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LONDON, September 8, Standard & Poor’s – Standard & Poor’s Ratings Services said today it revised its outlook on Zurich-based global reinsurer Swiss Reinsurance Co. and related entities of the Swiss Re group (Swiss Re) to negative from stable. At the same time, Standard & Poor’s affirmed all ratings on the group, including its ‘AA’… Continue reading S&P: Swiss Re Insurance Group Outlook Revised to Negative; ‘AA’ Ratings Affirmed

Standard & Poor’s Rating Services announced that it has affirmed its ‘A-‘ counterparty credit rating on Aon Corp., but the outlook remains negative.    “The ratings on Aon are supported by its very strong competitive position in the insurance brokerage industry and its strong competitive positions in its individual supplemental accident, health, and disability insurance… Continue reading S&P Affirms Aon’s ‘A-‘ Ratings; Outlook Negative

NEW YORK, August 31, Business Wire – Fitch Ratings has placed the ratings of Fairfax Financial Holdings Limited (Fairfax) and its rated subsidiaries and affiliates on Ratings Watch Negative. See complete list below. The ratings previously had a Negative Outlook. This action largely reflects Fitch’s concerns as to increasing liquidity pressures at Fairfax, as well… Continue reading Fitch: Fairfax’s Ratings Placed on Negative Rating Watch

Moody’s Investors Service on Tuesday cut Converium’s (CHRN.S) debt ratings to junk status, and cut the company’s financial strength rating to three notches above junk status, after the reinsurer said it had to raise more cash than previously announced to replenish its reserves. Converium said it planned to raise $420 million, above its previous estimates… Continue reading Moody’s Lowers Converium Ratings, Some Cut to Junk

NEW YORK, August 18, Business Wire and Standard & Poor’s – On August 18, 2004, Standard & Poor’s Ratings Services lowered its counterparty credit and financial strength ratings on American Family Mutual Insurance Co. (AFMIC) and other units of its property/casualty group (collectively, American Family; see ratings list) to ‘A+’ from ‘AA-‘. The outlook is… Continue reading S&P Announces: American Family Mutual, Units Ratings Lowered; Outlook Stable

The St. Paul Travelers Companies Inc. says it plans to slash expenses by $568 million, much more than announced April 1 when the company was created through the merger of the St. Paul Companies and Travelers Property Casualty Corp. The cost-cutting effort includes cutting about 3,000 jobs in addition to reducing advertising and legal expenses,… Continue reading St. Paul Travelers planning more cost cuts

A.M. Best Co. has downgraded the debt ratings of St. Paul Travelers Companies, Inc. (St. Paul Travelers) (NYSE: STA) (St. Paul, MN) to “a-” from “a” on senior debt, “bbb+” from “a-” on subordinated debt, “bbb” from “bbb+ on trust preferred securities and “bbb” from “bbb+” on preferred stock. A.M. Best has also downgraded the… Continue reading A.M. Best Downgrades Debt Ratings of St. Paul Travelers; Affirms Financial Strength Ratings and Revises Outlooks

A.M. Best Co. has downgraded the financial strength ratings of Converium AG (Switzerland) and its rated core subsidiaries (collectively referred to as Converium) to “A-” (Excellent) from “A” (Excellent). At the same it has downgraded all issuer credit ratings and related debt issues and placed all ratings under review with negative implications. (See full list… Continue reading Best Downgrades Converium AG

THERE were fears yesterday of a further round of reserve-strengthening actions among major insurance groups after a leading analyst downgraded its investment rating on St Paul Travelers.    Prudential Equity said its decision to downgrade its investment rating on St Paul Travelers to neutral weight from overweight was based in part on its belief that… Continue reading St Paul Travelers’ downgrade raises fresh reserving doubts

W. R. Berkley Corporation has announced the formation of Berkley Specialty Underwriting Managers LLC, to offer specialty insurance products on behalf of the company’s insurance subsidiaries. Berkley also announced that it has agreed, beginning on July 1, 2004, to acquire the renewal rights to certain excess and surplus lines casualty business from Gulf Insurance Company.… Continue reading W. R. Berkley Forms New Specialty Company, Acquires Gulf Renewal Rights; Zeitman to Head Unit