News

U.S. property-casualty insurers have weathered the global financial crisis well because of a superior risk management model, Robert Hartwig, president of the Insurance Information Institute, told an industry conference today.

Despite international efforts that have suppressed some attacks on Gulf of Aden shipping, the piracy problem is escalating along with a 10-fold increase in vessel insurance rates, a maritime expert said.

Coral Insurance Company, a Florida residential property insurer with 11,750 homeowner policyholders, has been put in receivership, the Florida Department of Financial Services announced yesterday.

A.M. Best Co. said it has revised Liberty Mutual Group's outlook to negative from stable for its financial strength and issuer credit ratings due to the group's "sizable deterioration" in overall capitalization.

A.M. Best Co. said it has removed the "under-review" status from the "A-minus" financial strength ratings of the operating subsidiaries of Ironshore after assessing management's execution of a new business plan.

Paris-based credit insurer Coface, which evaluates global political and financial risk, said financial risk has increased at 22 Countries.