Property/casualty insurers will pay $330 million to homeowners and businesses for insured property damage from the earthquake that struck Seattle and nearby areas of Washington and Oregon, according to preliminary estimates by Insurance Services Office’s Property Claim Services unit. The …
The Workers’ Compensation Reinsurance Association Board of Directors has approved a surplus distribution of $310 million to Minnesota employers and insurance companies. Including the current $310 million distribution, the WCRA has distributed surplus funds totaling $1.23 billion to Minnesota employers …
The State Department is opposed to a provision in the pending Bankruptcy Reform Bill that would effectively prevent Lloyd’s from collecting money from several hundred wealthy American “Names” who have refused to pay judgments. The New York Times reported the …
A recent study released by Swiss Re, confirms that insured catastrophe losses for 2000 totaled $10.6 billion, falling significantly below those in 1999, which reached $32.9 billion.The survey also concluded that p/c reinsurance rates were on the rise, but warned …
Australia’s HIH Insurance has placed itself in provisional liquidation following its failure to obtain sufficient funds to continue operations. Administrators at KPMG, an international accounting and consulting firm, will begin the runoff, repaying policyholder claims and creditors, notably Wespac Bank, …
Australia’s HIH Insurance has placed itself in provisional liquidation following its failure to obtain sufficient funds to continue operations. Administrators at KPMG, an international accounting and consulting firm, will begin the runoff, repaying policyholder claims and creditors, notably Wespac Bank, …
InsurBanc has received conditional deposit insurance approval from the Federal Deposit Insurance Corp. Last November, InsurBanc received conditional approval for a federal thrift charter. Once all conditions are met InsurBanc will open for business in Massachusetts, Connecticut and New Jersey. …
The dire condition of California’s workers’ comp market was reaffirmed Wednesday during the second in a series of hearings held by Assembly Insurance Committee Chairman Thomas Calderon. ABL Lobbyist John Norwood presented the results of a recent IBA West member …
A federal task force investigating Lloyd’s of London have begun interviews of witnesses in California regarding a $400,000 payment made to the state by Lloyd’s in 1999, according to a Los Angeles Times article. The U.S. Justice Department’s criminal investigation …
The Independent Insurance Agents of America is supporting a new bipartisan congressional proposal that would boost retirement savings. Reps. Rob Portman, R-Ohio, and Ben Cardin, D-Md., offered the Comprehensive Retirement Security and Pension Reform Act. Over 200 bipartisan House members …
