Standard & Poor’s has affirmed its ‘A’ counterparty credit and financial strength ratings on Louisiana Health Service & Indemnity Co., which does business as Blue Cross and Blue Shield of Louisiana (BCBSLA). The outlook remains negative. “While Standard & Poor’s …
A recent draft statement by the accounting profession on risk-transfer features of certain forms of quota-share reinsurance was the target of a protest by the Accounting Committee of the National Association of Mutual Insurance Companies (NAMIC). “Accounting for Quota-Share Reinsurance …
As a result of a four-month investigation by the California Department of Insurance (CDI) Urban Auto Fraud Task Force in Valencia, two San Fernando Valley residents plead to insurance fraud charges. Timothy Caffery, 24, and Jose David Duarte, 22, each …
The Chubb Corporation announced that the underwriters for the company’s recent offering of common stock purchase warrants and debt securities sold in the form of equity units have exercised in full their over-allotment option to purchase an additional 3,000,000 of …
The Swiss Insurance Association has estimated that the recent flooding in the country’s alpine valleys has caused at least SwF 40 million ($27 million) in damages. According to a report from Dow Jones Newswire, the Association said that Swiss private …
Standard & Poor’s Ratings Services announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on the main operating entities of Bermuda-based reinsurance group ESG Re Ltd. to ‘B’ from ‘BB-‘ with a negative outlook. It …
Global Aerospace Underwriting Managers (GAUM), the world’s largest managing agent in the aviation market, is undergoing major changes. Aviva and Royal & Sun Alliance both announced that they will drastically reduce their participation, while Zurich-based Converium will up its stake …
In an interim meeting this week, the National Association of Insurance Commissioners (NAIC) adopted a bulletin that outlines regulators’ expectations regarding filing of rates, policy form language and disclosure notices to policyholders in light of passage of the Federal Terrorism …
Standard & Poor’s has lowered its counterparty credit and financial strength ratings on all the members of the State Farm group of insurance companies (State Farm) except State Farm Lloyds to ‘AA’ from ‘AA+’ because of continuing heavy – though …
The NAMIC Insurance Company (NAMICO), which is also based in Indiana, seems to be doing considerably better than Conseco. A.M. Best recently upgraded the mutual insurer’s financial strength rating to ‘A’ (Excellent) from ‘A-‘ (Excellent). The company, which is part …
