Insurance Journal » P&C Companies http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 17 Apr 2014 03:27:10 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Investor Protest Votes on Executive Pay Here to Stay http://www.insurancejournal.com/news/international/2012/05/08/246662.htm Tue, 08 May 2012 11:08:56 +0000 http://www.insurancejournal.com/?p=246662 Company directors will remain under pressure from shareholders over executive pay long after the market downturn ends and lawmakers stop the heckling that has helped prompt votes against remuneration policies at this year’s annual meetings. Investors and directors say the …

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Willis Warns Companies to ‘Wake up to Cyber Threats,’ Liabilities http://www.insurancejournal.com/news/international/2012/03/16/239820.htm Fri, 16 Mar 2012 10:56:34 +0000 http://www.insurancejournal.com/?p=239820 Company Directors must wake up to cyber threats or they risk litigation from all sides, warned  Francis Kean of Willis Group Holdings. Speaking at a Willis-hosted cyber liability conference in London this week, the Executive Director of Willis’ FINEX Global …

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Broker/Analyst Cheuvreux Urges Buffett to ‘Come to Europe’ http://www.insurancejournal.com/news/international/2011/11/04/222810.htm Fri, 04 Nov 2011 11:18:07 +0000 http://www.insurancejournal.com/?p=222810 Warren Buffett should come to Europe to tap regional champions at knock-down valuations, including in his favored sectors, Cheuvreux analysts said in an open ‘letter’ to the billionaire U.S. investor detailing their seven top picks. The firm, CA Cheuvreux, a …

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Japan Offers Help to Companies Hit by Thai Floods http://www.insurancejournal.com/news/international/2011/10/25/221424.htm Tue, 25 Oct 2011 10:41:17 +0000 http://www.insurancejournal.com/?p=221424 Japan has offered extra loans, insurance and a baht cash line to help Japanese companies in flood-ravaged Thailand, signaling growing concerns over the disaster’s impact on the world’s third biggest economy. Thai officials have said it could take as long …

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Hong Kong Stock Exchange Approves Listing of Guernsey Companies http://www.insurancejournal.com/news/international/2011/05/19/199203.htm Thu, 19 May 2011 10:24:20 +0000 http://www.insurancejournal.com/?p=199203 Guernsey has received the green light for its companies to list on the Hong Kong Stock Exchange (HKEx). The Exchange’s Listing Committee has “formally approved Guernsey as an acceptable overseas jurisdiction for the purpose of companies incorporated in the Island …

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FERMA Calls for ‘Mandatory’ Protocol for Broker/Company Transactions http://www.insurancejournal.com/news/international/2011/03/09/189554.htm Wed, 09 Mar 2011 11:16:47 +0000 http://www.insurancejournal.com/?p=189554 The Federation of European Risk Management Associations (FERMA) has issued a response concerning the revised European Insurance Mediation Directive (IMD), which states that it “should incorporate binding standards of transparency for brokers in their relationship with insurance buyers no matter …

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Minnesota Gov. Picks Rothman To Head Commerce Department http://www.insurancejournal.com/news/midwest/2011/01/07/116214.htm Thu, 06 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116214 Minnesota Gov. Mark Dayton has appointed Mike Rothman the new Commissioner of Commerce. The Department of Commerce and Revenue regulates the business of insurance in the state. Rothman was most recently an attorney with the firm of Winthrop & Weinstine …

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New York Insurers Applaud Plan to Merge State’s Regulatory Arms http://www.insurancejournal.com/news/east/2011/01/07/116219.htm Thu, 06 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116219 A key trade group for insurers in New York State applauded a proposal by Gov. Andrew Cuomo to merge the state’s insurance regulatory arm into a single agency overseeing insurance, banking and consumer protection. The proposal for the so-called Department …

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Best Upgrades Am. Country, Am. Service after Kingsway Public Offering http://www.insurancejournal.com/news/national/2011/01/07/116220.htm Thu, 06 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116220 A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘B’ (Fair) from ‘B-’ (Fair) and issuer credit ratings (ICR) to “bb” from “bb-” of American Country Insurance Company and American Service Insurance Company, Inc., both domiciled in Elk …

