The California Insurance Guarantee Association (CIGA) is reporting a solid financial position three-quarters of the way through its fiscal year. The board heard that it is running surpluses across all lines and that workers’ compensation is leading with a surplus of over $1.3 billion. Across all lines, CIGA has a surplus of nearly $2.8 billion …
State Compensation Insurance Fund managers say California’s competitive workers’ comp market contributes to lower premium for the carrier. And broader economic forces are affecting its new business. But underwriting strategy changes, added to improvements to its expense and loss ratios, provided positive results for the quarter, including a 6.8% improvement in its combined loss ratio. …
A.M. Best Rates Employers Direct Ratings bureau A.M. Best Co. assigns a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to Employers Direct Insurance Company …
Ratings bureau A.M. Best Co. assigns a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to specialty workers’ compensation carrier Employers Direct Insurance Company of Agoura Hills. The outlook for both ratings is stable. Employers Direct is a wholly-owned subsidiary of Alleghany Corp., a Delaware-domiciled publicly traded holding corporation that …
Sunshine State Employers Get Good News from CFO Florida’s chief financial officer Alex Sink orders a 50-percent cut in the 2008 Workers’ Compensation Administration Trust Fund assessment rate. The order …
A.M. Best Co. leaves the financial strength rating of A (Excellent) and the issuer credit rating of “a” of Hannover Rueckversicherung AG unchanged following the company’s announcement that it has agreed to sell Praetorian Insurance Group to QBE Insurance Group. In the ratings bureau’s press release, A.M. Best reports that it views the transaction positively …
A.M. Best Company affirms the financial strength rating of B++ (Very Good) for Trustmark Insurance Company and Trustmark Life Insurance Company. It’s also upgraded the issuer credit ratings to bbb+ from bbb for both carriers. The upgrade of the ICR and the positive assignment of the FSR reflect Trustmark’s strengthened capital position after the sale …
A.M. Best Upgrades Majestic’s Financial Strength Rating A.M. Best Co. upgrades the financial strength rating of Majestic Insurance Company to A- (Excellent) from B++ (Very Good), removes the ratings from …