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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

The PMA Insurance Group is pleased to announce that Donald F. Borrell has joined the company’s Home Office Legal Department as Assistant Vice President – Assistant General Counsel. Mr. Borrell will be responsible for providing legal guidance to various departments throughout PMA, including Claims and Managed Care. He will also be responsible for contract, legislative… Continue reading The PMA Insurance Group Names Donald F. Borrell Assistant Vice President, Assistant General Counsel

Bermuda-based property reinsurer PXRE Group Ltd. announced that its net income before convertible preferred share dividends was $41.6 million for the first quarter of 2006, compared to $22.7 million in the first quarter of 2005.     The positive result, however, doesn’t appear to significantly help the Company out of its current financial difficulties. PXRE… Continue reading PXRE Edges Towards Runoff Despite Posting $41.6 Million Q1 Net

With only five weeks before hurricane season starts, state insurance officials recommended taking over Poe Financial Group’s three insurance companies, a rare move that underscores the insurance crisis in Florida and could shift tens of thousands of homeowner and condominium policies into Citizens Property Insurance Corp. The state Department of Financial Services on Tuesday filed… Continue reading Florida moves to seize control of Poe Financial Group’s 3 insurance companies

SACRAMENTO – Insurance Commissioner John Garamendi announced today that the California Department of Insurance (CDI) has begun legal proceedings against The Hartford Insurance Group alleging that the company charged illegal fees. The complaint contends that The Hartford allowed one of its agents, Irvine-based Superior Access Insurance Services, to charge and collect fees not approved by… Continue reading Insurance Commissioner John Garamendi Issues Accusation Against Hartford Insurance Group and Seeks Refunds for Thousands of Policyholders

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-” for the reinsurance subsidiaries of the PXRE Group Ltd. (PXRE) [NYSE: PXT] (Bermuda). The rating actions apply to PXRE Reinsurance Ltd. (Bermuda) and PXRE Reinsurance Company (Hartford, CT).… Continue reading A.M. Best Downgrades and Withdraws Ratings of PXRE

Seattle-based insurer Safeco is seriously planning to enter the direct marketing of its auto insurance business over the Internet to reach consumers it isn’t reaching.     Michael LaRocco, president and chief operating officer, said the carrier has approached its independent agent partners to field suggestions and get feedback on its plan to try and… Continue reading Safeco Gears For Direct Auto Marketing