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Ratings Recap: Tokio Marine Pacific, Malaysian Re, Kazakhinstrakh, Ansvar http://www.insurancejournal.com/news/international/2011/01/07/116221.htm Thu, 06 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116221 A.M. Best Co. has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit rating of “aa-” of Guam-based Tokio Marine Pacific Insurance Limited (TMPI), both with stable outlooks. The ratings reflect TMPI’s “consistent growth in surplus and dominant …

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Bond Insurer Sues Goldman Sachs Over Abacus Deal http://www.insurancejournal.com/news/national/2011/01/07/116224.htm Thu, 06 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116224 Bond insurer ACA Financial Guaranty Corp. sued Goldman Sachs Group Inc. on Thursday, alleging it was deceived into insuring a transaction designed to fail and for which Goldman ultimately paid a $550 million civil penalty. Goldman Sachs paid the settlement …

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Midwest Insurers Austin Mutual and Cooperative Mutual Complete Merger http://www.insurancejournal.com/news/midwest/2011/01/07/116232.htm Thu, 06 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116232 Minnesota-based Austin Mutual Insurance Company, a regional property and casualty insurer, announced it has completed its merger with Cooperative Mutual Insurance Co. located in Omaha, Neb. The previously announced merger of the companies will result in projected combined assets of …

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Swiss Re Places $97 Million Windstorm Cat Bond for Groupama http://www.insurancejournal.com/news/international/2011/01/07/116244.htm Thu, 06 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116244 Swiss Re Capital Markets has successfully structured and placed €75 million [app. $97 million] of notes issued by Green Fields Capital Limited covering French windstorm events. “Green Fields is a newly established Irish special purpose company incorporated with limited liability,” …

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Maine Licenses Two New Insurers http://www.insurancejournal.com/news/east/2011/01/06/116191.htm Wed, 05 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116191 Maine has licensed two new workers’ comp insurers, one of them a new company that will begin writing this month, the state insurance department said. The first, Great Falls, which will begin offering policies this month, will be headquartered in …

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Berte To Run AIA Western Region http://www.insurancejournal.com/news/west/2011/01/06/116211.htm Wed, 05 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116211 The American Insurance Association (AIA) has announced that Marjorie Berte has joined the association as its new vice president for the Western Region. Berte’s career includes experience in both the public and private sectors, most recently with the state of …

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Ratings Recap: Century Insurance (Guam & Saipan), Taiping Re http://www.insurancejournal.com/news/international/2011/01/05/116154.htm Tue, 04 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116154 A.M. Best Co. has affirmed the financial strength rating of ‘B+’ (Good) and issuer credit rating of “bbb-” of Century Insurance Company (Guam) Ltd. (CIC Guam)and Century Insurance Co., Ltd. (CIC Saipan), headquartered in the Northern Mariana Islands. The outlook …

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Florida Workers’ Compensation Market Remains Competitive: Report http://www.insurancejournal.com/news/southeast/2011/01/05/116164.htm Tue, 04 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116164 Florida’s workers’ compensation market remains competitive with more than 250 private insurers writing coverage and only a fraction of business being funneled to the residual market. Also, availability does not appear to be a major concern in the aggregate, although …

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Swiss Re Concludes $170 Million Successor X Cat Bond Placement http://www.insurancejournal.com/news/international/2011/01/05/116140.htm Tue, 04 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116140 Swiss Re has obtained another $170 million in protection through the Successor X Ltd. catastrophe bond program, covering Australia earthquake, North Atlantic hurricane and California earthquake risks. “The combination of Australia earthquake risk with US peak natural catastrophe risks is …

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Dukes Named Tennessee VP for Keystone Insurers http://www.insurancejournal.com/news/southeast/2011/01/05/116142.htm Tue, 04 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116142 Doug Dukes has been named state vice president of Tennessee for Keystone Insurers Group. Dukes will manage Keystone’s expansion into Tennessee, slated to occur this month. Dukes most recently served as field and marketing representative for The Cincinnati Insurance Companies. …

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Insurers To Pay New York $120M for Premium Overcharges http://www.insurancejournal.com/news/east/2011/01/04/116090.htm Mon, 03 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116090 New York officials say four insurance groups have agreed to pay a total of about $120 million in excess workers’ compensation surcharges to the state. The attorney general’s office says the companies collected too much in surcharges on premiums from …

