Last Thursday’s announcement that Michael Bright, the founder and CEO of the U.K.’s Independent Insurance Co., had resigned has ignited speculation in the City of London that the company is ripe for a takeover bid. Bright, who founded Independent in …
The Tokyo District Court, Japanese regulatory authorities and major creditors have all given final approval to American International Group’s takeover of failed insurer Chiyoda Mutual Life Insurance Co. Chiyoda filed for bankruptcy protection last October after running up a mountain …
According to California Department of Insurance (CDI) filings, Farmers Insurance and 21st Century Insurance have requested premium hikes averaging 6.9 percent for their property policies. Farmers Insurance and 21st Century Insurance have requested increases, which could raise individual homeowner rates …
The Surplus Line Association released its first quarter 2001 totals. The totals for processed surplus line premium is showing a 61 percent increase over first quarter 2000 levels. The increase, a reported $598,603,526 in premium, was due to some very …
The ratings of Aon Corp. (Aon) and fellow subsidiaries were put on CreditWatch with negative implications by Standard & Poor’s (S&P) on April 20. The rating action came subsequent to Aon’s announcement that it would be spinning off its underwriting …
According to preliminary estimates from the Insurance Services Office Inc’s (ISO) Property Claim Services (PCS) unit, U.S. property/casualty insurers will pay homeowners and businesses $705 million for insured property losses in the first quarter of in 2001. The total is …
Allstate Corporation, the second largest auto insurer, has received approval from seven state insurance departments to raise premiums rates on average of 3.3 percent. This increase comes after a raise in rates of about 12 percent throughout the U.S. during …
The Hartford Financial Services Group now offers enhanced commercial coverage to accommodate an e-economy. Since many small and mid-sized companies are expanding their use of the Internet to incorporate it as a business tool, they are now vulnerable to new …
{According to insurance agents in Iowa, residents of the state buy less insurance against water damage than people living in surrounding states. The Des Moines Register reports that Iowans may be under the mistaken impression that flood coverage is part …
According to a new study by the Insurance Research Council (IRC), a division of the American Institute for CPCU and the Insurance Institute of America, losses in Personal Injury Protection (PIP) claims rose by 79 percent from 1995 to 2000 …
