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While Fitch Ratings decided to affirm its “A+” ratings on Hannover Re and its subsidiaries (See following article), Standard & Poor’s Ratings Services has adopted a wait and see attitude. S&P announced that it has placed its “AA-” long-term counterparty credit and insurer financial strength ratings on Hannover Re and its core entities on CreditWatch… Continue reading S&P Puts Hannover Re, Clarendon on CreditWatch/Negative

A.M. Best Co. announced that it has downgraded the financial strength rating to “A-” (Excellent) from “A++” (Superior) and the issuer credit rating to “a-” from “aa+” of Cologne Reinsurance (Dublin) Ltd. (CRD). Best has also placed all of the ratings under review with negative implications. “These rating actions reflect that A.M. Best will be… Continue reading Best Downgrades Cologne Re (Dublin) Ratings; Under Review/Negative

OLDWICK, N.J.–(BUSINESS WIRE)–Nov. 7, 2005–A.M. Best Co. has placed the financial strength rating (FSR) of A- (Excellent) and issuer credit rating (ICR) of “a-“of MEEMIC Insurance Company (MEEMIC) (Auburn Hills, MI) under review with negative implications. These rating actions follow ProAssurance Corporation’s (ProAssurance) (NYSE: PRA – News; Birmingham, AL) announcement that it entered into a… Continue reading A.M. Best Places Ratings of MEEMIC Insurance Company Under Review With Negative Implications

A.M. Best Co. has placed the financial strength rating (FSR) of A- (Excellent) of Omega Insurance Company (Gainesville, Florida) under review with negative implications. The under review status reflects the deterioration of risk-adjusted capitalization, primarily as a result of the estimated losses associated with Hurricane Wilma. Despite capital contributions prior to the 2005 hurricane season… Continue reading Best Places FSR of Omega Insurance Co. Under Review

The fallout from Converium’s announcement that it would restate earnings and delay publication of its third quarter results (See IJ Website Nov. 4) was not long in coming. Standard & Poor’s Ratings Services announced that it has placed its “BBB+” long-term counterparty credit and insurer financial strength ratings on Converium AG and the guaranteed operating… Continue reading S&P Puts Converium on CreditWatch/Negative

Shares in UK quoted GoshawK have collapsed almost 40 percent today to 5.75p as the company is no longer able to get access to funds in its Bermudian reinsurance arm Rosemont Re – which became the first industry casualty of this year’s storms when it fell into run-off last month.    GoshawK, which also admitted… Continue reading GoshawK shares collapse further on cash flow troubles

A.M. Best Co. has downgraded the financial strength rating (FSR) to A- (Excellent) from A (Excellent) and the issuer credit rating (ICR) to “a-” from “a” of Endurance Specialty Insurance Ltd. (Endurance) (Hamilton, Bermuda) and its operating affiliates. Concurrently, A.M. Best has downgraded the ICR to “bbb-” from “bbb” of Endurance Specialty Holdings Ltd. (NYSE:… Continue reading A.M. Best Downgrades Ratings of Endurance Specialty Insurance Ltd. and Endurance Specialty Holdings Ltd.; Removes From Under Review

CHICAGO–(BUSINESS WIRE)–Oct. 26, 2005–Fitch Ratings downgraded ratings of XL Capital Ltd (XL) and its property/casualty reinsurance subsidiaries by one notch. Ratings actions include downgrading XL’s long-term issuer rating to ‘A-‘ from ‘A’ and lowering the insurer financial strength rating of lead reinsurance companies XL Insurance (Bermuda) Ltd and XL Re Ltd to ‘AA-‘ from ‘AA’.… Continue reading Fitch Downgrades XL Capital Ltd Ratings

SAN FRANCISCO (MarketWatch) — Fitch Ratings on Wednesday downgraded the ratings of XL Capital Ltd. (xl) and its property/casualty reinsurance subsidiaries by one notch. The actions include downgrading XL’s long-term issuer rating to A- from A and lowering the insurer financial strength rating of reinsurers XL Insurance (Bermuda) Ltd. and XL Re Ltd. to AA-… Continue reading Fitch downgrades ratings of XL Capital; outlook ‘stable’

Sky Financial Group Inc. says it plans to remain in acquisition mode for employee benefits and property/casualty agencies after its insurance arm closed deals for two such companies this week. Sky Insurance aims to expand the two business lines to appeal to a broader client base, said Jerry Batt, the insurance unit’s president. “They are… Continue reading Sky to Be a Serial Buyer of Benefits, P/C Agencies; Brief Article