There seems to be a slight divergence of views between Validus Holdings and Allied World over the current status of their respective efforts to acquire Transatlantic Holdings, Inc. Following Transatlantic’s decision to reject its latest offer, and to file a …
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of UK-based Electrical Contractors’ Insurance Company Limited (ECIC), both with stable outlooks. ECIC’s risk-adjusted capitalization is “likely to …
A recent governmental audit of the workers’ compensation insurance program for U.S. government contractors working on Afghanistan reconstruction is highly critical of the program’s administration by the U.S. Army Corps of Engineers. The Office of Special Inspector General for Afghanistan …
Western World Insurance Group has launched a new mobile website for its Western World Integrated Platform (WWIP) program. The original WWIP was introduced in 2010. The new Western World platform has the ability to rate, quote, and bind on iPads …
Lloyd’s announced the appointment of Sir David Steel as the next Lloyd’s Open Form (LOF) appeal arbitrator to hear salvage cases arising under the Lloyd’s Form of Salvage Agreement. He will succeed Mr. Justice Teare, who has held the position …
Fairfax Financial Holdings, which took a 9 percent stake in Bank of Ireland earlier this week, said Thursday its quarterly profit rose from a year earlier due mainly to increases in its stock and bond portfolios. The Toronto-based firm, which …
French investigators said on Friday that the crew of Air France’s Rio-Paris flight which crashed into the Atlantic two years ago ignored repeated stall warnings and failed to follow textbook procedures. France’s BEA authority issued 10 new safety recommendations aimed …
The City of Beloit has agreed to pay $270,000 to settle allegations that it sold a building with asbestos issues. City Manager Larry Arft says the city council voted 6-0 to approve the settlement. Dan Langone sued the city in …
Lloyd’s announced that it has received approval from the New York Insurance Department to post reduced collateral on reinsurance contracts. Lloyd’s said it has been approved as a “Secure-3 reinsurer, meaning its collateral requirements will be reduced from 100 percent …
Acting on orders from Gov. Chris Christie, the South Jersey Port Corp. is no longer awarding bonuses to workers who show up on time. The agency’s board eliminated giving a day’s pay for every two consecutive months that workers showed …
