American International Group Inc. said the sale of one foreign insurer and the initial public offering of a second have raised enough money to repay a line of credit it has with the Federal Reserve Bank of New York.
ISO has launched a new vehicle decision tool that will provide insurers with a method of analyzing driving location risk using GPS data from telematics devices.
Standard & Poor's has raised Arch Capital Group's operating insurance and reinsurance companies' financial strength ratings to A-plus from A, reflecting the group's "strong management and well-conceived corporate strategy," according to the rating agency.
Fitch Ratings said it expects Lloyd's of London to report a reduced level of income in 2010 compared to 2009, but affirmed the company's Insurer Financial Strength rating of "A-plus."
A.M. Best Co. has downgraded the financial strength rating (FSR) and issuer credit rating (ICR) of British Petroleum's captive insurer, Jupiter Insurance Limited, over concerns regarding the Deepwater Horizon oil spill in the Gulf of Mexico.
The Deepwater Horizon oil spill disaster in the Gulf of Mexico could cost insurers up to $3.5 billion, Moody's said, but A.M. Best affirmed the oil rig owner's captive insurer rating despite the losses it faces.