Cincinnati-based property/casualty insurer American Financial Group Inc. is proposing steps to simplify its corporate structure and eliminate the publicly-traded preferred stock of a subsidiary, thus converting minority interest into shareholders’ equity. AFG owns 100 percent of the common stock and …
Peoria, Ill.-based RLI Corp. reported quarterly net earnings of $14.4 million (56 cents per diluted share), a 59 percent gain over the $9.1 million (45 cents per diluted share) posted in the same quarter last year. This result includes quarterly …
Prudential Financial’s property/casualty subsidiary has terminated the contracts it had with 200 independent agencies across the country earlier this month in a move to focus its retail distribution on captive agents. While independent agents will be prohibited from selling any …
The property/casualty industry reported a statutory rate of return of 1.0 percent in 2002, up from the worst-ever negative 2.4 percent recorded in 2001. The results were released by the Insurance Services Office, Inc. (ISO) and the National Association of …
The Tennessee Department of Commerce and Insurance announced that former policyholders of Exchange Insurance Company, which is now under state supervision, now have options in their search to obtain new homeowners coverage. The department said Exchange was a major writer …
Insurers and legislators who have collaborated on a bill designed to fine-tune Georgia’s motor vehicle insurance database are hoping that an unrelated amendment will not spoil chances of the bill’s eventual passage, according to the National Association of Independent Insurers …
“Regulation of the insurance industry in South Carolina is best handled by the Department of Insurance in Columbia, not a federal department of insurance in the District of Columbia,” said Gov. Mark Sanford (R) as he announced the kickoff of …
Insurance Commissioner Carroll Fisher announced plans to defer continuing education requirements for insurance agents, adjusters and bail bondsmen who are called upon to serve in Operation Iraqi Freedom. Insurance agents and adjusters and bail bondsmen are required to fulfill continuing …
Standard & Poor’s has revised its outlook on Markel Corp. (Markel), Markel International Insurance Co. Ltd., and Markel’s U.S. insurance subsidiaries to positive from negative because of the historically strong underwriting results of Markel’s U.S. insurance operations, the company’s position …
New York Superintendent of Insurance Gregory Serio announced the arrest of Ricky DeSantis of Rochester, who was charged with insurance fraud, attempted grand larceny and falsifying business records. It is alleged that on Feb. 10, 2003 DeSantis, 22, added a …
