Category: Show on Homepage

A.M. Best Co. has downgraded the financial strength rating (FSR) to A- (Excellent) from A (Excellent) and the issuer credit rating (ICR) to “a-” from “a” of Endurance Specialty Insurance Ltd. (Endurance) (Hamilton, Bermuda) and its operating affiliates. Concurrently, A.M. Best has downgraded the ICR to “bbb-” from “bbb” of Endurance Specialty Holdings Ltd. (NYSE:… Continue reading A.M. Best Downgrades Ratings of Endurance Specialty Insurance Ltd. and Endurance Specialty Holdings Ltd.; Removes From Under Review

CHICAGO–(BUSINESS WIRE)–Oct. 26, 2005–Fitch Ratings downgraded ratings of XL Capital Ltd (XL) and its property/casualty reinsurance subsidiaries by one notch. Ratings actions include downgrading XL’s long-term issuer rating to ‘A-‘ from ‘A’ and lowering the insurer financial strength rating of lead reinsurance companies XL Insurance (Bermuda) Ltd and XL Re Ltd to ‘AA-‘ from ‘AA’.… Continue reading Fitch Downgrades XL Capital Ltd Ratings

SAN FRANCISCO (MarketWatch) — Fitch Ratings on Wednesday downgraded the ratings of XL Capital Ltd. (xl) and its property/casualty reinsurance subsidiaries by one notch. The actions include downgrading XL’s long-term issuer rating to A- from A and lowering the insurer financial strength rating of reinsurers XL Insurance (Bermuda) Ltd. and XL Re Ltd. to AA-… Continue reading Fitch downgrades ratings of XL Capital; outlook ‘stable’

Sky Financial Group Inc. says it plans to remain in acquisition mode for employee benefits and property/casualty agencies after its insurance arm closed deals for two such companies this week. Sky Insurance aims to expand the two business lines to appeal to a broader client base, said Jerry Batt, the insurance unit’s president. “They are… Continue reading Sky to Be a Serial Buyer of Benefits, P/C Agencies; Brief Article

A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of the publicly-traded holding company Allmerica Financial Corporation’s (Allmerica) property/casualty subsidiaries.     Concurrently, A.M. Best has affirmed Allmerica’s ICR of “bbb-” and debt ratings of “bbb-”… Continue reading Best Removes Allmerica from Under Review; Assigned Stable Outlook

A.M. Best Co. announced that it has downgraded the financial strength rating (FSR) to “B” (Fair) from “A-” (Excellent) and the issuer credit rating (ICR) to “bb” from “a-” of Bermuda-based Rosemont Reinsurance Ltd. Best said: “Both ratings have been removed from under review and assigned a negative outlook.” “These rating actions follow Rosemont’s recent… Continue reading Best Downgrades Rosemont Re Ratings; Outlook Negative

GoshawK is set to become the first corporate victim from Hurricane Katrina and Rita’s insurance losses when the UK quoted company confirmed this morning that it is likely to go into run-off.    The insurer – which after the demise of its Lloyd’s Syndicate in 2003 operates through its Bermudian reinsurer Rosemont Re – confirmed… Continue reading GoshawK falls toward run-off

A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A+ (Superior) of Mississippi Farm Bureau Mutual Insurance Company (MFB) (Jackson). The rating remains under review with negative implications. MFB’s A+ (Superior) rating was previously placed under review on Sept. 15, 2005 in response to initial modeled loss estimates associated with Hurricane… Continue reading Best Downgrades FSR of Mississippi Farm Bureau Mutual Insurance Co.

Fitch Ratings indicated that its ratings for the bermuda-based PXRE Group Ltd. and its operating subsidiaries would “remain on Rating Watch Negative following PXRE’s successful capital raising in the form of common stock and the private placement of perpetual preferred shares, which together raised approximately $474 million, net of transaction costs.” Fitch said that the… Continue reading Fitch Maintains PXRE’s Watch Negative After Capital Raising

OLDWICK, N.J.–(BUSINESS WIRE)–Oct. 11, 2005–A.M. Best Co. has recently completed its annual review of financial strength ratings for health maintenance organization (HMO) public data ratings. A.M. Best has downgraded the pd ratings of 38 HMOs, upgraded the ratings of 28, affirmed the ratings of 79 and assigned ratings to 17 HMOs. Over the last year,… Continue reading A.M. Best Completes Review of Health Insurer Public Data Ratings; Reports More Downgrades Than Upgrade