Category: Show on Homepage

The Securities and Exchange Commission charged three former RenaissanceRe executives with securities fraud charges for their alleged involvement in a finite reinsurance scam that the SEC claims the executives concocted to smooth RenRe’s earnings. James N. Stanard and Martin J. Merritt, the former CEO and former controller, respectively, of RenaissanceRe Holdings Ltd. (RenRe) and Michael… Continue reading SEC Charges Three Former RenaissanceRe Execs with Fraud

The St. Paul Travelers Companies, Inc. reaffirmed today that media reports of it being in discussions regarding the possibility of a merger with Zurich Financial Services Group are not true. While the company also reaffirmed that its policy is to avoid any comment on, or response to, market rumors or speculation, it said that the… Continue reading St. Paul Travelers Denies Zurich Merger Talks…Again

Global insurance broker Willis Group Holdings has signed an agreement with the New York Attorney General and the Insurance Department of New York amending the previous agreement banning receipt of all contingent payments. The change clears the way for Willis to accept contingency payments from insurers but only when it is performing functions as a… Continue reading Willis Joins Marsh in Getting OK for Contingency Pay for MGA Services

A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) of Sirius America Insurance Co. (Sirius America) (New York). The rating has been removed from under review and assigned a stable outlook. This rating action follows the Aug. 3, 2006, completion of the acquisition by Lightyear Capital of a majority… Continue reading A.M. Best Downgrades Ratings of Sirius America Insurance Co., Removes Ratings From Under Review

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