Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
A.M. Best Affirms Rating of QBE Re Group – U.S.
Nov 28 2003 // A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of QBE Re Group – U.S. (QBE) (New York, N.Y.). This rating applies to QBE Reinsurance Corporation (Philadelphia) and its subsidiaries, QBE...
United National Opts for IPO at $16-$18
Nov 28 2003 // Property and casualty insurer United National Group Ltd., which is based in the Cayman Islands, reported this week in a filing with the Securities and Exchange Commission that it will sell 9.75 million common Class A...
A.M. Best Downgrades Rating of Royal SunAlliance USA
Nov 26 2003 // A.M. Best Co. has downgraded the financial strength ratings of the Royal & SunAlliance USA Insurance Pool (Royal USA) (Charlotte, N.C.) and the Royal Surplus Lines Insurance Company (Charlotte) to B (Fair) from B+...
U.S. Marine Insurers Predict Continued Profitability
Nov 24 2003 // U.S. ocean marine insurers expect 2003 full-year results will show continued profit as underwriters maintain their pricing discipline, according to David French, chairman, American Institute of Marine Underwriters...
MexiPass Notes 30% Commission Rate for Personal Auto Program
Nov 24 2003 // MexiPass Global Assurance, an MGA for insurance in Mexico, announced a new commission rate of 30 percent and On-line Policy Issuance, under the MexiPass exclusive Personal Automobile Programs underwritten by...
R&SA 9 Month Results Show Progress; $248 Million Loss
Nov 21 2003 // The U.K.’s Royal & Sun Alliance may be on the way to proving that smaller is better. After a radical restructuring, which included the disposal of most of its U.S. business, and a £960 million ($1.6 billion)...
ISO Claims DataBase Provides Enterprisewide Search Solution to U.S. Treasury’s OFAC Watch List
Nov 20 2003 // Insurance Services Office, Inc. (ISO) has expanded its suite of compliance products to help insurers and other businesses comply with the requirements of the U.S. Treasury’s Office of Foreign Assets Control...
Henry Klecan to Head SCOR US; Reinsurer Contests Fitch Ratings Downgrade
Nov 20 2003 // France’s SCOR Group announced that Henry Klecan Jr. has been appointed President & CEO of SCOR US at a Board of Directors’ meeting held on November 18, 2003. The company also took issue with...
U.S. P/C Industry’s Profitability Continues Downward Slide Despite Recent Premium Growth
Nov 19 2003 // Despite reported significant premium growth since 1998, the U.S. property/casualty industry’s profitability continues its long downward trend, an industry leader said Tuesday. Speaking at the annual meeting of the...
Fitch Reports Insurance CDOs Allow Smaller U.S. Insurers to Access Capital Markets
Nov 17 2003 // Insurance collateralized debt obligations (CDOs) present a significant new opportunity for small to mid-sized insurers to raise long-term capital at rates far lower than current financing, according to an article appearing...
French Government Gets Another Month to Reach a Settlement in ELIC Case
Nov 17 2003 // Oct. 27 was supposed to be the “day of decision” for the French Government to sign (or not sign) an agreement, reached between the U.S. Attorney General’s (AG) Office in Los Angeles and representatives of...
Fitch Reports P/C Insurers’ Credit Exposure from Reinsurance Increases; Disputes Grow but Stay Small Relative to Surplus
Nov 14 2003 // U.S.-based insurers’ reinsurance credit exposures have increased significantly during a period in which the credit quality of the reinsurance industry has deteriorated, according to a new research report published by...
Adams Joins U.S. Risk’s Houston Office
Nov 10 2003 // U.S. Risk Insurance Group announced the addition of Ed Adams as senior broker in its Houston office. Adams will be handling a variety of property/casualty and professional brokerage accounts, as well as initiating new...
SCOR Posts $400 Million Nine-month Loss; Rating Agencies React
Nov 7 2003 // France’s SCOR Group, the world’s seventh largest reinsurer, announced a nine-month loss of 349 million euros ($400 million), prompting both A.M. Best and Moody’s to place their ratings on the company and...
AXIS Reports $147 Million Q3 Net
Nov 6 2003 // Another of Bermuda’s newer insurers, AXIS Capital, has reported excellent third quarter results. The company announced that its net income for the period rose to $147 million, or $0.90 per diluted share, compared to...
Big “I” Sees International Success with New Associate Member Status
Nov 4 2003 // The Independent Insurance Agents & Brokers of America announced that two Japanese brokers are the first international insurance professionals to join IIABA by taking advantage of its new “associate...
Rent Shield Announces $120 Million Lloyd’s Placement for Investment Property Risk
Nov 4 2003 // Toronto-based Rent Shield Corp, a provider of pass-through risk specialty insurance and reinsurance products, announced that it has received a Binding Agreement from Tysers International Insurance and Reinsurance Brokers...
U.S. Marine Insurers Respond to Post-9/11 World of Domestic Security Rules and Regulations
Nov 3 2003 // U.S. ocean marine insurers need to work in partnership with government and all components of the maritime trade in order to meet the challenges of operating in the post-9/11 environment, according to David French,...
French Government Gets Another Month to Reach a Settlement in ELIC Case
Nov 3 2003 // Oct. 27 was supposed to be the “day of decision” for the French Government to sign (or not sign) the agreement, reached between the U.S. Attorney General’s (AG) Office in Los Angeles and representatives...
The Reinsurance World 2003 – Capacity, Profitability and ‘The Cycle’
Nov 3 2003 // A year ago the reinsurance world had an optimistic side most companies had survived their exposures to 9/11 and premiums were rising. A pessimistic side reflected a 25 percent decline in capacity, thus limiting new...
