Berkshire Hathaway Inc., the investment holding company headed by Warren Buffett, has agreed to exercise all of its warrants to purchase common shares of Bermuda-based White Mountains Insurance Group Ltd., giving it a 16 percent stake in the company. Berkshire …
Moody’s Investors Service announced that it had downgraded the insurance financial strength rating and long-term debt ratings of Swiss Reinsurance Company and its various guaranteed and non-guaranteed subsidiaries by one notch. The rating agency lowered its insurance financial strength rating …
Global insurance broker Willis Group Holdings announced that it has finalized the buy-out of a 20 percent stake in Herzfeld & Levy, the Group’s retail operation in Argentina. On completion of the transaction Willis will have a 60 percent stake …
United National Group, Ltd. announced that Stephen A. Cozen, Esq., the founder and Chairman of the Philadelphia law firm Cozen O’Connor, has been elected to its Board of Directors and has been appointed Chairman of the Compensation Committee. United National …
Standard & Poor’s Ratings Services announced that it has affirmed its “A-” long-term counterparty credit and insurer financial strength ratings on Alea London Ltd., Alea (Bermuda) Ltd., Alea Europe Ltd., Alea North America Insurance Co., Alea North America Specialty Insurance …
Fairfax Financial Holdings Limited announced that the syndicated secured revolving letter of credit facility, entered into by a wholly-owned subsidiary in December 2003, has been increased from U.S. $300 million to U.S.$450 million. “The facility is syndicated with 11 banks …
Zenith National Insurance Corp. reported that its wholly-owned subsidiary, Zenith Insurance Company, has filed with the California Department of Insurance its workers’ compensation rates for use on or after July 1, 2004. The filing reflects, among other factors, its current …
The New Hampshire Legislature’s audit division will be looking into fees paid to brokers for handling the state’s insurance contracts. The joint legislative Fiscal Committee voted unanimously to approve the audit, which would probably take months to complete. Broker fees …
The McGreevey Administration thinks new safety technology for autos and roadways such as on-board navigation systems may be helpful in reducing auto insurance crashes and costs in New Jersey. Banking and Insurance Commissioner Holly C. Bakke and Transportation Commissioner Jack …
Connecticut Gov. John Rowland (R) has signed into law important legislation to create a terrorism exclusion in the state’s Standard Fire Policy (SFP). The American Insurance Association (AIA), among other industr groups, advocated for the legislation. “At a time when …
