U.S. property/casualty insurers are expected to pay policyholders an estimated $1.2 billion for insured property-loss claims from a winter storm and windstorm catastrophe that pummeled 10 states in early April, according to preliminary estimates by Insurance Services Office, Inc.’s (ISO) …
The Kemper Insurance Companies announced that the parties have discontinued negotiations toward a definitive agreement relating to a sale of certain lines of Kemper’s existing business as contemplated by its previously announced letter of intent with Securitas Capital, LLC, Cypress …
John Hancock Financial Services, Inc. has announced its intention to outsource some of its information technology work to IBM. Under the proposed, multi-year agreement, John Hancock will adopt IBM’s on demand technology services to create a new, flexible IT infrastructure …
The National Association of Independent Insurers announced that representatives had appeared at a public hearing held yesterday in Delaware to ensure that the effectiveness of credit-based insurance scoring was not compromised by restrictions in a proposed regulation on the use …
Barbados-based Everest Re Group, Ltd. announced that it has sold 4,480,135 common shares through an underwriting placement with Goldman Sachs, who will re-offer the shares to investors. Everest Re recently reported strong first quarter earnings, and upped its forecasts for …
A.M. Best Co. announced that it has affirmed the A- (Excellent) financial strength ratings of Tryg-Baltica Insurance, International Insurance Company A/S (‘TBI’) and Tryg-Baltica International (UK) Limited (‘TBI UK’), and has maintained a “negative outlook” it first assigned to the …
Bermuda-based IPC Holdings, Ltd. reported net income for the quarter ended March 31, 2003, of $67.5 million, or $1.40 per share, compared to $43.5 million, or $0.90 per share, for the first quarter of 2002. Operating income, which excludes realized …
AIG Global Surety, a division of the property and casualty insurance subsidiaries of American International Group, Inc., and National Indemnity Company (NICO), a member of the Berkshire Hathaway group of insurance companies, announced that they have joined together “to provide …
International broker Willis Group Holdings Limited reported record results for the quarter ended March 31, 2003, with net income of $117 million, or $0.69 per diluted share compared to $68 million, or $0.43 per diluted share, for the same period …
Insurance software provider CCC Information Services Inc. filed suit against Mitchell International in the U.S. District Court for the Northern District of Illinois alleging that certain Mitchell software products, including UltraMate, infringe on a patent held by CCC. Mitchell believes …
