The “BBBpi” FSRs on Oregon Mutual Insurance Co. was affirmed by S&P. The rating action was based on the consolidated results of the company and its wholly owned subsidiary, Western Protectors Insurance Co., collectively known as Oregon Mutual Group. Oregon …
The “AApi” FSR on Halcyon Insurance Co. was affirmed by S&P, which cited the company’s participation in a reinsurance agreement with affiliate, Progressive Casualty Insurance Co., as the basis for the rating. Headquartered in Ohio, and licensed in 31 states …
The “AApi” FSR on Progressive Paloverde Insurance Co. was lowered to “BBBpi” by S&P. Key rating factors include the company’s termination of a 90-percent quota-share reinsurance agreement with affiliate Progressive Casualty Insurance Co., as well as high leverage and weak …
The FSRs on the Meadowbrook Insurance Group were downgraded from “A-” to “B++” and placed under review with developing implications by A.M. Best. The rating action is applicable to the three rating unit members of Meadowbrook Insurance Group: Star Insurance …
The insurer financial strength ratings on the core operating units of HIH Insurance Ltd. (HIH) were lowered from “BBB-” to “B” by Standard & Poor’s. HIH is comprised of the following companies: HIH Casualty and General Ins. Ltd.; CIC Insurance …
Financier Martin Frankel pleaded not guilty March 12 to a string of charges, including securities fraud, racketeering and conspiracy. Frankel was arraigned in U.S. District Court in New Haven, Conn., following his extradition on March 2 from Germany. On March …
Allstate Insurance, which insures 2.1 million drivers in California, plans to raise premiums by 6.9 percent-a move that could force other companies to do the same. The increase is scheduled to take effect May 18. Rate changes of less than …
In a decision that will affect roughly 130 employees, Farmers Insurance Group is closing its Southern California service center in Carlsbad. The process of closing the office officially began March 15. Along with the Carlsbad center, the company announced the …
Progressive customers can now make insurance payments, find local agents and get information about Progressive products by connecting to progressive.com using web-enabled cellular phones. In a recent survey, Progressive found that consumers would be more loyal to insurance agents who …
On March 16, the U.S. Senate voted 79-18 to remove a provision in the pending Bankruptcy Reform Bill that would have prevented Lloyd’s of London from pursuing a number of American “Names” for debts totaling around $50 million. The controversial …
