September 26, 1992 |
Moody's Investors Service announced Friday that it had placed Prudential Insurance Co. of America and its subsidiaries on credit watch because of losses from Hurricane Andrew. Moody's became the third rating house in three days to downgrade some portion of Prudential. A.M. Best Co. placed Prudential Property & Casualty Insurance Co. on its watch list Thursday.
May 27, 2000 |
A.M. Best Co. said it downgraded three large carriers in the California workers' compensation insurance market, which Best said "has exhibited tremendous financial volatility and greater market instability than any other property/casualty business segment." State Compensation Insurance Fund of California was downgraded to B++ (very good) from A- (excellent) because of "continued deterioration of the fund's operating performance and aggressive premium growth in the volatile California market."
July 16, 1991 |
In what amounts to the largest U.S. life insurance company failure in history, Mutual Benefit Life Insurance Co. on Monday asked New Jersey regulators to take control of the company because of its sagging real estate investments and a run by its policyholders. New Jersey Insurance Commissioner Samuel Fortunato will submit a plan today in state Superior Court to rehabilitate the firm.
August 5, 1992 |
The American Bankers Assn. is close to winning support from key consumer groups for legislation permitting banks to sell insurance nationwide. In return, the bankers would agree to certain consumer safeguards in the legislation. The negotiations involve three giant consumer groups: the American Assn. of Retired Persons, the Consumer Federation of America and the National Insurance Consumer Organization.
February 25, 2003 |
Dominion Bond Rating Service won recognition from the Securities and Exchange Commission on Monday as a credit rating company, becoming the first new competitor to Moody's Investors Service, Standard & Poor's and Fitch Inc. in more than a decade. Toronto-based Dominion, which has 41 credit analysts, compared with about 1,000 at S&P, was designated a "nationally recognized statistical rating organization," or NRSRO. Previously, Moody's, S&P and Fitch were the only designated NRSROs.
August 11, 1998 |
Metropolitan Life Insurance Co., America's second-largest life insurer, said Monday it hired Goldman Sachs & Co. and Credit Suisse First Boston to advise it as it considers ways to sell stock to the public. Met Life hired the bankers within the last several weeks after interviewing about half a dozen candidates, according to Met Life spokesman Kevin Foley.
April 15, 1994 |
A.M. Best & Co. lowered its rating Thursday of giant Prudential Insurance Co., citing uncertainty caused by the continuing legal woes of the company's Wall Street brokerage, Prudential Securities Inc. Analysts viewed the ratings drop, although small, as a sign that the brokerage's limited-partnership debacle is having an impact on the parent company. They also warned it could affect Prudential's competitive position in selling new policies. Newark, N.J.
July 8, 1997 |
American International Group Inc. asked a California appeals court to reverse a lower court decision awarding the right to buy a financially troubled workers' compensation insurer to a rival company. New York-based AIG, ranked by A.M. Best Co. as the fourth-largest provider of U.S. property and casualty insurance, in April agreed to pay more than $1 billion for Golden Eagle Insurance Co., California's third-biggest workers' compensation insurer.
August 29, 1998 |
State Farm Mutual Automobile Insurance Co. on Friday agreed to pay $200 million to settle a class-action lawsuit charging it misled customers when it sold 4.4 million life insurance policies from 1982 to 1997. Bloomington, Ill.-based State Farm didn't admit to any wrongdoing and said it was settling to avoid a costly legal fight. "It's in everyone's best interest to settle this case," State Farm Executive Vice President Roger Tompkins said in a statement. State Farm, the largest insurer of U.S.