Allstate Floridian Insurance Group, which changed its name last week to Castle Key Group to "clarify" that it is separately capitalized from Allstate Insurance Company, has been downgraded by A.M. Best Co.

Fitch Ratings has placed the "A-minus" ratings of Bermuda-based Flagstone Reinsurance Holdings, Ltd. on Rating Watch Negative in response to Flagstone's $1.8 billion offer to acquire IPC Holdings, Ltd.

Two Allstate subsidiaries in Florida have changed names to clarify that they are separately capitalized from Allstate Insurance Company.

Pembroke, Bermuda-based PartnerRe said it will acquire French-listed, Swiss-based reinsurer Paris Re in an estimated $2 billion stock-for-stock transaction.

The sudden death of Michael Jackson might trigger one of the biggest event cancellation claims in the insurance industry's history, as speculation about coverage for 50 sold-out performances scheduled at London's O2 Arena ran rampant last week.

Bermuda insurance and reinsurance markets face challenges this year after a difficult 2008, but high-quality investment portfolios and strong enterprise risk management capabilities should help soften the blow, a new study said.

An event cancellation claim by the promoter of Michael Jackson's planned London concerts could be complicated by medical questions surrounding his death, a legal expert said.

American International Group shareholders at the firm's annual meeting voted down a proposal to have executives hold shares in the company until two years after their employment ended.