Underwriting tough risks can be particularly troublesome in a hardening market. Where do you turn when rates skyrocket, exclusions multiply or worse, when carriers begin to shut their doors to classes that no longer promise profitability? One option to explore …
Sloppy cyber-security practices in the online distribution of policies and services may leave insurers, their business partners and their customers vulnerable to massive losses. In addition, insurers are potentially attractive targets for online assaults, according to a new study by …
Odyssey Re Holdings Corp. reported that S&P has upgraded the rating of Odyssey America Reinsurance Corporation and its subsidiaries, Odyssey Reinsurance Corporation and Hudson Insurance Co. to “A-.” In upgrading the rating, S&P noted that it expects that Odyssey Re, …
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. downgraded the 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 Lloyd’s syndicates during …
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 implications. The rating …
The National Association of Mutual Insurance Companies (NAMIC) has launched a Web site that will disseminate information about mold to the insurance industry. MoldUpdate.com will provide current news, education, scientific links, litigation updates, state legislation and act as a clearinghouse …
Despite a drop of 113,000 in national nonfarm payrolls in August, insurance industry employment held even for the month, reports BestWire. Since the near-term peak of nonfarm jobs in March, payrolls have fallen 323,000 to 132,331,000, while insurance jobs have …
At a recent public hearing held by the Texas Department of Insurance (TDI) on windstorm coverage rates, the Texas Windstorm Insurance Association (TWIA) requested a 13.6 percent rate increase for hail/windstorm insurance premiums for commercial buildings. TWIA, the insurer of …
Although the statewide average for homeowners insurance benchmark rates is slated to rise slightly in the coming year, Texas Department of Insurance Commissioner Jose Montemayor said the increase is not expected to have much impact on rates actually being charged. …
