Levels of e-business development Despite the desire to deepen customer relationships, reduce costs and develop new sources of revenue, few have gone far in terms of creating distinctive web-enabled services. To date, only the dot-com insurers and the most advanced …
Standard & Poor’s affirmed the double-‘A’ counterparty credit ratings and insurer financial strength ratings on the principle operating entities of Australian insurer AMP, but changed the outlook from stable to negative. “AMP’s Australian market position remains very strong,” said the …
Swiss Re announced that it had completed the acquisition of MetLife subsidiary Conning Corporation as per the agreement reached last April. The terms of the transaction were not disclosed. Conning, which specializes “in asset management for insurance company investment portfolios, …
A.M. Best announced that it has downgraded the financial strength rating of Bermuda-based Stockton Reinsurance Ltd. from A- (Excellent) to B++ (Very Good) following a review of the reinsurer’s financial condition. Best sited the substantial losses Stockton Re has sustained …
Taylor Cosby, American Insurance Ass’n., VP – mid Atlantic region, praised the work of Delaware’s General Assembly as it wound up the first part of its two year session. Cosby noted that financial service regulation reform, as provided for by …
The New York State Insurance Department recently added new features to its Licensing Information Online Network (LION) system, which will eventually allow agents to apply for licenses, or for licenses to be terminated, over the Internet. The LION system functions …
Amwest Insurance Group, Inc. announced the resignations of Jeffrey A. Shonka as president and COO, and Phillip E. Huff as executive vice president and CFO of the company. The company also announced it has no plans to replace either Shonka …
California drivers insured with Progressive can now renew their auto, motorcycle and motor home registrations online, the company announced. Progressive electronically transmits proof of insurance to the Department of Motor Vehicles (DMV) so it can be verified instantly for those …
According to the National Association of Independent Insurers (NAII), the California Assembly Banking and Finance Committee narrowly nixed proposed legislation that would have restricted the ability of businesses to offer expanded financial services to their customers. SB 773 received five …
Calling the Consumer Federation of America’s (CFA) study on state insurance regulation “poorly conceived” and “wrong headed,” the American Insurance Association (AIA) is urging CFA to retract their recent study on state insurance regulation titled “Why Not the Best? The …
