GAINSCO Inc., headquartered in Dallas, announced that A.M. Best Company has upgraded the financial strength rating of General Agents Insurance Company of America Inc. and MGA Insurance Company Inc., both members of the General Agents Group, to “B” (Fair) from …
New Orleans Mayor C. Ray Nagin announced that residents in portions of New Orleans’ Lower 9th Ward were able to return to the city to visit their homes beginning Oct. 12. The plan is in effect until further notice. “Many …
The Texas Department of Insurance issued a reminder to all homeowners along the Gulf Coast that damage to their dwellings by Hurricane Rita must be repaired in accordance with the Texas Windstorm Building Code (TWBC) if the homeowner plans to …
Missouri State Auditor Claire McCaskill has proposed that the state consider eliminating a tax credit that helps insurance companies offset their costs of state reviews. An audit by McCaskill’s office said Missouri is one of just five states that allow …
A federal judge has ruled that jailed Illinois insurance mogul Michael “Mickey” Segal has the mental competency needed to be sentenced. Segal was found guilty of stealing more than $30 million from a trust fund in June 2004. After Segal …
Heavy rains overnight caused severe flooding in parts of the U.K. The worst affected areas were in southwestern Scotland, west Wales and Cumbria, where authorities issued numerous flood warnings. Roads have been closed and rail services interrupted as up to …
Endurance Specialty Holdings Ltd., one of the more successful post Sept. 11 start-ups, has joined the parade of Bermuda-based companies seeking additional funds after Katrina. Endurance announced that it plans to issue $200 million worth of senior notes.The securities will …
Aon Limited, the international broker’s U.K.-based subsidiary, has unveiled an innovative insurance product called Warranty Replacement and Acquisition Protection (WRAP). Aon said the new coverage is designed to “replace the usual giving of warranties by a seller to a buyer …
The New York-based Navigators Group has priced its previously announced equity offering of 3,300,000 shares of its common stock at $34.50 per share. When closed, the offering is expected to generate net proceeds of approximately $108 million. The Company said …
OdysseyRe Holdings Corp. announced that it has completed the previously announced sale of 4,100,000 shares of its common stock, at a price of $24.96 per share (See IJ Web site Oct. 7). Net proceeds to OdysseyRe were approximately $102 million. …
