E&S/Specialty

A.M. Best has downgraded specialty insurer BancInsure Inc.s B-plus-plus financial strength rating to B with a negative outlook due to marked deterioration in BancInsures operating performance after the initial impact of the recession and financial market downturn in 2008.

Cruise operator Carnival Corp. says it has insurance coverage for damage and could face losses of up to $95 million after luxury cruise ship Costa Concordia ran aground off the coast of Italy on Jan. 13.

The worlds largest shipping company is adding to its fleet by having built 20 of the worlds largest shipseach with the ability to haul 18,000 containers. With that many containers making the trek aboard the same vessel, insurers will bear the brunt of a vast array lossesfrom potentially multiple clients.

Property and casualty carrier employment remained flat in November 2011 relative to the month prior, and agent and broker employment in the month rose to its second-highest level in nearly two years, according to an Insurance Information Institute analysis of U.S. Bureau of Labor Statistics figures.

Australias QBE Insurance Group says a record level of catastrophe claims in 2011 prompted the company to warn investors that its profit will be down up to 50 percent.

Three Bermuda-based insurers have chimed in with loss estimates related to flooding in Thailand, adding perspective to what market experts call a $10 billion-plus loss event.