    Lowry announced loan portfolio balances for Brooke Credit Corporation on April 30, 2006, totaled approximately $328.6 million, compared to loan portfolio balances of approximately $317.6… Continue reading Brooke Credit Corporation Announces Selected Results for April 2006