Torrential rains, which have already been responsible for flash floods and landslides that have killed an estimated 250 people, are continuing in China’s heavily populated Hunan Province, raising threats of a widespread disaster. The Yangtze River is approaching flood levels …
Bermuda-based PartnerRe Ltd. reports that claims from its exposures to flooding currently impacting Europe are expected to approximate $100 million. Over the past week, heavy rainfall has flooded much of eastern and central Europe. Precipitation in several areas is the …
Moody’s Investors Service announced that it has “placed the ratings of the Royal & Sun Alliance Insurance Group under review for possible downgrade.” R&SA has been selling off a number of assets in an effort to raise around £800 million …
Even as German Chancellor Schroeder met with other European leaders in Berlin on Sunday to find ways of dealing with the unprecedented floods sweeping across Eastern Europe, workers in Budapest struggled to contain the waters of the Danube from surging …
A.M. Best Co. has downgraded the financial strength rating to C++ (Marginal) from B (Fair) of the property/casualty subsidiaries of Optimum General Inc. The subsidiaries include: Optimum Farm Insurance, Optimum Insurance Company (both of Quebec), Optimum Frontier Insurance Company (Ontario), …
Standard & Poor’s has assigned its triple-‘B’-plus insurer financial strength and counterparty credit ratings to Taiwan-based Chung Kuo Insurance Co. Ltd. (Chung Kuo), based on the company’s strong capitalization, prudent investment profile, and satisfactory underwriting performance. The strengths are counterbalanced …
Standard & Poor’s has assigned its triple-‘B’-minus counterparty credit rating to Canadian-based Odyssey Re Holdings Corp. The outlook is stable. Standard & Poor’s also said that it assigned its preliminary triple-‘B’-minus senior debt, double-‘B’-plus subordinated debt, and double-‘B’ preferred stock …
Standard & Poor’s said that although the European reinsurance market is expected to remain hard beyond 2003, it maintains its negative outlook for the industry for the fifth year running, due to uncertainty over the long-term sustainability of rate increases. …
A.M. Best Co. has assigned an “a-” rating to Bermuda-based XL Capital Ltd.’s pending issue of 8,000,000 of 8.0 percent Series A preference ordinary shares, which may be increased by 1,200,000 if the over allotment feature is exercised. Additionally, the …
Standard & Poor’s Ratings Services said that its ratings and outlook on Belgium- based insurer ACE Insurance S.A.—N.V. will not be affected at this time by the company’s reported negative net income of $90.4 million for the year ended Dec. …
