Standard & Poor’s has issued a statement warning that insurers who dispute claims payments on financial guarantee contracts, even in fraudulent cases, could now have their counterparty credit, insurer financial strength, and debt ratings lowered as a result. At a …
France’s AXA announced plans to undertake a wholesale restructuring of its p/c operations in the U.K. which will eventually involve the loss of between 700 and 1000 jobs. The job cuts are aimed at stopping the losses and improving the …
Leading insurance broker Hub International Limited announced that Richard J. Palleschi has been named President and CEO of The McCarthy Companies, its Massachusetts brokerage unit. Palleschi, previously Executive VP and COO of The McCarthy Companies, will report to Cornelius J. …
The Coalition for Auto Insurance Competition (CAIC) announced the launch of an additional wave of advertising as part of its continuing statewide media campaign aimed at reforming New Jersey’s auto insurance system to increase insurance competition and consumer choice. Bolstered …
PPG Industries $2.7 billion settlement of outstanding asbestos claims will cost the company around $500 million after tax, with more than 30 insurance companies eventually picking up the tab for the remaining $2.2 billion. The settlement, announced yesterday, is one …
Investigators with the California Department of Insurance (CDI) Criminal Investigations Branch’s Fraud Division arrested a Modesto man on two counts of insurance fraud. If convicted, Jose Munoz could face up to five years in state prison and/or a maximum fine …
California-based Resonate Inc., a provider of management solutions for business-critical applications, announced that American Strategic Insurance has selected Resonate Commander Solutions ™ to ensure quality end-user experience for insurance brokers accessing its internal applications. American Strategic Insurance is a provider …
During the hectic final days of its 2002 session, the Colorado Legislature passed legislation extending the sunset of the no-fault auto insurance law to July 2003. In a flurry of last-minute activity, the Senate wrapped a host of amendments into …
Zurich North America is now offering group legal expense insurance benefits to companies with 500 or more employees. In partnership with Advisory Communications Systems, Inc. (ACS), a provider of legal expense policies, the Zurich program confronts typical legal problems faced …
The St. Paul Companies has formed a new underwriting operation that will target large national and regional property risks in the U.S. The new operation, Property Solutions, will offer a full range of property insurance products, and will be staffed …
