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OLDWICK, N.J.–(BUSINESS WIRE)–Feb. 10, 2003–A.M. Best Co. has placed the debt ratings of UnumProvident Corp. (Chattanooga, Tenn.) under review with negative implications, as well as its insurance subsidiaries’ financial strength ratings. (See listing below.) This action is in response to UnumProvident’s recent announcement that the plans to bolster its statutory capital position within certain of… Continue reading A.M. Best Places UnumProvident’s Ratings Under Review

Michael Ha National Underwriter Erlanger It was a wild January for Torontobased Fairfax Financial Holdings, whose shares on the Toronto Stock Exchange took a roller-coaster ride last month when U.S. brokerage finn Morgan Keegan Inc. predicted that the insurance giant could lack $5 billion in reserves to cover future claims. “In recent years, the company’s… Continue reading Reserve concerns impact Faifax shares

New York, Feb. 10 – Moody’s Investors Service announced today that it has placed the long OLDWICK, N.J.–(BUSINESS WIRE)–Feb. 6, 2003–A.M. Best Co. has affirmed the financial strength rating of A++ (Superior) of Legal & General Assurance Society Limited, a U.K. subsidiary of the Legal & General Group plc (both referred to as L&G), and… Continue reading A.M. Best Affirms Rating of Legal & General Assurance Society; Lowers Debt Ratings

CHICAGO–(BUSINESS WIRE)–Feb. 3, 2003–Fitch Ratings has placed the ‘AAA’ senior debt rating and other long term fixed income security ratings of American International Group, Inc. (AIG) on Rating Watch Negative, following AIG’s announcement of after-tax reserve charges of $1.8 billion in its U.S. commercial property/casualty operations. The company’s short-term and commercial paper ratings are affirmed… Continue reading Fitch Places AIG’s Sr Debt on RW-Neg; Affirms S-T Rtg and Financial Strength Rtgs

OLDWICK, N.J.–(BUSINESS WIRE)–Feb. 3, 2003–A.M. Best Co. has downgraded the financial strength ratings to C (Weak) of Trenwick Group Ltd.’s (NYSE: TWK) (Bermuda) ongoing operating subsidiaries and has withdrawn the financial strength ratings of Trenwick’s operating companies–which are now in runoff–and assigned each a NR-3 rating (Rating Procedure Inapplicable). Prior to the withdrawal of these… Continue reading A.M. Best Downgrades Various Financial Strength and Debt Ratings of Trenwick Group

In wake of the US government takeover of embattled mortgage finance companies Fannie Mae and Freddie Mac, which destroyed most of the value of the companies’ common stock, the two could eventually be delisted from the New York Stock Exchange (NYSE) and be traded on so-called pink sheets. Fannie Mae and Freddie Mac’s shares, which… Continue reading Stock Exchange Delisting May Be in Fannie’s, Freddie’s Future