London-based Hiscox Plc, which operates in both the Lloyd’s and specialty lines markets, announced the launch of a unique broker “extranet system” to provide solutions for U.S. clients requiring terrorism cover of up to $25 million per building. “The Hiscox …
Standard & Poor’s announced that it has revised its outlook on the single-‘A’-minus financial strength and counterparty credit ratings on the French p/c insurer Les Mutuelles du Mans Assurances IARD, the parent and largest operating entity of the MMA group, …
Moody’s Investors Service announced that it has downgraded its financial strength ratings on the U.K.’s Royal & Sun Alliance by two levels from ‘A1’ to ‘A3’ and its commercial paper ratings by one level from ‘P-1’ to ‘P-2.’ The rating …
In a separate bulletin Standard & Poor’s explained the ratings downgrade of its long-term counterparty credit, insurer financial strength, and insurer financial enhancement ratings for Swiss-based multiline insurer Allianz Risk Transfer (ART) and its Bermuda and Dutch subsidiaries to double-‘A’-minus …
Zurich Financial Services (ZFS) announced the price of the 57.6 million new shares it intends to issue in a two-for-three rights offering will be SwF 65 ($43.75) per share, giving current holders a prima facia discount of 50 percent. The …
An official bulletin from the French Foreign Ministry confirmed that a team of French and U.S. investigators had found definitive evidence that the explosion and fire that engulfed the supertanker Limburg in the Gulf of Aden on Sunday was the …
Both Standard & Poor’s and Moody’s Investors Service announced Wednesday that they have downgraded their ratings on Germany’s Allianz AG, Europe’s largest insurer. S&P also announced that the ratings had been removed from CreditWatch, “where they were placed on Aug. …
Swiss Re’s latest Sigma report, No.4/2002, offers an analysis of the non-life insurance industry, and how it is adjusting to “two major shocks – the catastrophic losses of 2001 and the ongoing stock market meltdown.” The report discusses the reactions …
Yesterday was not a good one for German insurers. In addition to lowering its ratings on Allianz (see previous article), Standard & Poor’s also announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on Gerling-Konzern …
Montpelier Re Holdings successfully completed an initial public offering of 9.52 million of its shares priced between $20 and $22. The new Bermuda-based reinsurer raised around $190 million. The company was established after sept. 11 by White Mountains Insurance Group, …
