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A.M. Best Co. reacted to yesterday’s announcement that Australia’s QBE has agreed to purchase Hannover Re’s Praetorian Financial Group, thereby taking over the German reinsurer’s North American operating units, with a series of bulletins. Best’s financial strength rating of “A” (Excellent) and the issuer credit rating (ICR) of “a” on Hannover Rueckversicherung AG (Hannover Re)… Continue reading Best Takes Various Rating Actions on QBE, Hannover Re and Praetorian

Dec. 13 (Bloomberg) — QBE Insurance Group Ltd., Australia’s largest property and casualty insurer, agreed to buy Praetorian Financial Group Inc. from Hannover Re for $800 million in its biggest purchase, more than doubling sales in the U.S. The acquisition of New York-based Praetorian from the world’s fourth-largest reinsurer will add $1.4 billion to annual… Continue reading QBE Insurance to Buy Praetorian for $800 Million

Standard & Poor’s Ratings Services today said it withdrew its ‘B+’ counterparty credit rating on PXRE Corp. In addition, Standard & Poor’s withdrew its ‘CCC+’ rating on PXRE’s Capital Trust I preferred stock, supported by deferrable subordinated debt from PXRE Corp. The ratings were withdrawn because PXRE Corp., a subsidiary of PXRE Group Ltd., does… Continue reading PXRE Corp. Ratings Withdrawn Due To Lack Of Public Statements

A.M. Best Co. has downgraded the financial strength rating (FSR) to “B” (Fair) from “B+” (Very Good) and the issuer credit ratings (ICR) to “bb+” from “bbb-” of the primary operating insurance subsidiaries of the Cayman Island-based Scottish Re Group Limited. Best also downgraded the ICR of Scottish Re to “b” from “bb-” and all… Continue reading Best Lowers Scottish Re Ratings

Safeco Corp. says it wants to add 1,000 agents to sell its auto and home insurance and an additional 300 to 500 agents to sell coverage to businesses in the next year. To recruit that many agents, Safeco is increasing the commissions it pays to the independent agents who represent it. Safeco has about 9,000… Continue reading Safeco Luring Agents with Commissions Insurance Firm Plans to Pay More, Hopes to Expand Coverage

Aon Corp. (NYSE:AOC) said it has signed a letter of intent to sell its Construction Program Group to Chicago-based Old Republic Insurance Co. for $85 million in cash, furthering Aon’s exit from the property and casualty business. Aon said the sale would boost the company’s specialty property and casualty reserves by about $100 million. Aon… Continue reading Aon to Sell Construction Group, Continuing Exit of P&C Business

USI Holdings Corp. reported that it has received an inquiry from a private equity firm interested in acquiring all of the outstanding common stock of the company. In response, the company’s board of directors has formed a special committee consisting of outside directors to review the proposal and consider all of the company’s options. Lazard… Continue reading USI Holdings Reports Buyout Inquiry

A.M. Best Co. has placed the financial strength rating (FSR) of B+ (Very Good) and the issuer credit ratings (ICR) of “bbb-” of Affirmative Insurance Group (Affirmative), as well as the ICR of “bb-” of Affirmative’s parent company, Affirmative Insurance Holdings, Inc. (Affirmative Holdings) (NASDAQ: AFFM) under review with negative implications. All companies are located… Continue reading A.M. Best Places Ratings of Affirmative Insurance Group Under Review with Negative Implications

SAN FRANCISCO (MarketWatch) – Willis Group, the third-largest insurance broker in the world, offered to acquire bigger rival Marsh & McLennan three months ago, but the bid was rejected, a person familiar with the situation said on Monday. Although Willis WSH is smaller than Marsh, the company planned to make the acquisition with help from… Continue reading Willis Offered To Buy Rival Marsh

The Swiss reinsurer Converium has agreed to sell its US operations to Berkshire Hathaway for $295mn, paving the way for a possible upgrade of the company. Converium – which confirmed earlier this year that it was looking to sell its run-off units – said it would sell its operations to Berkshire Hathaway’s National Indemnity for… Continue reading Converium sells US operations