All in the Family
James Gus Sdrales, 33, was sentenced in San Diego Superior Court on Dec. 3, to one year of work furlough and five years of felony probation as a result of his guilty plea to two felony counts of insurance fraud …
S&P Affirms Marsh & McLennan Cos.
Standard & Poor’s affirmed its ratings on Marsh & McLennan Companies (MMC). The outlook has been revised to stable from negative. The rating actions reflect the diversity and strength of MMC’s various operating businesses, excellent operating performance, and above-average debt …
S&P Lowers Atlantic Mutual
Standard & Poor’s lowered its various ratings on Atlantic Mutual Insurance Co. and its subsidiaries. At the same time, S&P revised its outlook on these companies to stable from negative. The ratings actions are based on Atlantic Mutual’s poor earnings, …
TIG Downgraded, C&F Affirmed
A.M. Best Co. downgraded the financial strength rating of TIG Insurance Group, Irving, Texas, from “A-” (Excellent) to “B++” (Very Good), affirmed the “A-” (Excellent) rating of Crum and Forster Insurance Group (C&F), Morristown, N.J., and removed both ratings from …
INSURERS TO RESOLVE 9/11 DISPUTES
A number of major U.S. insurance companies agreed to resolve inter-insurer disputes in relation to the Sept. 11 acts of terrorism through unfacilitated negotiation and mediation, rather than in court. The CPR Inter-Insurer Dispute Resolution Commitment for Disputes has been …
REGULATORY SYSTEM ANALYZED
The California system held up by a consumer group as a model for auto insurance regulation in fact may have kept California consumers from enjoying billions of dollars in premium reductions over the past decade. That’s among the key findings …
SAFECO EXPECTS ENRON LOSSES
Insurer SAFECO Corp. stated that it expects fourth-quarter profits to be cut by insurance policies sold to Enron Corp., investments it held in the bankrupt energy trader, and worse-than-expected losses in its homeowner insurance business. According to a Reuters report, …
CEA MARKS 5th ANNIVERSARY
The California Earthquake Authority (CEA) announced it is celebrating its five-year anniversary, having recently surpassed the $1 billion milestone for cash reserves. Back in December 1996, the CEA began providing earthquake coverage for residential property owners, condominium owners, mobile home …
NAII OPPOSES NV AMENDMENTS
According to the National Association of Independent Insurers (NAII), several amendments the Nevada Division of Insurance is considering to underwriting and rating regulations would result in huge administrative expenses for insurers and could hurt consumers who find it difficult to …
FRONTIER PACIFIC LIQUIDATED
Frontier Pacific Insurance Company, which was conserved because it is insolvent, was finally given the Liquidation Order on Dec. 3. Frontier Pacific, which is domiciled in California, is headquartered in San Diego and is a wholly owned subsidiary of Frontier …