Munich Re Forms MACM in Restructuring of ART Units
Munich Re Forms MACM in Restructuring of ART Units
ACE to Buy 22% Stake in Chinese P/C Insurer for $150 Million
Bermuda’s ACE Ltd. announced that it has entered into a strategic business partnership with Huatai Insurance Company, China’s fourth largest property/casualty insurer, and “will acquire 22% of Huatai’s outstanding shares for total consideration of approximately $150 million.” The investment will …
PA Legislators Urged to Ease Surplus Lines
Michael G. Koziol, senior counsel and a director of the National Association of Independent Insurers (NAII), recently addressed a letter to the Pennsylvania Senate’s Banking and Insurance Committee, urging members to take action to remove “restrictive provisions” on surplus lines …
PA Court Approves Fidelity Mutual Rehabilitation Plan
Pennsylvania Insurance Commissioner Diane Koken announced that the Commonwealth Court has approved the Plan of Rehabilitation for the Fidelity Mutual Life Insurance Company. Koken characterized the reorganization of Fidelity as on of the most successful in the department’s history. The …
EU Extends Airline Aid Deadline to June 30
The European Commission (EC), the European Union’s highest regulatory authority, has extended the scheduled end of aid programs by individual governments to Europe’s airlines until the end of June. Following Sept.11, a number of countries established emergency programs to assist …
Munich Re Reports Strong Q1 Gains
In a statement released Monday, Munich Re, the world’s largest reinsurer, reported across the board gains for the first quarter with operating profits reaching £700 million ($645.5 million). The giant insurer actually posted an overall profit of £4.5 billion ($4.15 …
Lawsuit Seeks to Limit Terrorist Coverage Premium on Times Square Building
A lawsuit filed by Four Times Square Associates challenging its lenders’ demand that it pay a tenfold increase in insurance premiums to provide terrorist coverage on a “trophy building” in Times Square, which is home to the NASDAQ stock exchange, …
Frankel Pleads Guilty
Martin Frankel, who faced charges for reportedly defrauding insurers in five states of over $200 million, pled guilty in a Connecticut courtroom May 15, according to reports in the Associated Press and Wall Street Journal. Frankel, who was indicted on …
Camps Can Be Overnight Success For Experienced Insurers
By and large, camp insurance is following most commercial insurance in that it is more expensive,” according to Ron Norton, a sales executive with Indiana-based K&K Insurance. While prices generally have been on the rise, it has not stopped K&K …
LexisNexis™ Insurance Solutions
News and information provider LexisNexis™ launched an online investigative tool for insurers, LexisNexis™ Insurance Solutions, using public records collections to facilitate investigations and information verification. The subscription-based service is available to special investigative units, fraud unit managers and investigators, loss …