U.S. insurers are likely to pay out less than previously expected in claims caused by the earthquake that rattled Seattle on Feb. 28, according to preliminary estimates published March 16 by Insurance Services Office Inc. Measuring 6.8 on the Richter …
A lawyer hailing from Tennessee pleaded guilty Friday to conspiracy and money laundering in an insurance fraud scheme masterminded by Martin Frankel. Frankel allegedly purchased insurance companies in Tennessee, Mississippi, Arkansas, Oklahoma and Missouri under the umbrella of Thunor Trust. …
Amid signs that the property/casualty insurance market is improving, insurers’ prospects for greater profitability may actually be diminishing in today’s rapidly slowing economy, an industry leader warned. At present growth rates, the industry’s combined ratio is on track to be …
Thirteen members of the Senate Banking Committee recently expressed concern to trade representative Robert B. Zoellick that China may be attempting to back out of its commitments for compulsory reinsurance and large commercial risks. This latest controversy, aimed at China’s …
Zurich Financial Services Group and the Bank of Scotland have reached an agreement to provide banking services for Zurich’s 4.5 million U.K. customers. The products would include loans, mortgages and credit cards. The banking initiative, which is planned to start …
On Friday, the U.S. Senate voted 79-to-18 to remove a provision in the pending Bankruptcy Reform Bill that would have prevented Lloyd’s of London from pursuing a number of American “Names” for debts totaling around $50 million. The controversial provision, …
New York Superintendent Neil D. Levin announced that Andrew Hicks, 36, has been arrested on charges that he falsely acted in the capacity of an insurance broker. Hicks allegedly possessed and issued fictitious New York insurance identification cards with the …
Peter J. O’Shaughnessy has resigned as chairman of the board at Trinity E&S. Thomas J. Gassen, president of Trinity, will assume the duties as chairman. Gassen said Trinity will acquire O’Shaughnessy’s stock interest in the company. Until such time as …
In a decision that will affect roughly 130 employees, Farmers Insurance Group is closing its Southern California service center in Carlsbad. The process of closing the office officially began yesterday. Along with the closing of the Carlsbad center, the company …
Progressive Corp. customers can now make insurance payments, find local agents and get information about Progressive products by connecting to progressive.com using Web-enabled cellular phones. In a recent survey, Progressive found that consumers would be more loyal to insurance agents …
