Converium, the troubled Swiss-based reinsurer, has released a bulletin commenting on its plans and possible strategies in advance of an extraordinary general meeting (EGM), to be held on September 28, 2004. Shareholders are expected to approve a $420 million capital …
A.M. Best Co. announced that it has placed the financial strength rating of “A-” (Excellent) of Bermuda-based Olympus Reinsurance Company Ltd. under review with negative implications. Best said it had taken the rating action “based on a projected deterioration in …
Jack Wesley, President and CEO of the Bermuda-based OIL Group of Companies, announced that he plans to retire in mid-2005, after almost ten years of service with the energy industry’s mutual insurance group. The Group comprises four companies — Oil …
A representative of the American Insurance Association (AIA) testified before the Senate Banking Committee, alleging that “the outdated, dysfunctional nature” of state insurance regulation does not allow the insurance industry to meet the needs of individual or business insurance consumers. …
Standard & Poor’s Ratings Services announced that it has affirmed its “A+” long-term counterparty credit and insurer financial strength ratings on Dublin-based non-life reinsurer QBE Reinsurance (Europe) Ltd. (QBE Re Europe). S&P also affirmed the “A+” ratings on QBE Re …
Bermuda-based sEnergy Insurance, Ltd., a member of the OIL Group of mutual insurers (see related article), announced that underwriting income was $38.4 million and net operating income was $11.9 million. for the Fiscal Year (FY) 2004. In addition the company …
A.M. Best Co. announced that it has assigned a rating of “bbb+” to the proposed £175 million ($315 million) senior notes due 2009 to be issued by Australia’s QBE Insurance Group Limited, the non-operating holding company for the QBE group. …
As the floods caused by Tropical Storm Jeanne slowly recede, Haitians are discovering even more devastation and loss of life. More than 1,000 persons have died in the northern city of Gonaives, and another 1,200 are still missing. Authorities fear …
The Independent Insurance Agents and Brokers of New Jersey (IIABNJ) swore in new officers for the 2004/2005 year at its 111th annual conference in Newport, Rhode Island. Dave L. Wyrsch, Sr., of The Van Dyk Group in Beach Haven Terrace, …
Workers’ compensation writers in New Hampshire want an average 2.5 percent hike for voluntary market advisory loss costs and a 12.7 percent average increase for residual market premiums, according to the most recent filing from the National Council on Compensation …
