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Ciara Linnane NEW YORK (CBS.MW) — Arthur J. Gallagher (ajg) shares fell Tuesday after JP Morgan cut the insurance broker’s stock to “underweight” vs. “neutral,” citing a weak property/casualty market and the stock’s high price. “While we admire the Gallagher organization, we believe that its current premium valuation remains unwarranted,” analyst David Sheusi told clients… Continue reading Arthur J. Gallagher shares slip on JP Morgan downgrade

A.M. Best Co. has downgraded the financial strength rating to B+ (Very Good) from B++ (Very Good) of The Atlantic Mutual Companies (The Atlantic). Concurrently, A.M. Best has downgraded the debt rating to “b+” from “bb+” of Atlantic Mutual Insurance Company’s (both of New York, NY) existing $100 million 8.15% surplus notes. The outlook for… Continue reading A.M. Best Downgrades Ratings of Atlantic Mutual Companies

Trinity Universal Insurance Company Affirmed at A2 Jersey City, June 25, 2004 — Moody’s Investors Service put Unitrin, Inc.’s (Unitrin) A3 senior unsecured debt and United Insurance Company of America’s (United) Aa3 insurance financial strength ratings on review for possible downgrade. The rating agency affirmed Trinity Universal Insurance Company’s (Trinity) A2 insurance financial strength rating… Continue reading MOODY’S PUTS UNITRIN (SENIOR DEBT AT A3) AND UNITED INSURANCE CO. OF AMERICA (FINANCIAL STRENGTH AT Aa3) ON REVIEW FOR POSSIBLE DOWNGRADE

A.M. Best Co. has affirmed the financial strength ratings of A (Excellent) of Employers Re Corp Group (Employers Re) and Westport Insurance Corporation (Jefferson City, MO). The affiliates comprising the group are Employers Reinsurance Corporation, GE Reinsurance Corporation (Barrington, IL) and First Specialty Insurance Corporation, a reinsured affiliate. All companies listed above are located in… Continue reading A.M. Best Affirms Ratings of Employers Re Corp Group and Westport Insurance, Downgrades Rating of Medical Protective and Revises Outlook to Stable

OLDWICK, N.J., June 15, 2004 A.M. Best Co. has downgraded the debt ratings of various senior unsecured notes of GE Global Insurance Holdings Corporation (GE Global) (Overland Park, KS) to “bbb+” from “a-” and revised the outlook to negative from stable. This rating action is the consequence of A.M. Best’s recently completed annual review of… Continue reading A.M. Best Downgrades Debt Ratings of GE Global Insurance Holdings Corporation; Revises Outlook to Negative

OLDWICK, N.J., June 15, 2004 A.M. Best Co. has downgraded the financial strength rating to B+ (Very Good) from A- (Excellent) of Coregis Insurance Company (South Bend, IN). The outlook is being revised to stable from negative. This rating action was taken following the execution of an intercompany loan from Coregis to its parent, GE… Continue reading A.M. Best Downgrades Rating of Coregis Insurance Company and Revises Outlook to Stable

Providence Washington Insurance Companies is shutting down after more than two centuries, a victim of financial losses, an inability to raise capital and failure to find a buyer. The Providence, R.I.-based company’s existing policies will remain in place for now, but no policies will be renewed and no new business will be written. In addition,… Continue reading After 205 Years, R.I.-Based Providence Washington to Close Its Doors

OLDWICK, N.J. (BestWire) – A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A+ (Superior) of Union Fidelity Life Insurance Co. (Richmond, Va.) . A.M. Best has also downgraded the financial strength rating to A- (Excellent) from A (Excellent) of Heritage Life Insurance Co. (Richmond, Va.). Both companies are indirect, wholly… Continue reading A.M. BEST DOWNGRADES RATINGS OF UNION FIDELITY, HERITAGE INSURANCE COMPANIES

NU Online News Service, May 27, 3:50 p.m. EDT—Moody’s Investors Service has downgraded various ratings of Swiss Reinsurance Company and its subsidiaries by one notch, citing several challenges facing the reinsurer including the non-life reinsurance cycle reaching its cyclical peak. The ratings actions included the downgrade of Swiss Re’s insurance financial strength and senior debt… Continue reading Moody’s Downgrades Swiss Re; Outlook Stable

New York, May 18, 2004 — Moody’s Investors Service has lowered and will withdraw its ratings on Acceptance Insurance Companies Inc. and related subsidiaries. During the fourth quarter of 2002, the company suspended the dividend payments on its trust preferred securities (rated C prior to withdrawal). The company’s two insurance operating subsidiaries are under regulatory… Continue reading Moody’s Lowers and Will Withdraw Ratings on Acceptance Insurance Companies