Latest AM Best Headlines
All the headlines from our AM Best Topic Page, ordered by recency.
A.M. Best Assigns ‘A’ Rating to Hannover Re Bermuda
Jul 2 2001 // A.M. Best has assigned an initial rating of ‘A’ (Excellent) to Hannover Re subsidiary, Hannover Re (Bermuda) Ltd. Commenting on the ratings, Best’s announcement said: “The rating reflects the...
A.M. Best Drops Ratings on Pair of Calif. Workers’ Comp Carriers
Jun 27 2001 // A.M. Best dropped the financial strength ratings on two California workers’ comp carriers–Encino-based Republic Indemnity Insurance Pool and Woodland Hills-based Zenith National Insurance Group– from...
A.M. Best Affirms Nationwide’s FSRs, Assigns Initial Debt Ratings
Jun 26 2001 // A.M. Best Co. affirmed the A+ (Superior) financial strength ratings (FSR) of the primary property/casualty operations of the Nationwide Group, Columbus, Ohio, as well as its affiliated life insurance companies. In...
A.M. Best Promotes Mosher to Group VP, P/C Rating Division
Jun 21 2001 // A.M. Best Co. Executive Vice President Larry Mayewski announced the promotion of Matthew Mosher to group vice president of the Property/Casualty Rating Division. Mosher succeeds Eric Simpson who accepted a position as...
State Farm Indemnity Pulls Out of N.J. Auto Market, Gets A.M. Best Downgrade
Jun 14 2001 // State Farm Indemnity announced on June 12 that it intends to stop writing automobile business in New Jersey. The announcement was immediately followed by A.M. Best Co. downgrading the financial strength rating of the...
A.M. Best Report: Asbestos Claims Surge Set to Dampen Earnings
May 21 2001 // The property/casualty industry may be facing a surge in asbestos claims that could cumulatively cost the industry as much as $65 billion. This new estimate of ultimate asbestos-related losses is nearly two-thirds higher...
State Fund Withdraws from Best’s Rating Process
May 13 2001 // “In essence, we’d like to assure all of our policyholders that we are solvent, that we’re still financially strong,” said Jim Zelinski, spokesperson for California State Compensation Insurance Fund,...
Folksamerica Downgraded
May 7 2001 // The “A” FSR of Folksamerica Reinsurance Company, New York, was lowered to “A-” by A.M. Best. Cited as a major rating factor was a deterioration in recent earnings trends, resulting in an increased...
A.M. Best Downgrades The PHICO Group
May 2 2001 // A.M. Best Company downgraded the financial strength rating of The PHICO Group of Mechanicsburg, Pennsylvania, to B (Fair) from B++ (Very Good) with a negative outlook. The PHICO Group writes professional liability, general...
Folksamerica Reinsurance Rating Lowered
Apr 19 2001 // The “A” financial strength rating of Folksamerica Reinsurance Company, New York, was lowered to “A-” by A.M. Best. Cited as a major rating factor was a deterioration in recent earnings trends,...
A.M. Best Reports U.S. Continued Weakening in U.S. Property/Casualty Results for 2000
Apr 16 2001 // According to a new A.M. Best Co. report, property/casualty results for the fourth quarter and the full year 2000 continued to weaken as the effects of the prolonged soft market overshadowed the benefits of price firming....
STATE FUND DOWNGRADED
Apr 9 2001 // A.M. Best lowered the financial strength rating of the State Compensation Insurance Fund of California (SCIF), San Francisco, Calif., from “B++” to “B+” on March 30. The rating outlook is negative....
Calif. State Fund Rating Lowered by A.M. Best
Apr 2 2001 // The financial strength rating of the State Compensation Insurance Fund of California (SCIF), San Francisco, Calif., was lowered from “B++” to “B+” by A.M. Best on March 30. The rating outlook is...
A.M. Best Reviewing Zurich’s Reinsurance Operations
Mar 27 2001 // A.M. Best Co. announced that it “has placed the A+(Superior) financial strength rating of Zurich Financial Services Group’s (Zurich) reinsurance operations under review with developing implications.” The...
DRAMA in the Nonstandard Arena: The NONSTANDARD AUTO MARKET gets ready for action that will include
Mar 19 2001 // The nonstandard auto market enjoyed above-average growth and profitability across the country through much of the 1990s. In fact, by the late ’90s, low entry barriers, including modest surplus levels required to...
DRAMA in the Nonstandard Arena
Mar 12 2001 // The NONSTANDARD AUTO MARKET gets ready for action that will include increased RATES, risking LOSSES and overall market VOLATILITY. The nonstandard auto market enjoyed above-average growth and profitability across the...
A.M. Best Report Shows Property/Casualty Industry Excess Capital as Blessing, Curse
Feb 16 2001 // The property/casualty industry could return capital to its stakeholders without risking rating downgrades or insolvency, according to A.M. Best Company, which is conducting an ongoing analysis of risk-adjusted...
Independent Insurance Co. Rating Placed Under Review by A.M. Best
Feb 15 2001 // A.M. Best Co. has placed the A (Excellent) rating of Independent Insurance Co. Ltd. under review with developing implications. The rating action reflects the release of a trading statement on Feb. 8 in which the company...
McGavick Takes Helm at SAFECO
Feb 12 2001 // Ending a search that has been ongoing since last October, Michael S. McGavick was named president, CEO and member of the Board of Directors of Seattle-based SAFECO Corporation on Jan. 30. McGavick, a native Washing-tonian,...
Renaissance Re Upgraded by A.M. Best
Jan 16 2001 // A.M. Best announced that it had upgraded the financial strength rating of Bermuda-based Renaissance Reinsurance Ltd. and its subsidiary Renaissance Reinsurance of Europe from A(Excellent) to A+ (Superior). “The...
