The “A-” FSR of the Atlantic Mutual Companies was affirmed by A.M. Best, which indicated that the rating is a reflection of the group’s adequate capitalization and strong franchise, as well as its well-regarded service reputation and strong client relationships. …
The “AAA” debt and counterparty credit ratings on American International Group Inc. (AIG) were affirmed by Standard & Poor’s (S&P). Concurrently, the “AAA” insurer FSR and counterparty credit ratings on rated insurance subsidiaries of AIG, including Lexington Insurance Co., were …
The “A-” financial strength rating (FSR) on General Agents Group, Oklahoma City, was lowered to “B++” by A.M. Best Co. The downgrade comes after a fourth-quarter and year-end 2000 financial review of the group by A.M. Best, which included additional …
New York Life Insurance Company reached an agreement with plaintiff’s attorneys under which the company will pay all valid claims relating to policies purchased in the Ottoman Empire before 1915. Pending final court approval, New York Life will pay ten …
Lloyd’s announced preliminary estimates that it would suffer an overall loss of at least $1.6 billion for its 1999 year of account. Lloyd’s previously announced losses in 1998 of $1.54 billion. Lloyd’s cited a three-year delay in closing its accounts …
A new A.M. Best Co. report reveals that property/casualty results for both the fourth quarter and full year 2000 continued to weaken, especially in the reinsurance sector. The industry reported a combined ratio of 115.0 for the fourth quarter 2000, …
The Internet-based specialty insurance transaction facility, iwix.net, announced it is no longer accepting new members or risks. The company stated that its current 43 carrier/managing general agent partners and 3,100 broker/agent members would be able to conclude any transactions in …
On April 5, an Illinois Appellate Court upheld most of a lower court’s verdict in a nationwide class-action lawsuit against State Farm Mutual Automobile Insurance Co. regarding the use of non-OEM parts. Due to a technical error in the calculation …
The second annual Latin American Agents Association Trade Fair and Convention will roll into the Renaissance Long Beach Hotel May 3-6. “The LAAA was started by broker-agents for broker-agents, and we are here to help, in any way we can …
San Diego-based Arrowhead General Insurance Agency Inc. was fined $400 by the Fair Political Practices Commission for failing to register as major campaign donors. Arrowhead made contributions totaling $10,000 to the Chuck Quackenbush Committee on Jan. 18, 2000, according to …
