Fitch Upgrades Mitsui Sumitomo Insurance to ‘A+’

Article 0 Comments Fitch Ratings has upgraded the insurer financial strength (IFS) ratings of Japanese insurer Mitsui Sumitomo Insurance to “A+” (Strong) from “A”. Fitch also affirmed MSI’s issuer default rating (IDR) of “A” and the rating on its subordinated debt at “A-“. The “under criteria observation” status on the […]

China’s Ant Financial Buys UK Payments Company WorldFirst

Article 0 Comments Ant Financial, the Chinese financial services giant controlled by billionaire Jack Ma, bought London-based payments company WorldFirst in its biggest overseas deal since a U.S. expansion was thwarted. The acquisition marks the Chinese company’s first big move into the U.K., although its Alipay service is accepted by […]

Financial Stability Board Chair Targets Unknown Threats

Article 0 Comments The Financial Stability Board needs to commit more resources to identifying new threats while reviewing existing reforms for refinement, its chair said Sunday. Randal Quarles, who took over as chair of the FSB in November and is the U.S. Federal Reserve’s vice chair for supervision, aims to […]

QBE North America Launches Business Unit for Financial Institutions

Article 0 Comments QBE North America has launched QBE Integrated Advantage for Financial Institutions—a new dedicated business unit specializing in the segment The new unit offers customers access to a single team organized under a one leader that comprises financial institutions professionals in underwriting, claims, global risk solutions, distribution and […]

Finland’s Sampo Names Magnusson as CEO and President, Succeeding Stadigh

Article 0 Comments Nordic insurance and financial holding group Sampo said on Thursday that Torbjorn Magnusson would take over as chief executive and president from Kari Stadigh next year, as well as becoming chairman of Nordea. “Torbjorn Magnusson will immediately start focusing on his new responsibilities. The Sampo and IF […]

AM Best Upgrades Credit Ratings of Auto Club Insurance Co. of Florida

Article 0 Comments AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” from “bbb+” of Auto Club Insurance Company of Florida (ACICF), headquartered in Tampa, Fla., and AAA’s Florida-based insurer. The outlook of these Credit Ratings remains […]

AM Best Upgrades Credit Ratings of Oklahoma Farm Bureau Mutual Group

Article 0 Comments AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Ratings to “bbb” from “bbb-” for the members of the Oklahoma Farm Bureau Group: Oklahoma Farm Bureau Mutual Insurance Co. and its wholly owned subsidiary, AgSecurity Insurance Co., […]

Credit Ratings of South Dakota’s Northwest G.F. Mutual Insurance Upgraded

Article 0 Comments AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” from “bbb-” of Northwest G.F. Mutual Insurance Co. (NWGF), a small farm and personal lines insurer in Eureka, South Dakota. The outlook for these ratings […]

UK’s Financial Services Industry Still Unscathed from Brexit Uncertainty: Reuters

Article 0 Comments Britain’s financial services industry has emerged largely unscathed so far from the build-up to Brexit, with about 2,000 roles expected to have moved or been created overseas even as the risk of a disorderly exit grows, a new Reuters survey showed. Many bankers and politicians predicted Britain’s […]

Australia Inquiry into Financial Sector Scandals Seen to Give Reprieve to Banks

Article 0 Comments Australia financial shares surged the most in a decade after an inquiry into decades of wrongdoing stopped short of demanding a structural overhaul of the scandal-plagued industry or tighter lending rules that threatened to crunch bank profits. While banks will face a tougher future with regulators empowered […]