What’s New: In Brief (January 31, 2008)

A.M. Best Co. has upgraded the financial strength rating to A+ (superior) from A (excellent) for Munich Re America Corporation Group and its member companies.
The rating upgrade reflects “the significant level of support provided by MRAC’s ultimate parent, Munich Reinsurance Company, as well as MRAC’s enhanced returns, substantial improvement in risk-adjusted capitalization and continued progress in operational and risk management controls,” an A.M. Best statement says.
“While the overall integration of process has proceeded successfully, the group’s underwriting discipline and controls will be tested through the current softening in the reinsurance cycle,” it adds.

FM Global has donated US$525,000 to the Spencer Educational Foundation.
The donation, funded by the FM Global Foundation, signifies the largest contribution to Spencer Educational Foundation in its 29-year history, a Risk & Insurance Management Society release says.
Some of the funds from FM Global’s contribution will go towards funding grant requests for creating course curricula at universities around the world to ensure the development of risk managers who understand the value of engineering in loss prevention, the statement adds.
The remaining funds will go towards annual FM Global scholarship awards for students pursuing a degree in risk management or insurance.