Insurance news

• Kingstone confident on AM Best upgrade

  18-03-2017 02:08
  Kingstone Companies CEO Barry Goldstein says he is confident the
  New York-based insurer can secure an A rating from AM Best
  following a capital raise.
  The carrier is also seeking to reduce its dependence on
  reinsurance by halving an existing 40 percent quota share when it
  renews this summer.
  Speaking on the insurer's fourth quarter earnings call,
  Goldstein said an upgrade from its B++ financial strength rating
  would open doors that had previously been closed to the
  company.
  He said...
  
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• Hancock denied bonus but gets $5mn for AIG transition

  18-03-2017 02:08
  AIG will not pay its outgoing CEO Peter Hancock a cash bonus for
  last year after the insurance giant was forced to swallow a number
  of significant reserve charges, but he will be paid $5mn for
  staying on during a transition period.
  In a US Securities and Exchange Commission filing, AIG said that
  Hancock would not receive a 2016 short-term incentive award that
  could have amounted to $3.2mn, based on the 2015 target amount.
  The insurer said the executive could...
  
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