Aflac Incorporated announced that it had been notified by Standard & Poor’s this afternoon that the rating agency had lowered Aflac’s financial strength rating from AA to AA- and the company’s debt rating from A to A- due to their concerns about the continued deterioration in global financial markets and Aflac’s investment exposure to [...]
CIFG Holding, Ltd., the holding company for CIFG’s financial guaranty subsidiaries, announced today that it, along with its principal shareholders, Banque Populaire Group and Caisse d’Epargne Group, has reached a final settlement with credit default swap counterparties and bondholders holding 98 percent of its gross par outstanding of ABS CDO exposures and certain specified CRE [...]
Advanced Settlements, Inc., one of the oldest and largest life settlement brokers in the nation, has created a Global Capital Markets Department to further its goal of increasing financing to settle policies. “The main function of the Global Capital Markets Department is to explore new funding sources for our customers,” said Scott Kirby, Co-President of [...]
Craford Benefit Consultants announc that Scott Beeber has joined the firm as Managing Director, Business Development. Beeber will be based in the firm’s San Rafael, California headquarters.
In this newly-created position, Beeber will lead and manage Craford’s business development and sales initiatives and will play a critical role in creating and managing strategic alliances and other [...]
A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and upgraded the issuer credit rating to “bbb+” from “bbb” of Interglobal Insurance Company Limited (Interglobal) (UK). The outlook for both ratings is stable.
The rating actions reflect Interglobal’s improving business position, good prospective earnings and strong risk-adjusted capitalization.
In A.M. Best’s opinion, Interglobal has [...]
NBT Bancorp Inc. confirmed that the company recently received a proposed allocation of funds under the U.S. Treasury Department’s Capital Purchase Program. However, NBT Bancorp has elected to not take part in the program.
“We are honored that the Treasury and our regulators have chosen NBT Bancorp as an institution worthy of participation in the Treasury’s [...]
A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of “a+” of Mondial Assistance International AG (MAIAG) (formerly Elvia Reiseversicherungs-Gesellschaft AG) (Switzerland) and its subsidiary, the Jefferson Insurance Company (New York). The outlook for all ratings remains stable.
The ratings reflect MAIAG’s excellent business profile as [...]
PartnerRe Ltd. announced executive changes in its U.S. operations.
Scott Moore, President and CEO of PartnerRe U.S., has advised the Company of his decision to retire. Effective January 1, 2009, Tad Walker, Chief Underwriting Officer of PartnerRe U.S., succeeds Mr. Moore as President and CEO of the U.S. operations. Mr. Moore will remain with the Company [...]
Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL BH) today announced that the estimated total return on its overall investment portfolio, including unrealized gains and losses, for the quarter ended December 31, 2008 is positive 1.0% and for the year ended December 31, 2008 is negative 1.7%. The estimated total principal increase on its overall [...]
Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL BH) today announced that the estimated total return on its overall investment portfolio, including unrealized gains and losses, for the quarter ended December 31, 2008 is positive 1.0% and for the year ended December 31, 2008 is negative 1.7%. The estimated total principal increase on its overall [...]
