Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
RAA Survey Says U.S. Reinsurers Wrote $22.3 B in 3Q
Nov 29 2004 // According to a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA), a group of 27 of the leading U.S. property/casualty reinsurers wrote $22.3 billion of net...
Wellington Completes Acquisition of AXA’s U.S. Surplus and Excess Units; Best Assigns ‘A-‘ Rating
Nov 26 2004 // The U.K.’s Wellington Underwriting plc. announced that it has completed the purchase of AXA Corporate Solutions Excess and Surplus Lines Insurance Company, first announced on June 25, 2004. The bulletin noted that...
S&P Reports European Insurers’ Ratings Stabilizing
Nov 26 2004 // A report from Standard & Poor’s Ratings Services indicates that its ratings on Europe’s insurers have continued to stabilize during 2004. “Only five out of the 20 groups covered in this report...
Best Assigns FSR to Wellington Specialty
Nov 24 2004 // A.M. Best Co. has assigned an initial financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to Wellington Specialty Insurance Company (Scottsdale, Ariz.) (Wellington Specialty), a...
U.S.I. Holdings Acquires Benefit Partners
Nov 23 2004 // U.S.I. Holdings Corporation (Nasdaq: USIH) of Briarcliff Manor, N.Y. has acquired Nashville, Tenn.-based Benefit Partners of America. The acquisition is expected to contribute approximately $4 million of revenues to USI on...
Industry Under Fire: Will Insurance Broker M&As Still Keep Pace’
Nov 22 2004 // Will pending investigations of insurance brokers halt the robust pace of the industry’s mergers and acquisitions (M&A) activity? In mid-October 2004, New York State Attorney General Eliot Spitzer filed a civil...
2004 HURRICANE SEASON NOT SO UNUSUAL AFTER ALL:
Nov 22 2004 // According to an analysis conducted by AIR Worldwide (AIR), a risk modeling company, the 2004 hurricane season should not be considered rare. The analysis, based on the AIR hurricane model, revealed that insurers should...
The Hartford Purchases Collateralized CAT Reinsurance From Foundation Re
Nov 19 2004 // The Hartford Financial Services Group Inc. has acquired $247.5 million of multi-year, collateralized catastrophe reinsurance from Foundation Re Ltd., a Cayman Island reinsurance company. The new reinsurance coverage is...
Fairfax Announces Tender Offer For Debt Securities
Nov 19 2004 // Toronto-based Fairfax Financial Holdings Limited announced that it has commenced a tender offer for certain of the outstanding debt securities, or notes, of Fairfax and its wholly-owned subsidiary, TIG Holdings, Inc. for...
ACE USA Enhances Defense Base Act Coverage
Nov 19 2004 // ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, announced that it is enhancing its Defense Base Act (DBA) product offerings to create a responsive, comprehensive approach for small to...
Best Affirms ACE Australia ‘A’ Rating
Nov 18 2004 // A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) of ACE Insurance Limited (ACEAU) (Australia) with a stable outlook. “The rating reflects ACEAU’s strong...
HCC to Acquire United States Surety
Nov 16 2004 // Houston-based HCC Insurance Holdings Inc. announced it has reached an agreement to acquire United States Surety Company (USSC) for an undisclosed consideration payable in HCC shares. The transaction is subject to signing a...
R&SA Posts $835 Million 9-Month Operating Result; U.S. Liabilities Still a Problem
Nov 12 2004 // The U.K.’s Royal & Sun Alliance exceeded analysts’ forecasts with a nine-month earnings report that included an operating result of £453 million ($835 million), compared to a restated operating result of...
In Memoriam: 86 Years Ago the Guns Fell Silent, But the Legacy Lives On
Nov 11 2004 // Almost none of them are left now – the men and women who fought the First World War. Even those who lived through it are few. But the effects of what the French call La Grande Guerre – the “Great War...
Fitch Comments on Fairfax’s Rating Watch
Nov 11 2004 // Fitch Ratings commented that Fairfax Financial Holdings Limited’s ratings and Rating Watch Negative status are unaffected by its recent disclosures via its third-quarter 2004 financial filings and investor conference...
S&P Rates PartnerRe Preferred Stock Issue ‘BBB+’; Affirms Rating, Stable Outlook
Nov 11 2004 // Standard & Poor’s Ratings Services announced that it has assigned its “BBB+” preferred stock rating to Bermuda-based PartnerRe Ltd.’s (PRE’s) proposed $200 million Series D Cumulative...
Utah WCF Urging Workplace Safety for Fall/Winter
Nov 11 2004 // As temperatures fall, certain workplace injuries tend to rise. Utah’s Workers Compensation Fund is urging workers statewide to learn preventive tactics to remain safe on the job this fall and winter. Common...
Judge Rules Against Mutual Benefits In Favor of SEC
Nov 10 2004 // A federal magistrate judge late today upheld findings by the U.S. Securities and Exchange Commission (SEC) that Mutual Benefits Corporation (MBC), the nation’s largest viatical settlement company, engaged in...
AXIS Announces Organizational Strategic Realignment; Opening of Singapore Branch
Nov 9 2004 // Bermuda-based AXIS Capital Holdings Limited announced that it will realign its organizational structure to enhance the brand and operations of its insurance businesses and its reinsurance businesses globally. In a separate...
ASCnet Conferees Hear How to Manage a Profitable Business
Nov 8 2004 // The latest technologies to allow independent agents and brokers to efficiently manage and ensure a profitable business were presented to more than 1,800 conferees attending the Applied Systems Client Network’s...
