Neither Standard & Poor’s Financial Services Ratings Group nor investment bank Morgan Stanley is bullish on the reinsurance industry these days. S&P issued a report affirming its “negative outlook on the European reinsurance market,” and warned that it’s likely that …
X.L. America Inc. is consolidating the management of its U.S. specialty insurance programs under one newly formed business unit, XL Programs. XL Programs will partner with insurance program administrators to offer specialized insurance coverages to distinct market segments. Leveraging the …
In addition to the previously announced layoffs of 1,200 employees, Citigroup Inc. announced it would let go another 3,000 workers this year due to the economic downturn, according to Reuters. The world’s largest bank holding company (in terms of assets) …
New Jersey’s Department of Banking and Insurance is seeking to prolong the state’s largest automobile insurer’s presence in order to give State Farm’s 800,000-plus customers time to find alternative insurance before the company stops renewing policies. The company’s request, filed …
The National Auto Agents Alliance at its Board meeting in Atlanta, Ga., accepted an application for affiliation from the Latin American Agents Association. The LAAA is a three-year-old organization headquartered in Los Angeles. LAAA president Andre Urena stated: “We have …
The St. Paul Companies announced the formation of the Global Surety and Construction Group. According to the group’s newly appointed President Robert J. Lamendola, the formation of the Global Surety and Construction Group reflects strong growth in The St. Paul’s …
To protect its name and trademark, Nationwide, an international insurance and financial services leader, filed a federal trademark infringement suit against Florida-based Nationwide Insurance Group Inc. and The Nationwide Companies. Nationwide filed for a preliminary injunction in Federal District Court …
Rule makers over at TDI are huddling these days trying to decide how best to promul-gate regulations for the pending implementation of private passenger auto insurance by-the- mile for Texas drivers. The measure was born of HB 45 which essentially …
Some commentators on the mold issue compare it to the situation that insurers continue to face regarding asbestos. But does it have to be that way? While there are striking parallels, there are also significant differences. Perhaps the first thing …
The fight for Reliance Insurance Company’s (RIC’s) assets between the Pennsylvania Department of Insurance (PDI), which took over the failed insurer last June, and the creditors and investors of its parent company, Reliance Group Holdings (RGH), which has filed for …
