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A.M. Best Co. has placed the B+ (Good) financial strength rating of Gulf States Insurance Company (Gulf States) under review with positive implications. This rating action follows the announcement that Texas General Agency Inc. (TGA), the parent company, has signed a definitive agreement with Hallmark Financial Services Inc. for the sale of TGA and certain… Continue reading Best Places Rating for Gulf States Under Review; Positive Implications

The Economist has noted the following regarding the sale of GE Insurance to Swiss Re, “Mr. Aigrain says he expects to lose perhaps 30% of the new company’s business. He also wants GEIS to be choosier in its underwriting.” Agencies doing a lot of business with GEIS, should consider what to do with 30% of… Continue reading GE Insurance

A.M. Best Co. announced that it has downgraded the financial strength rating to “B++” (Very Good) from of “A” (Excellent) and issuer credit rating to “bbb” from “a” on Bermuda’s Western General Insurance Ltd. Both ratings remain under review with negative implications. “The rating actions follow Western General’s announcement that the company has been placed… Continue reading Western General in Runoff;Best Downgrades Ratings

US conglomerate General Electric is close to finalising a deal to cut loose its (re)insurance operations, according to sources.    Although the company declined to comment, The Insurance Insider understands GE is preparing an imminent announcement of the sale of all or part of GE Insurance Solutions to a trade buyer.    News of the… Continue reading GE to offload reinsurance arm: sources

While Fitch Ratings decided to affirm its “A+” ratings on Hannover Re and its subsidiaries (See following article), Standard & Poor’s Ratings Services has adopted a wait and see attitude. S&P announced that it has placed its “AA-” long-term counterparty credit and insurer financial strength ratings on Hannover Re and its core entities on CreditWatch… Continue reading S&P Puts Hannover Re, Clarendon on CreditWatch/Negative

A.M. Best Co. announced that it has downgraded the financial strength rating to “A-” (Excellent) from “A++” (Superior) and the issuer credit rating to “a-” from “aa+” of Cologne Reinsurance (Dublin) Ltd. (CRD). Best has also placed all of the ratings under review with negative implications. “These rating actions reflect that A.M. Best will be… Continue reading Best Downgrades Cologne Re (Dublin) Ratings; Under Review/Negative

OLDWICK, N.J.–(BUSINESS WIRE)–Nov. 7, 2005–A.M. Best Co. has placed the financial strength rating (FSR) of A- (Excellent) and issuer credit rating (ICR) of “a-“of MEEMIC Insurance Company (MEEMIC) (Auburn Hills, MI) under review with negative implications. These rating actions follow ProAssurance Corporation’s (ProAssurance) (NYSE: PRA – News; Birmingham, AL) announcement that it entered into a… Continue reading A.M. Best Places Ratings of MEEMIC Insurance Company Under Review With Negative Implications

A.M. Best Co. has placed the financial strength rating (FSR) of A- (Excellent) of Omega Insurance Company (Gainesville, Florida) under review with negative implications. The under review status reflects the deterioration of risk-adjusted capitalization, primarily as a result of the estimated losses associated with Hurricane Wilma. Despite capital contributions prior to the 2005 hurricane season… Continue reading Best Places FSR of Omega Insurance Co. Under Review

The fallout from Converium’s announcement that it would restate earnings and delay publication of its third quarter results (See IJ Website Nov. 4) was not long in coming. Standard & Poor’s Ratings Services announced that it has placed its “BBB+” long-term counterparty credit and insurer financial strength ratings on Converium AG and the guaranteed operating… Continue reading S&P Puts Converium on CreditWatch/Negative

Shares in UK quoted GoshawK have collapsed almost 40 percent today to 5.75p as the company is no longer able to get access to funds in its Bermudian reinsurance arm Rosemont Re – which became the first industry casualty of this year’s storms when it fell into run-off last month.    GoshawK, which also admitted… Continue reading GoshawK shares collapse further on cash flow troubles