S&P assigned its “R” FSR to Associated Physicians Insurance Co. (APIC). APIC was declared insolvent and placed into liquidation on Aug. 16 by the Circuit Court of Cook County, Ill. The agreed order was granted in response to a petition …
A.M. Best Co. has placed the FSR of “A” for the Trenwick Group, Bermuda, under review with negative implications. Additionally, A.M. Best has placed all related debt ratings under review with negative implications. These actions follow the group’s second-quarter earnings …
Fitch has assigned an “A+” rating to XL Capital Ltd.’s (XL) offering of $250 million of zero coupon convertible debentures due 2021. The convertible debentures rank equal in right of payment to all other senior debt outstanding of XL. Proceeds …
S&P assigned its “AA+” long-term rating to the guaranteed and unsubordinated series of wholesale notes to be issued under the NZ$300 million medium-term note program of NRMA (NZ) Holdings Ltd. NRMA Insurance Ltd. (NRMA, rated “AA+” for insurer financial strength) …
S&P assigned its “BB-” senior unsecured debt rating to Conseco Inc’s $400 million in senior notes, which are due in 2008. The outlook is stable. Operating earnings have started to improve after the significant restructuring in 2000 that had led …
A.M. Best Co. upgraded the FSR of Western Mutual Insurance Co. from “B++” to “A-.” In support of this rating upgrade, A.M. Best Co. cited the excellent capitalization, strong operating performance, improved leverage position and very good liquidity of the …
A.M. Best Co. downgraded the financial strength rating (FSR) of Stockton Reinsurance Limited to “BB++” from “A-” and removed the company from under review. The rating decision reflects Stockton’s poor underwriting results in finite reinsurance and in its investments in …
Standard & Poor’s (S&P) placed its “A+” counterparty credit and financial strength ratings on American Excess Insurance Exchange RRG (AEIX), American Diversified Reinsurance Ltd., and Premier Insurance Exchange RRG (PRx)—which are the members of Premier Insurance Group—on CreditWatch with negative …
Arizona Insurance Director Charles Cohen suspended the license of Penn Treaty Network America Insurance Company, prohibiting the company from issuing any new policies in the state. The action came as a result of a finding that the insurer is in …
Progressive Insurance recently conducted a telephone survey on more than 31,000 Americans, asking respondents how likely they would be to commit insurance fraud and other indiscretions if they knew they would not be caught, and whether they would report someone …
