P&C Companies News

Bond Insurer Sues Goldman Sachs Over Abacus Deal

Bond insurer ACA Financial Guaranty Corp. sued Goldman Sachs Group Inc. on Thursday, alleging it was deceived into insuring a transaction designed to fail and for which Goldman ultimately paid a $550 million civil penalty. Goldman Sachs paid the settlement …

Midwest Insurers Austin Mutual and Cooperative Mutual Complete Merger

Minnesota-based Austin Mutual Insurance Company, a regional property and casualty insurer, announced it has completed its merger with Cooperative Mutual Insurance Co. located in Omaha, Neb. The previously announced merger of the companies will result in projected combined assets of …

Swiss Re Places $97 Million Windstorm Cat Bond for Groupama

Swiss Re Capital Markets has successfully structured and placed €75 million [app. $97 million] of notes issued by Green Fields Capital Limited covering French windstorm events. “Green Fields is a newly established Irish special purpose company incorporated with limited liability,” …

Maine Licenses Two New Insurers

Maine has licensed two new workers’ comp insurers, one of them a new company that will begin writing this month, the state insurance department said. The first, Great Falls, which will begin offering policies this month, will be headquartered in …

Berte To Run AIA Western Region

The American Insurance Association (AIA) has announced that Marjorie Berte has joined the association as its new vice president for the Western Region. Berte’s career includes experience in both the public and private sectors, most recently with the state of …

Dukes Named Tennessee VP for Keystone Insurers

Doug Dukes has been named state vice president of Tennessee for Keystone Insurers Group. Dukes will manage Keystone’s expansion into Tennessee, slated to occur this month. Dukes most recently served as field and marketing representative for The Cincinnati Insurance Companies. …

Ratings Recap: Century Insurance (Guam & Saipan), Taiping Re

A.M. Best Co. has affirmed the financial strength rating of ‘B+’ (Good) and issuer credit rating of “bbb-” of Century Insurance Company (Guam) Ltd. (CIC Guam)and Century Insurance Co., Ltd. (CIC Saipan), headquartered in the Northern Mariana Islands. The outlook …

Florida Workers’ Compensation Market Remains Competitive: Report

Florida’s workers’ compensation market remains competitive with more than 250 private insurers writing coverage and only a fraction of business being funneled to the residual market. Also, availability does not appear to be a major concern in the aggregate, although …

Swiss Re Concludes $170 Million Successor X Cat Bond Placement

Swiss Re has obtained another $170 million in protection through the Successor X Ltd. catastrophe bond program, covering Australia earthquake, North Atlantic hurricane and California earthquake risks. “The combination of Australia earthquake risk with US peak natural catastrophe risks is …

Insurers To Pay New York $120M for Premium Overcharges

New York officials say four insurance groups have agreed to pay a total of about $120 million in excess workers’ compensation surcharges to the state. The attorney general’s office says the companies collected too much in surcharges on premiums from …