Highlands Insurance Group Inc., a New Jersey-based property and casualty insurer, reported a pre-tax loss of $38.5 million and a net loss of $106.6 million, in 2000. This is compared with the company’s net loss of $13.5 million in 1999. …
Calabasas, Calif.-based Amwest Insurance Group Inc. stated that it is seeking the necessary regulatory approvals for two previously announced transactions. These include reaching an agreement with its reinsurer to provide multi-year reinsurance covering all inforce surety bonds at Dec. 31 …
Washington State Insurance Commissioner Mike Kreidler expressed disappointment with a number of companies that failed to release the names of Holocaust-era policyholders. Kreidler urged Washington-licensed insurance companies to use their influence to get their European parent companies to release policyholder …
Create-A-Check(TM), a provider of secure payment software solutions, announced that it now provides check fraud insurance to thousands of businesses using the company’s software. The insurance program, furnished by Travelers Bond, a division of Travelers Insurance, provides protection against unauthorized …
Risk Management Solutions (RMS) and ERisk, a provider of strategic solutions for enterprise risk management and economic capital allocation, released results of a jointly sponsored evaluation of the capital adequacy and risk-adjusted profitability of various segments within the property/casualty insurance …
The “A” financial strength rating of Folksamerica Reinsurance Company, New York, was lowered to “A-” by A.M. Best. Cited as a major rating factor was a deterioration in recent earnings trends, resulting in an increased dependence on reinsurance and parental …
Ohio Casualty Corporation, the holding company of the Ohio Casualty Insurance Company, appointed Stanley Pontius to replace its retiring chairman, William Woodall. Pontius, a director of Ohio Casualty for over six years, served as president and chief executive of First …
Following a larger than expected 5.5 percent drop in profits, Anglo-Swiss insurer Zurich Financial Services announced plans to reduce its operations in the U.K. with the elimination of 550 jobs. Most employees, however, will be reassigned to new positions within …
Insurance specialist A.M. Best’s newly published Captive Directory reports that there were 245 new captive insurance companies formed last year, while 170 were liquidated, a net gain of 31.6 percent over 1999. Best predicted further growth in 2001, “due to …
Bermuda-based Mutual Risk Management Ltd. will receive a much needed capital injection of $112.5 million in the form of senior convertible debentures from a group of investors headed by XL Capital Ltd. The company has experienced large losses from several …
