A.M. Best Co. has revised the outlook to positive from stable and affirmed the issuer credit ratings (ICR) of “a-” and senior debt ratings of ACE Limited, based in Zurich, Switzerland, and ACE INA Holdings Inc.
In addition Best affirmed the financial strength ratings (FSR) of ‘A+’ (Superior) and ICRs of “aa-” of ACE Bermuda Insurance Ltd. and ACE Tempest Reinsurance Ltd. , both domiciled in Bermuda, as well as ACE American Pool and its members, ACE INA Insurance (Canada) and ACE European Group Limited (UK), the “core property/casualty operating companies.
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Bermuda-based PartnerRe Ltd. announced preliminary estimates of expected claims, relating to the recent explosion of the Deepwater Horizon Drilling Platform in the Gulf of Mexico, as in “the range of $60-$70 million.”
The bulletin added that these “losses are expected to be contained primarily within the Global Specialty and PARIS RE sub-segments.”
PartnerRe cautioned, however, that “the ultimate insured loss for this event is unclear given the multiple parties involved and the on-going situation regarding control of the oil spill.
“The Company estimates that insured losses from the explosion have the potential to exceed $1 billion.
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The Hartford Financial Services Group, Inc. reported first quarter 2010 net income of $319 million.
Property and casualty net income rose $145 million, to $257 million for the first quarter of 2010, compared with $112 million for the prior year period.
The Hartford’s P/C operations reported the first quarter 2010 combined ratio for ongoing operations, including prior year development and catastrophes, was 91.7 percent, compared with 89.9 percent in the prior year period. Excluding catastrophes, the current accident year combined ratio for ongoing operations for the first quarter of 2010 was 92.1 percent, compared with 90.0 percent for the prior year period.
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Aon Consulting, the human capital consulting business of Aon Corporation, announced two new appointments to its global leadership team.
Aon named Piyush Chaudhari to the position of CEO of Aon Consulting EMEA [Europe, Middle East, Africa], effective immediately. Chaudhari joined Aon Consulting in 2006, and held the positions of CEO of Global Benefits, and COO of Aon Consulting, responsible for strategy, human resources and marketing.
Aon said he would be “based in continental Europe and continue to lead Aon Consulting’s Global Benefits business.
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Torus announced that it has acquired Glacier Insurance AG, a subsidiary of the Glacier Group. The transaction is expected to be completed in May, 2010, subject to relevant regulatory approvals.
Glacier Insurance AG is headquartered in Liechtenstein. Torus noted that it has “branch offices in Zurich, Cologne and London.
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U.S. Congressman Charlie Melancon of Louisiana has urged federal administrators to direct disaster funding to Louisiana’s commercial and recreational fishermen as a result of the explosion and oil spill from the Deepwater Horizon rig off Louisiana’s coast.
In his letter to the head of NOAA’s Fisheries Service and the Secretary of Commerce, Rep. Melancon noted that the oil intrusion from the Deepwater Horizon oil rig disaster would likely damage the fragile habitats that Louisiana’s fishermen, oystermen, and shrimpers depend on.
In his letter, Melancon wrote that many fisheries and oyster beds in South Louisiana “are slated to open in the coming days and weeks.
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This week begins the first phase of a process that will see about 1 million North Carolina policyholders begin to receive refund checks from their auto insurance companies totaling more than $50 million.
The refund distribution is a result of the 2009 auto rate settlement with the insurers’ rating bureau, the North Carolina Rate Bureau (NCRB), that Commissioner Wayne Goodwin signed last July.
“These refund checks represent instances where North Carolina drivers were paying too much for their auto insurance, and I’m glad that these extra premium dollars plus interest will go back into their wallets,” said Goodwin.
The refund distribution will occur in two different waves, the first starting this week and the second starting on Nov.
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Florida based Insurance Office of America has added seven new producers.
Barry Nordstrom and David Mohn join IOA’s San Diego operation. Nordstrom and his team specialize in the insurance and risk management needs of real estate developers, builders and general contractors.
Mohn specializes in life and disability insurance, business succession, real estate planning and retirement services for business owners and executives.
Jeffrey Mann joins the Orange County office and will lead IOA’s California public entity practice.
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