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A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of the publicly-traded holding company Allmerica Financial Corporation’s (Allmerica) property/casualty subsidiaries.     Concurrently, A.M. Best has affirmed Allmerica’s ICR of “bbb-” and debt ratings of “bbb-”… Continue reading Best Removes Allmerica from Under Review; Assigned Stable Outlook

A.M. Best Co. announced that it has downgraded the financial strength rating (FSR) to “B” (Fair) from “A-” (Excellent) and the issuer credit rating (ICR) to “bb” from “a-” of Bermuda-based Rosemont Reinsurance Ltd. Best said: “Both ratings have been removed from under review and assigned a negative outlook.” “These rating actions follow Rosemont’s recent… Continue reading Best Downgrades Rosemont Re Ratings; Outlook Negative

GoshawK is set to become the first corporate victim from Hurricane Katrina and Rita’s insurance losses when the UK quoted company confirmed this morning that it is likely to go into run-off.    The insurer – which after the demise of its Lloyd’s Syndicate in 2003 operates through its Bermudian reinsurer Rosemont Re – confirmed… Continue reading GoshawK falls toward run-off

A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A+ (Superior) of Mississippi Farm Bureau Mutual Insurance Company (MFB) (Jackson). The rating remains under review with negative implications. MFB’s A+ (Superior) rating was previously placed under review on Sept. 15, 2005 in response to initial modeled loss estimates associated with Hurricane… Continue reading Best Downgrades FSR of Mississippi Farm Bureau Mutual Insurance Co.

Fitch Ratings indicated that its ratings for the bermuda-based PXRE Group Ltd. and its operating subsidiaries would “remain on Rating Watch Negative following PXRE’s successful capital raising in the form of common stock and the private placement of perpetual preferred shares, which together raised approximately $474 million, net of transaction costs.” Fitch said that the… Continue reading Fitch Maintains PXRE’s Watch Negative After Capital Raising

OLDWICK, N.J.–(BUSINESS WIRE)–Oct. 11, 2005–A.M. Best Co. has recently completed its annual review of financial strength ratings for health maintenance organization (HMO) public data ratings. A.M. Best has downgraded the pd ratings of 38 HMOs, upgraded the ratings of 28, affirmed the ratings of 79 and assigned ratings to 17 HMOs. Over the last year,… Continue reading A.M. Best Completes Review of Health Insurer Public Data Ratings; Reports More Downgrades Than Upgrade

(Editor’s note: The original version of this article, which was published earlier today, contained an incorrect rating for Farmers Group Inc. A corrected version follows. )    NEW YORK Oct. 10, 2005–Standard & Poor’s Ratings Services said today that it affirmed its ‘A’ counterparty credit and financial strength ratings on Farmers Insurance Exchange and its… Continue reading S&PCORRECT: Farmers Insurance Exchange And Units Ratings Affirmed; Outlook Remains Negative

New York, October 10, 2005 — Moody’s Investors Service announced today that it has downgraded the long-term debt and insurance financial strength ratings of Oil Insurance Limited (“OIL” — senior unsecured debt to A1 from Aa3, insurance financial strength to A2 from A1 and subordinated debt to Baa1 from A2) with the ratings remaining on… Continue reading MOODY’S DOWNGRADES LONG TERM RATINGS OF OIL INSURANCE LIMITED (SENIOR DEBT TO A1 FROM Aa3) AND UNDERLYING RATING OF CATALYST CAPITAL, LTD.; RATINGS REMAIN ON REVIEW FOR DOWNGRADE; PRIME-1 SHORT-TERM DEBT RATING PLACED ON REVIEW FOR POSSIBLE DOWNGRADE

CHICAGO–(BUSINESS WIRE)–Oct. 10, 2005–Fitch Ratings commented today that ratings of PXRE Group Ltd. (PXRE), PXRE Capital Trust I, PXRE Reinsurance Ltd., and PXRE Reinsurance Company remain on Rating Watch Negative following PXRE’s successful capital raising in the form of common stock and the private placement of perpetual preferred shares, which together raised approximately $474 million,… Continue reading Fitch Maintains PXRE’s Watch Negative after Capital Raising

Shares in Bermuda headquartered GoshawK slumped 18 percent to a low of 19.5 pence this morning (7 October) after the troubled reinsurer more than doubled its estimate of net losses stemming from Hurricane Katrina and said it would have difficulty writing new business if it was unable to raise new capital.    In a statement… Continue reading Troubled GoshawK doubles Katrina loss estimates