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  • A.M. Best Places Ratings of Liberty Life Insurance Company Under Review With Negative Implications
  • A.M. Best Downgrades Issuer Credit Rating of Southern General Underwriters Insurance Company
  • A.M. Best Affirms Ratings of Colonial Group International Ltd's Operating Subsidiaries
  • A.M. Best Affirms Ratings of Flagstone Alliance Insurance and Reinsurance PLC
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    Ask the Editor
    Mark Dobrow
    News Editor, BestDay

    Thursday, September 09, 2010

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    Martin J. Sullivan has been appointed deputy chairman of Willis Group Holdings plc and chairman and CEO of a new business unit, Willis Global Solutions.

    Willis Group Holdings Names Former AIG CEO Sullivan as Deputy Chairman

    Former American International Group Inc. Chief Executive Officer Martin J. Sullivan has joined Willis Group Holdings plc as deputy chairman and will lead a new business unit designed to attract more global clients. 9/8/2010 3:57:02 PM » Full Story


    International Cooperative and Mutual Insurance Federation Chief Executive Shaun Tarbuck.

    Mutuals Keep Pushing to Grow Market Share

    Mutual insurance companies are on track to record another strong year for premium growth in 2009 once numbers are finalized, according to a global trade group for the sector. 9/8/2010 12:53:40 PM » Full Story


    Dirk A. Kempthorne has been named next president and CEO of The American Council of Life Insurers.

    ACLI Names Former Interior Secretary, Idaho Governor as CEO

    The American Council of Life Insurers named former U.S. Secretary of the Interior and Idaho Gov. Dirk A. Kempthorne as its next president and CEO, effective Nov. 3. He will replace Frank Keating, a former Oklahoma governor who has led ACLI since January 2003. 9/8/2010 3:23:40 PM » Full Story

    Asia/Pacific

    People in Insurance

    Ratings

    • A.M. Best Assigns Ratings to American Retirement Life Insurance Company: A.M. Best Co. has assigned a financial strength rating (FSR) of B++ (Good) and issuer credit rating (ICR) of “bbb+” to American Retirement Life Insurance Company (ARLIC), a subsidiary of Loyal American Life Insurance Company (Loyal) (Cincinnati, OH), which in turn is indirectly owned by Great American Financial Resources, Inc. (GAFRI), a wholly owned subsidiary of American Financial Group, Inc. [NYSE: AFG]. The outlook assigned to both ratings is stable. » Full Story
    • A.M. Best Places Ratings of General Fidelity Ins. Co. Under Review Negative; Comments on Ratings of TIG Ins. Co.: A.M. Best Co. has placed under review with negative implications the financial strength rating (FSR) of A- (Excellent) and issuer credit rating (ICR) of “a-” of General Fidelity Insurance Company (GFIC) (Columbia, SC). Concurrently, A.M. Best has commented that the FSR of B+ (Good) and ICR of “bbb-” of TIG Insurance Company (TIC) are unchanged by its recent acquisition of GFIC, as TIC’s level of risk-adjusted capital remains supportive of its ratings following the consolidation of GFIC. TIC is an indirect, wholly owned subsidiary of Fairfax Financial Holdings Limited. » Full Story
    • A.M. Best Withdraws Ratings of Colonial Life Insurance Company (Trinidad) Limited: A.M. Best Co. has withdrawn the financial strength rating of C (Weak) and issuer credit rating (ICR) of “ccc” of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago) and assigned an NR-5 (Not Formally Followed) to the FSR and an “nr” to the ICR. The ratings have been removed from under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. » Full Story

    United Kingdom

    • Equitable Life Steps Up Pressure for Compensation: The management of the failed U.K. mutual life insurer Equitable Life Assurance Society has increased pressure on the government in its long-running attempt to win "fair and transparent payments" for policyholders affected by the earlier collapse of the company. » Full Story

    A.M. Best Reports

    • A.M. Best Special Report: Canada Manages Effectively Through Turbulent Times: Canadian insurers were able to rebound in 2009 from difficult market conditions in 2008. Capitalization improved for the property/casualty (P/C) industry, benefiting from realized and unrealized gains in 2009. Life insurers’ premium income declined, though favorable trends have emerged in balance sheet and product de-risking and access to the capital markets. » Full Story
    • A.M. Best Special Report: Healthy Earnings Mask Looming Challenges for Global Reinsurers: Robust earnings reports mask challenges ahead for the global reinsurance industry: a convergence of market pressures, low interest rates and tightening financial and market regulations that could impact the industry’s capital. These global and multifaceted effects could be compounded by any significant catastrophe, including hurricanes that develop in what’s predicted to be an active season in the Atlantic basin. Prudent reinsurers are looking at every aspect of their operations—capital management, underwriting discipline, the size of their balance sheets and even their countries of domicile. » Full Story
     
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