Reinsurance

Moody's Investors Service, citing the impact of stock market declines yesterday, downgraded the insurance financial strength rating of National Indemnity Company and the long-term issuer rating of its ultimate parent, Berkshire Hathaway Inc.

Sidney, Australia-based QBE Insurance Group Limited announced that John Rumpler, currently group general manager for credit and surety, will assume the post of chief executive officer of its Americas Division in June.

Pushed up by limited capacity, U.S. property-casualty reinsurance rates for April 1 renewals had increases up to 14 percent for national programs on a risk adjusted basis, a reinsurance brokerage reported.

The UK Financial Services Authority announced today that a tribunal has upheld its decision prohibiting the former chief executive at a General Reinsurance Group unit from working in financial services.

Promoting the conservation of natural resources and encouraging risk mitigation efforts along densely populated coastlines in the United States are the best avenues toward managing risk and reducing economic losses, RAA testified last month.

Former American International Group Chief Executive Officer Maurice Greenberg arrived on Capitol Hill last week to tell a House panel how the government should fix AIG, but heard a congressman call him the wrong witness because of his own legal problems.