News

Moody's Investors Service, citing the impact of stock market declines yesterday, downgraded the insurance financial strength rating of National Indemnity Company and the long-term issuer rating of its ultimate parent, Berkshire Hathaway Inc.

Larger insurance brokers are expected to see improvements in earnings as the market cycle begins to turn, but middle market brokers may still suffer from the effects of the economic downturn, according to a financial analyst's report.

U.S. property-casualty insurers in the 2008 fourth quarter chalked up a $1.69 billion loss compared with a $12.9 billion profit the year before, Insurance Services Office and the Property Casualty Insurers Association of America (PCI) reported.

The Risk and Insurance Management Society (RIMS) said it has launched a new online networking platform for RIMS members.

Guy Carpenter & Company reinsurance brokerage said yesterday it had successfully completed the previously announced acquisition of John B. Collins Associates, Inc. Financial terms were not disclosed.

Hamilton, Bermuda-based insurer Validus Holdings Ltd. vowed it would fight to take over IPC Holdings Ltd. after the company's board said yesterday that it thought merging with Max Capital Group Ltd. was a better deal.