Prolonged, heavy rain caused flooding from North Carolina to New Hampshire over the weekend, forcing hundreds of people to evacuate, knocking out electricity, weakening dams and making roads impassable. At least four people died, including two people killed in New …
Standard & Poor’s Ratings Services has published its quarterly analysis of the leading European insurers, entitled “Industry Report Card: European Insurance.” S&P found that positive trends in the European insurance market are continuing and said the impact of losses associated …
ACE Bermuda Insurance Ltd. has announced the appointment of Robert Rebellato to the position of Senior Vice President in its property division. He will assume responsibility for the management of ACE Bermuda’s global property and first party specialty lines business …
Fitch Ratings indicated that its ratings for the bermuda-based PXRE Group Ltd. and its operating subsidiaries would “remain on Rating Watch Negative following PXRE’s successful capital raising in the form of common stock and the private placement of perpetual preferred …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A-” (Excellent) of SGI Canada and the financial strength ratings of “B+” (Very Good) of its subsidiary, SGI Canada Insurance Services Limited (SCISL). Both companies are headquartered …
The Bermuda-based Arch Capital Group Ltd. announced that it expects 2005 third quarter operating earnings to be negatively impacted by the effects of recent catastrophic events as follows: Hurricane Katrina – $173 million, Hurricane Rita – $48 million, Hurricanes Dennis …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) of Mexican insurer Seguros Inbursa, S.A. with a stable outlook. “The rating reflects Seguros Inbursa’s solid risk-adjusted capitalization, favorable underwriting performance, strong market profile and …
Bermuda-based Max Re Capital Ltd. became the latest reinsurer to go to the capital markets for more money in the wake of the losses from Katrina and Rita. The company announced that it plans, “subject to market and other conditions,” …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A-” (Excellent) of Aseguradora Mundial, S.A. (Panama City, Panama) with a stable outlook. “The rating reflects Mundial’s strong capital position, historically favorable operating profitability and its excellent …
Despite the fact that the Austrian insurance industry came off “relatively lightly from the recent summer floods,” Standard & Poor’s Ratings Services said it “believes the event reinforces the need for insurers to further enhance measures to better assess the …
