The loss estimates for Australia’s HIH continue to mount. Last May they appeared to have leveled off at around U.S.$2.1 billion, but new information released by the liquidators now show they could go as high as U.S. $2.8 billion. HIH …
Standard & Poor’s addressed the recent weakness in the Japanese stock market, stating that “the current level of Japanese stock prices is within the tolerance of its counterparty ratings on Japanese banks and insurance companies.” The Nikkei stock average dropped …
Fortis, the Dutch-Belgian financial services group, announced that overall net operating profit rose 4 percent to €1.54 billion ($1.41 billion) during the first half of the year, helped by the sale of Fortis Financial Group to Hartford Financial Services and …
The battle over New Jersey’s auto insurance rates and regulations, which began when State Farm Indemnity, the largest writer in the State, announced its intention to withdraw from the market, continues to rage as the IIANJ, the AIA and A.M. …
North Hollywood insurance broker Shahin Sean Pelaseyed was sentenced to 180 days in county jail and five years probation by a Van Nuys District Superior Court. The sentencing comes six months after Pelaseyed pled no contest to one felony count …
An eight-month joint investigation conducted by investigators from the CDI Criminal Investigations Branch’s Fraud Division, the California Highway Patrol and the National Insurance Crime Bureau (NICB) resulted in the felony arrests of Turhan Folse, 54, aka Turhan Quinlan, aka John …
S&P took rating actions on Acceptance Insurance Companies Inc. (AICI) and its insurance operating subsidiaries. S&P downgraded American Growers Insurance Co. (AGIC) because of declining earnings and uncertain prospects for recovery in the near term. Acceptance Insurance Co. (AIC) was …
S&P placed its ratings on Nationwide Financial Services Inc. (NFS) and related entities on CreditWatch with negative implications. At the same time, S&P placed its ratings on Provident Mutual Life & Annuity Co. of America (PMLAA) and Provident Mutual Life …
On Aug. 6, Standard & Poor’s (S&P) placed its “AA-” counterparty credit and financial strength rating (FSR) on Fireman’s Fund Insurance Co. (FFIC) and related entities on CreditWatch with negative implications. The rating implications reflect S&P’s concerns about FFIC’s continuing …
Pennsylvania Insurance Commissioner Diane Koken announced that the State’s Commonwealth Court granted the Department’s petition to place PHICO Insurance Company of Mechanicsburg under rehabilitation. The move was triggered when PHICO, which specializes in medical malpractice coverage, filed a late quarterly …
