Standard & Poor’s Ratings Services announced that it has raised its long-term counterparty credit and insurer financial strength ratings on Sweden’s If P&C Insurance Ltd. and Finland’s If P&C Insurance Co. Ltd., which are both operating entities of the If …
Farmers may lose millions of dollars in insurance payments for their sprout-damaged wheat because of widespread mistakes in sampling their crop at Kansas grain elevators, state officials said. Kansas Agriculture Secretary Adrian Polansky, in a letter to Agriculture Secretary Ann …
The Bermuda-based PXRE Group Ltd. said that, while it was too early to give definitive estimates of its losses from the recent hurricanes and typhoons, they would have an impact on the property catastrophe reinsurer’s 2004 results. President and CEO …
Swiss reinsurer Converium has passed a major hurdle in its efforts to reestablish the company’s sagging balance sheet as shareholders approved a $422 million capital increase at an extraordinary general meeting yesterday, Sept.28. Converium’s bankers (led by CSFB and JP …
The Bermuda-based White Mountains Insurance Group, Ltd. announced preliminary estimates of the impact of Hurricane Ivan on its insurance and reinsurance operations, indicating that its total pre-tax net losses will be less than $35 million. The announcement noted: “These estimates …
A.M. Best Co. announced that it has assigned a financial strength rating of “B+” (Very Good) and an issuer credit rating of “bbb-” to Kenya Reinsurance Corporation Limited (Kenya Re). The outlook for both ratings is stable. “Kenya Re’s capitalisation …
The non-profit Northern Illinois Fire Sprinkler Advisory Board (NIFSAB) believes the Chicago Building Committee’s move to defer the high-rise ordinance at their meeting last week is another stall tactic by the city. During the meeting the commission voted to defer …
France’s SCOR Group estimates that the total gross cost of the cost of the hurricanes in the United States and in the Caribbean, Charley, Frances and Ivan, to be 22.5 million euros million ($27.5 million). SCOR noted that the estimates …
The Insurance Education Foundation (IEF) has selected Steve Weissenstein, an Accounting, Business Law, Marketing, and Consumer Education teacher at Glenbrook South High School in Glenview, Ill., to receive the James L. Osborne Insurance Educator of the Year award for 2004. …
ACE Risk Management (ARM), a unit of ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, has announced executive appointments for its senior management team, that were effective Sept. 15. Tony Apriceno has been promoted to …
