News
A.M. Best Slashes Tower’s Financial Strength Ratings
Bad news for Tower Group International and its subsidiaries: A.M. Best has downgraded the insurer's financial strength ratings, as the carrier works through the steps of a planned merger with ACP Re. ...
Tower, ACP Re Amend Merger Deal
On Thursday, Tower Group International, Ltd. ("Tower") and ACP Re, Ltd. ("ACP Re") announced that they have amended their Jan. 3, 2014 merger agreement, reducing the per-share consideration and ...
International Fidelity Insurance Faces A.M. Best Review After Self-Reporting Statement Revisions
A.M. Best has placed the "A-minus" financial strength rating of Newark, N.J.-based surety writer International Fidelity Insurance Company (IFIC) under review with negative implications, following ...
Commercial Auto Insurers Canal and Lancer Get New A.M. Best Outlooks
Oldwick, N.J.-based A.M. Best issued revised outlooks for two commercial automobile insurance specialists yesterday—Canal Insurance Company and Lancer Insurance Company—changing Canal's outlook ...AIG Fined for Covering Canadian Clients With Cuba Ties
American International Group Inc. sold coverage to clients with ties to Cuba, a nation sanctioned by the U.S., when the insurer was owned by American taxpayers after its 2008 bailout. The insurer ...
U.S. Report: Climate Change Here, Deal With It
Climate change is in the here and now, according to a massive report issued on Tuesday. The White House's National Climate Assessment report is part of President Barack Obama's effort to prepare the ...
Company Data Breach Now Costs $3.5M on Average: Ponemon Study
The average cost of a corporate data breach increased 15 percent in the last year to $3.5 million, according to a study by the Ponemon Institute. The study also found that the cost incurred for each ...
As Expected, Munich Re’s Net Profit Fell During Q1
The world's largest reinsurer, Munich Re, reported an almost 5 percent drop in net profit in the first quarter, as a strong euro dragged down premium income. "Despite negative currency effects, we ...