Five Star Upgraded
Irvine-based Five Star Insurance Company was assigned a rating of “A-” by A.M. Best. The company, which has a Financial Size Category of Class IV, previously had a “B+” rating. The rating outlook is stable.
If It Ain’t Broke, Don’t Fix It
Shahen Mirzayans, owner of Standard Auto Body Inc., was sentenced to 60 days in jail-or 30 days labor with a Caltrans road work crew-for falsely billing insurers, according to Los Angeles city officials. Undercover agents with the State Bureau of …
He Knee-ded to Tell the Truth
Jorge Benitez of Huntington Beach was arrested on June 9 on workers’ compensation fraud charges. According to CDI fraud investigators, the 47-year-old man claimed that on July 13, 1996, while employed at J.C. Penney, he had slipped and injured his …
Working Hard, Hardly Working
William Elmer Carson of Fresno was recently arrested on insurance fraud charges. CDI fraud investigators discovered that the 54-year-old man had exaggerated his medical condition to his treating physician and misrepresented his ability to work and receive income to his …
FREE MARKET TRADE USHERED IN
An agreement signed July 13 between the United States and Vietnam will mean an economic boost for the communist nation and a new market for U.S. goods. On Friday, Vietnamese Trade Minister Vu Khoan praised the deal, according to Associated …
VESTA COMPLETES CAT BOND DEAL
Vesta Insurance Group’s operating units have completed an insurance securitization transaction through the private placement of $50 million in catastrophe reinsurance-linked notes and common stock, according to Dow Jones Newswires. The move is expected to provide loss protection related to …
CONFERENCE FILLED WITH SUN & FUN
Independent agents and brokers are invited to attend the annual Conference & Expo 2000 hosted by the American Agents Alliance. The event will be held Aug. 30-Sept. 3 at the Hyatt Regency Hotel in San Diego. The five-day event offers …
CONSECO SHOWED HIM THE MONEY
When Conseco Inc.’s new chairman and chief executive, Gary C. Wendt, agreed last month to take the reins at the struggling company, it came at a price for the struggling insurer. The New York Times reported that Wendt was paid …
CLOSING ARGUMENTS FOR LLOYD’S
The British High Court heard closing statements on July 12 in the case of Lloyd’s vs. Jaffray, in which more than 200 Names claimed they were defrauded by Lloyd’s. The Names are a portion of the group that refused to …
INDUSTRY VETERAN PASSES AWAY
Vic Slevin passed away on July 8, 2000. Born in Iowa in 1920, Slevin joined the Arson Department in the National Board of Fire Underwriters’ (NBFU) San Francisco office in 1950. After a stint with the NFBU Adjustments Dept. in …