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A.M. Best Co. has downgraded the financial strength rating (FSR) to B- (Fair) from B+ (Very Good) and the issuer credit rating to “bb-” from “bbb-” of Olympus Reinsurance Company Ltd. (Olympus) (Hamilton, Bermuda), and removed both ratings from under review. The ratings have been assigned a negative outlook. Subsequently, the ratings will be withdrawn… Continue reading A.M. Best Downgrades and Withdraws Ratings of Olympus Reinsurance Company Ltd.

Fitch Ratings announced that it has placed Fairfax Financial Holdings Limited, Odyssey Re Holdings Corp. and its insurance subsidiaries, and TIG Holdings Inc. on Rating Watch Negative. “The rating action on TIG reflects the alignment of TIG’s and Fairfax’s debt ratings given that Fairfax guarantees TIG’s debt,” said Fitch.     It also noted, however,… Continue reading Fitch Places Fairfax, Odyssey Re some Subs on Rating Watch Negative

St. Paul Travelers Cos. shares rose in pre-market trading on Monday after the U.S. insurer denied it was in merger talks with Swiss insurer Zurich Financial Services Group.     St. Paul’s shares were up 70 cents, or 1.7 percent, to $42.25 in trading on the Inet electronic brokerage.    On Sunday St. Paul issued… Continue reading St. Paul Shares Rise After Denies Talks With Zurich

A.M. Best Co. has placed the financial strength rating (FSR) and the issuer credit ratings (ICR) of the operating subsidiaries of Odyssey Re Holding Corp. (Odyssey) [NYSE:ORH] (Stamford, Conn.) and the debt ratings of Odyssey under review with negative implications following Odyssey’s announcement that it will delay the filing of its 2005 Form 10K for… Continue reading A.M. Best Places Ratings of Odyssey, Fairfax Financial and Northbridge Under Review With Negative Implications

Only about half of homeowners living in some of the most flood-prone areas of the United States buy federal flood insurance, leaving millions of families at risk for severe financial losses when floods strike, according to a RAND Corporation study issued today. Most homeowners buying flood insurance do so only because it is required in… Continue reading Few Homeowners Buy Flood Insurance When Not Required, Study Says

OLDWICK, N.J. March 08 (BestWire) — A.M. Best Co. has downgraded the financial strength rating (FSR) to C++ (Marginal) from B (Fair) and has assigned issuer credit ratings (ICR) of “b” to Vesta Insurance Group (Vesta) and its property/casualty affiliates. Concurrently, A.M. Best has downgraded the ICR to “cc” from “b” of Vesta’s parent, Vesta… Continue reading A.M. Best Downgrades and Assigns Ratings to Vesta Insurance Group; Ratings Remain Under Review

OLDWICK, N.J. March 03 (BestWire) — A.M. Best Co. has downgraded the debt rating to “ccc” from “b+” of the $100 million 6.05% 30-year surplus notes issued by Atlantic Mutual Insurance Co. (New York). A.M. Best has also downgraded the financial strength ratings (FSR) to B- (Fair) from B+ (Very Good) and the issuer credit… Continue reading A.M. Best Downgrades Ratings of Atlantic Mutual Cos.; Places Under Review With Negative Implications

Shares in (re)insurer Quanta look set to tumble today (2 March) after the company admitted it was considering putting itself up for sale following deteriorating losses and an imminent further downgrade by AM Best below the crucial A- level.

A.M. Best Co. has downgraded the financial strength rating to B+ (Very Good) from B++ (Very Good) and the issuer credit ratings (ICR) to “bbb-” 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 Co. (Hartford, Conn.). A.M.… Continue reading A.M. Best Downgrades Ratings of PXRE and Places Under Review With Negative Implications

A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) and the issuer credit ratings (ICR) to “bbb” from “a-” 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, Conn.). A.M.… Continue reading A.M. Best Downgrades Ratings of PXRE