Amid heavy lobbying on the part of financial lenders, insurers, real estate executives and even President Bush, the Democrats and Republicans in the Senate seem to have come to agreement that there is need for some kind of governmental role …
A.M. Best Co. maintained the “A-” (Excellent) financial strength rating of the Lloyd’s market after the recent announcement of a 2001 loss of GBP 3.11 billion, on an annually accounted basis. To date, Lloyd’s has accounted on an underwriting year …
S&P placed its “A+” counterparty credit and financial strength ratings on the members of United Fire Group and United Life Insurance Co. on CreditWatch with negative implications after the year-end 2001 review indicated that the group’s capitalization and earnings adequacy …
S&P assigned its “R” financial strength rating to Alistar Insurance Co. after learning that the California Department of Insurance applied for and was granted a conservation order for the company by the Fresno County Superior Court. The Conservation and Liquidation …
A.M. Best Co. announced that the “A+” (Superior) financial strength rating of the St. Paul Companies is unaffected by The St. Paul’s decision to transfer its traditional reinsurance operations to a newly formed Bermuda-based reinsurer, Platinum Underwriting Holdings Ltd., in …
S&P removed from CreditWatch and affirmed its “A-” counterparty credit and insurer financial strength ratings on U.K.-based CNA Insurance Co. (Europe) Ltd. (CIE) and CNA Insurance Co. Ltd. (CI) following the approval by the appropriate U.S. regulator of a guarantee …
Standard & Poor’s revised its financial strength rating on Petrosurance Casualty Corp. to “R” after learning that the Oklahoma County District Court granted Insurance Commissioner Carroll Fisher’s petition to place the company into receivership. The ruling was based on the …
A Stephens County, Texas grand jury has indicted Eric Beaver on felony charges stemming from workers’ compensation fraud. Beaver allegedly took $4,686.98 in temporary income benefits (TIBs) from Texas Mutual Insurance Company after his eligibility for the benefits expired. He …
Louisiana Governor Mike Foster signed a bill allowing insurers two rate filings before the Louisiana Insurance Rating Commission (LIRC). The new law also allows insurers to revert to previous lower or higher rates after being granted permission to charge a …
A Denton County, Texas, jury ordered Allstate Texas Lloyds to pay actual and exemplary damages of more than $3.8 million in a suit alleging the unit did not pay claims for damage to a home caused by plumbing leaks. According …