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Everest Re Group Finalizes Acquisition of Heartland Crop Insurance http://www.insurancejournal.com/news/international/2011/01/04/116096.htm Mon, 03 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116096 The Bermuda-based Everest Re Group has acquired the business and operations of Heartland Crop Insurance, Inc., a managing general agent, for $55 million plus the agreed upon value of the net assets of the agency, with an additional contingency of …

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Mapfre Global Risks Is Lead Insurer for Spanish Satellite http://www.insurancejournal.com/news/international/2011/01/04/116097.htm Mon, 03 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116097 MAPFRE GLOBAL RISKS is the leading insurer for the Spanish satellite of the communications operator HISPASAT, H1E, which was launched on the 29th of December from the Kourou base in French Guiana. MAPFRE GLOBAL RISKS said it had “insured both …

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Top Workers’ Compensation News in 2010 http://www.insurancejournal.com/news/national/2011/01/04/116099.htm Mon, 03 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116099 Soft market conditions with unabated price competition and a slow economy with reduced payrolls continued to affect commercial liens including the the workers’ compensation industry in 2010, as they did in 2009. Robert Hartwig, president of the Insurance Information Institute, …

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P/C Insurers Improve Personal Lines, Investment Results in Q3 http://www.insurancejournal.com/news/national/2011/01/04/116111.htm Mon, 03 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116111 The U.S. property/casualty industry generated improved operating results in the third quarter despite competitive market conditions, elevated catastrophe losses, the economic downturn and historically low investment yields. The industry’s net income improved to $29.9 billion for the nine months ended …

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Florida Approves Lower Collateral for Renaissance Re http://www.insurancejournal.com/news/southeast/2011/01/04/116119.htm Mon, 03 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116119 Bermuda-based Renaissance Reinsurance Ltd. has been approved to participate in Florida’s property reinsurance marketplace with modified collateral requirements. In 2007, Florida lawmakers passed legislation that authorized the Office of Insurance Regulation to establish lower collateral requirements for non-United States based …

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Toyota Says Subrogation By 7 Insurers for Acceleration Claims Is Meritless http://www.insurancejournal.com/news/national/2011/01/04/116137.htm Mon, 03 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116137 Seven automobile insurance firms have followed Allstate Insurance Co. in suing Toyota Motor Corp. to recover money they paid in claims for car crashes blamed on unintended acceleration of Toyota vehicles. The insurers’ court action has opened a new front …

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Six Keys to Harleysville’s Turnaround http://www.insurancejournal.com/news/east/2010/12/31/116059.htm Thu, 30 Dec 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=116059 Six years ago, Harleysville Group was in need of a big change. The Pennsylvania-based insurer had just come out of the worst performing year in its history. That’s when newly appointed CEO Michael Browne — who declared the company’s performance …

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Best Assigns ‘A’ Rating to Swiss-based Catlin Re http://www.insurancejournal.com/news/international/2010/12/31/116074.htm Thu, 30 Dec 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=116074 A.M. Best Europe – Rating Services Limited has assigned a financial strength rating of ‘A’ (Excellent) and an issuer credit rating (ICR) of “a” to Catlin Re Switzerland Ltd, the newly formed wholly owned subsidiary of Bermuda-based Catlin Group Limited …

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Willis Re: Overcapacity Keeps Renewal Rates in Reinsurance Down http://www.insurancejournal.com/news/international/2010/12/31/116056.htm Thu, 30 Dec 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=116056 “Overcapitalization in the reinsurance market continues to gradually push rates downwards with price reductions at the January 1, 2011 reinsurance renewals averaging between 5 percent and 10 percent, according to the latest assessment of the state of the marketplace for …

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Best Affirms Mitsui Sumitomo Insurance ‘A+ Ratings; Outlook Stable http://www.insurancejournal.com/news/international/2010/12/31/116057.htm Thu, 30 Dec 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=116057 A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and the issuer credit rating (ICR) of “aa” of Mitsui Sumitomo Insurance Company, Limited (MSI), as well as the FSR of ‘A+’ (Superior) and ICR of “aa” …

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