American International Group Inc., the insurer that repaid a U.S. bailout in late 2012, has been upgraded by Fitch Ratings after buying back bonds and improving results at its units. The rating on senior debt was lifted to BBB+ from …
Fitch Ratings has affirmed the “A” rating on California Earthquake Authority’s outstanding fixed-rate revenue bonds, which mature on July 1, 2016. Fitch has also affirmed CEA’s Issuer Default Rating (IDR) at “A.” The Rating Outlook is Stable. “The ratings reflect …
Property/casualty industry prior-year loss reserves have developed favorably for seven straight calendar years, according to a report from Fitch Ratings, which also said the industry’s reserve position remains adequate overall. Fitch Ratings found the industry reserve position to be adequate …
If Congress fails to renew or makes significant changes to the federal government’s terrorism risk insurance program, some insurers will be forced to significantly alter their underwriting portfolios to reduce terrorism exposures. Also specialty or monoline workers’ compensation or commercial …
Fitch Ratings has maintained its stable outlook for both the commercial and personal lines sectors of the U.S. property/casualty insurance industry. Insurers have withstood less favorable underwriting and economic conditions in the past several years, leading to weaker profitability. However, …
Major credit rating agencies won a fresh legal victory on Monday when a federal appeals court rejected a lawsuit by Ohio pension funds that sought to recoup millions of dollars of losses on risky mortgage debt they said were based …
Even an extreme $40 billion scenario for property/casualty insurance industry losses from Hurricane Sandy would not drive material rating changes for insurers, analysts at Fitch Ratings said today. In a report providing a sensitivity analysis of the event for 10 …
As the insurance industry makes assessments for superstorm Sandy’s impact, analysts say there is now the potential for significant business interruption (BI) and contingent business interruption (CBI) losses. Fitch Ratings said that while many lines of insurance will be affected …
U.S. property/casualty insurers’ operating performance improved significantly in the first half of 2012, according to Fitch Ratings. The aggregate combined ratio of 47 publicly traded property/casualty (re)insurers improved to 96.2 percent through mid-year 2012 from 107.9 percent in the prior …
Sufficient capacity remains available in the insurance and reinsurance markets to meet the demand for coverage prior to the approaching U.S. hurricane season, according to Fitch Ratings. Early forecasts for the 2012 U.S. hurricane season are that the North Atlantic …
