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Moody's Investors Service said it has downgraded loss-battered New York-based bond insurer Ambac Assurance Corp. and Ambac Assurance UK Ltd., dropping "Adequate" ratings for both to "Ba3" from "Baa1."
Do Eliot Spitzer's views on the financial crisis have value despite his exit in disgrace as New York's governor? Click to www.property-casualty.com to answer this week's NU online poll.
In NU's most recent online poll, 78 percent do not believe AIG will ever repay taxpayers for its federal bailout. NU Editor In Chief Sam Friedman assesses the odds for himself in his blog today at www.property-casualty.com.
Daytona Beach, Fla.-based insurance brokerage Brown & Brown said it has acquired W. R. Reed & Co. of Portland, Ore. Financial terms were not released.
Financially troubled Bermuda-based surety insurer Syncora Holdings Ltd. has been delisted from the New York Stock Exchange and will no longer file as a publicly traded company, the firm announced.
Catastrophe bond issuance activity is not expected to re-visit the record-breaking levels of 2007, but estimates currently put 2009 on track to supplant 2008 as the third-busiest year for cat bonds, according to a brokerage forecast.
The Nevada Surplus Lines Association said in cooperation with the Nevada Division of Insurance it has launched a television advertising campaign advising consumers to do thorough research before buying insurance.
Moody's Investors Service, citing the impact of stock market declines, downgraded the insurance financial strength rating of National Indemnity Company and the long-term issuer rating of its ultimate parent, Berkshire Hathaway Inc.
Cutting-edge technology and evolving business strategies will be revealed to insurers, reinsurers, producers and other insurance industry-related professionals attending the 2009 ACORD LOMA Insurance Systems Forum.
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