P&C Companies News

Minnesota Gov. Picks Rothman To Head Commerce Department

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 …

New York Insurers Applaud Plan to Merge State’s Regulatory Arms

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 …

Best Upgrades Am. Country, Am. Service after Kingsway Public Offering

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 …

Maine Licenses Two New Insurers

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 …

Berte To Run AIA Western Region

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 …

Swiss Re Concludes $170 Million Successor X Cat Bond Placement

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 …

Dukes Named Tennessee VP for Keystone Insurers

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. …

Ratings Recap: Century Insurance (Guam & Saipan), Taiping Re

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 …

Florida Workers’ Compensation Market Remains Competitive: Report

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 …

Insurers To Pay New York $120M for Premium Overcharges

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 …