A new study by the Workers Compensation Research Institute (WCRI) indicates California workers’ comp claim costs increased at a double-digit rate, growing by 11 percent between 1997 and 1998 (as of 1999 experience). The study points out that both medical …
According to the American Insurance Association (AIA), despite continued opposition from the financial services industry, the California Assembly Banking Committee approved the state’s most controversial financial privacy measure of the 2001 session. Bill Gausewitz, AIA assistant vice president, western region …
Seattle-based SAFECO is taking a number of steps to cut losses and bring growth back to the company which has been in business since 1923. “The expenses we currently have were not a formula for success,” SAFECO President and CEO …
Under a new enterprise agreement, brokers and other professionals of Arthur J. Gallagher & Co. will have use of four risk management software products provided by Specific Software Solutions. According to the company, through exclusive web pages, worldwide Gallagher employees …
Fireman’s Fund Insurance Company announced it has liberalized its Scheduled Valuable Possessions coverage to afford affluent clients greater convenience and extra protection without extra cost when insuring valuables, such as jewelry, fine art, collectibles, silver and the like. According to …
The Alliance of American Insurers expressed strong disagreement with the American Insurance Association’s (AIA) new position endorsing an optional federal chartering plan for property and casualty insurers. Alliance President Rodger S. Lawson said the Alliance was particularly disappointed with this …
Losses from severe storms will cut into profits for Ohio Casualty Corp. for second-quarter earnings, increasing the loss the car, home and business insurer was slated to report for the quarter. Based in Fairfield, the company reported that catastrophe losses …
Benfield Group and SG, the corporate and investment banking arm of the Societe Generale group, announced the creation of a new insurance vehicle devoted to weather derivatives. The new company (created in Jersey) is called Celsius Insurance Limited and will …
Losses related to auto insurance continue to climb in the Atlantic region of Canada following a report released by The Insurance Bureau of Canada (IBC). According to Don Forgeron, regional vice-president of the IBC, costs continue on the upswing, with …
Seattle-based SAFECO appointed Michael LaRocco, a former vice president with GEICO, as president and chief operating officer of its $2.6-billion SAFECO Personal Insurance business. LaRocco, 44, has more than 20 years experience in the insurance industry. He most recently served …
