CGNU, Britain’s largest insurer, posted a healthy 12 percent gain in first quarter operating profits to £445 million ($636 million). Life, pension products and general insurance all registered gains over last year’s results. The results are especially welcome in the …
A study just released by Swiss Re Economic Research & Consulting finds that the U.S. economy is more vulnerable in the short-term to recessionary pressures, but that in the long-term European economies are more likely to be affected by “sluggish …
Beginning July 1 of this year, ProMutual, Massachusetts’ largest provider of malpractice insurance for physicians, will raise its rates for malpractice insurance an average of 14 percent across specialties. According to the Boston Globe, doctors who diagnose disease, such as …
Hawaii Governor Benjamin Cayetan gave his okay to the recent incorporation and licensure of Heiwa Insurance Inc., the state’s first captive insurance company which is directly owned by a Japanese corporation and insures risks situated in Japan. Licensed on March …
The AMS Users Groups meet with company and vender partners to discuss the future of technology and how to work together. Last week, the ACORD-User Groups Information Exchange (AUGIE) held the first meeting in conjunction with the AMS Users Group …
A.M. Best Company downgraded the financial strength rating of The PHICO Group of Mechanicsburg, Pennsylvania, to B (Fair) from B++ (Very Good) with a negative outlook. The PHICO Group writes professional liability, general liability and workers’ compensation coverages for hospitals …
Republican John McCain, former Presidential candidate and current Arizona Senator, will speak at the Independent Insurance Agents of America’s (IIAA) 25th Annual National Legislative Conference. McCain will address 800 insurance agents in Washington, D.C. on May 3rd, 2001 during a …
The Michigan Office of Financial and Insurance Services (OFIS) launched a website to provide information on the financial institution, securities and insurance industries. Financial and Insurance Services Commissioner Frank M. Fitzgerald said the new site includes a variety of services …
Three Bermuda-based insurance groups, including the island’s largest insurer, ACE Limited, all posted significant earnings increases for the year’s first quarter. Despite adopting stricter accounting rules, ACE reported net operating income of $164 million, a 29 percent increase over Q1 …
Led by a strong performance in its surplus lines business, Lloyd’s announced a 23 percent gain in U.S. premium income for the year 2000 to $5.9 billion from $4.8 billion in 1999. “This increase is a reflection of the hardening …
