A.M. Best Co. has assigned indicative ratings of 'bbb' senior debt, 'bbb-' subordinated debt, 'bbb-' preferred securities and 'bb+' preferred stock to Fund American Cos. under the White Mountains Insurance Group Ltd., (NYSE: WTM) Bermuda, existing $1 billion universal shelf registration.
A.M. Best Co. has assigned an 'a+' rating to the proposed $850 million convertible junior subordinated notes, due 2032, to be issued by Travelers Property Casualty Corp., Hartford, Conn.
Concurrently, A.M. Best has affirmed Travelers' 'aa- ' senior debt rating and the 'a+' rating for its...Read More
A.M. Best Co. has assigned an initial financial strength rating of A- (Excellent) to members of Builders Insurance Group, which operate under a business pooling arrangement that includes Builders Insurance (a mutual captive company) and Association Insurance Co., all of Atlanta.
The ratin...Read More
An A.M. Best statistical study published in the March 4 edition of BestWeek says the collapse of Reliance Insurance Co. will strain state property/casualty guaranty funds, and in combination with other disasters over the past year, may add to the strain on lower-rated secure companies.
A.M. Best Co. has downgraded the financial strength rating to D (Poor) from B- (Fair) for PAULA Insurance Company (PAULA), Pasadena, California, a subsidiary of PAULA Financial (NASDAQ: PFCO), and removed it from under review.
The rating had been under review since March 9, 2001, due to un...Read More
A.M. Best Co. has downgraded the financial strength rating of American Compensation Insurance Co. (ACIC), Bloomington, Minn., a subsidiary of RTW Inc. (NASDAQ: RTWI), to B- (Fair) from B+ (Very Good).
The rating action follows the ...Read More
The California Department of Insurance (CDI) announced today an enforcement action against Illinois-based broker-agent Bonding & Insurance Specialists Agency, Inc. An Order of Monetary Penalty and Reprimand has been issued ordering Bonding & Insurance Specialists Agency, Inc. to pay a fine of $100,0...Read More
A.M. Best Co. has lowered the financial strength ratings to B+ (Very Good) from B++ (Very Good) for the life/health subsidiaries of Cobalt Corporation, Milwaukee, and removed them from under review.
These rating actions reflect continued large losses at Compcare Health Services Insurance Corpor...Read More
A.M. Best reports that a move is a foot to put the federal government in charge of insurance regulation.
Rep. John LaFalce, D-N.Y., the top Democrat with the House Financial Services Committee, introduced a bill yesterday entitled, 'The Insurance Industry Modernization and Consumer Protection Ac...Read More
For a sixth consecutive year, the Builders Insurance Group Board of Directors announced today that it would return a dividend to its policyholders. In June, checks totaling more than $4.9 million will be distributed to thousands of qualified policyholders enrolled in the Builders Insurance (A Mutual...Read More