Performance
A.M. Best Cuts Tower Group Rating to B from B++
On Friday, A.M. Best Co. announced that the rating agency has downgraded the financial strength rating (FSR) to B (Fair) from B++ (Good) of the pooled and reinsured members of the Tower US Pool. The ...
Tower Selling Stake in Canopius Group Limited, Boosting Reserves Again in Q3
Tower Group International, Ltd. (Tower) announced Tuesday that it has paid $70 million that was outstanding to its Bank of America credit facility using proceeds from the sale of a stake in Canopius ...
A.M. Best Says Deal May Resolve S.A.C. Re Reputational Risks
A.M. Best Co. commented Tuesday that the "A-minus" financial strength rating of and issuer credit rating of "a-" of S.A.C. Re, Ltd. are unchanged and the ratings remain under review with negative ...Fitch Affirms QBE Financial Strength at A+, Downgrades Issuer Default Rating
Fitch Ratings has affirmed the "A-plus" insurer financial strength (IFS) ratings for the subsidiaries of QBE Insurance Group, while downgrading the group's long-term issuer default rating (IDR) to ...Cultural Change Emerging at QBE NA, Duclos Says
During a Monday conference call on which QBE executives described details of an expected bottom-line loss of $250 million for 2013, the CEO of the North American operations said cultural changes are ...
Rate Gains Tapering in Commercial Lines: Towers Watson
Even though commercial insurance prices increased for the 11th straight quarter—rising by 5 percent in aggregate during third-quarter 2013—price gains are slowing down, according to Towers ...
Left and Right Are Both Wrong About Regulation: Bloomberg View
In 1981, President Ronald Reagan instructed federal agencies that they could issue regulations only after demonstrating that their benefits justified their costs. With modest changes, Reagan's ...
Tower Group Reports $500M Loss for Second-Quarter 2013, Job Cuts
On Friday, Tower announced a second-quarter loss of more than $0.5 billion, with previously disclosed reserve and goodwill charges contributing to the result. The company also said it is cutting ...