What’s new: In brief (October 21, 2004)

A.M. Best has added issuer credit ratings to complement its financial strength ratings on insurers. The ICRs have already been assigned to non-operating holding companies, but will now be added for operating companies in the reinsurance and some non-U.S. markets. U.S. p&c or life insurers will not see the ratings generally.

Converium has seen its rating upgraded to “BBB-” from “BB+” by Fitch and confirmed at “Baa1” by Moody’s Investor Service. Both ratigns have a stable outlook. The actions follow a similar announcement by Standard & Poor’s, reflecting successful completion of the reinsurer’s US$420 million rights issue. Moody’s notes that the upcoming renewal season will be a crucial indicator of Coverium’s ability to re-position itself following the decision to run-off its U.S. reinsurance business.

The Toronto Insurance Women’s Association (TIWA) is welcoming new members to its November 16 dinner meeting. The “new members night” will feature guest speaker Joanne Saitos, a lawyer who will speak about claims issues and the Workplace Safety & Insurance Board (WSIB). For more information, visit www.tiwa.org.