Fitch affirmed the “AAA” insurer financial strength ratings of the National Indemnity Co. and the six associated members of the National Indemnity Group (National Indemnity). The rating outlook is stable. The ratings reflect National Indemnity’s enormous capital base, excellent reinsurance …
Fitch Ratings lowered its insurer financial strength ratings on companies participating in the Liberty Mutual inter-company pool to “A-” from “A” and its rating on Liberty Mutual Insurance Co.’s surplus notes to “BBB-” from “BBB+.” In addition, Fitch has lowered …
Two things are abundantly clear when it comes to the issue of uninsured motorists: The problem is a big one and it’s nearly impossible to know with any certainty how many uninsured drivers there are on the nation’s roads. “The …
The anniversary of the Sarbanes-Oxley Act of 2002 (SOX) has opened the door of dialogue to the benefits of sustainable, effective corporate governance. The Securities and Exchange Commission’s (SEC’s) shift in focus from regulating disclosure to corporate governance brings new …
Two recent Texas opinions have re-opened an issue of public policy. For many years now, the question as to whether punitive damages are covered under general liability policies has been one of much debate. In Texas, much of the debate …
Clem H. Spalding, who for many years played a major leadership role in the Texas automobile insurance market, was presented the Raymond Mauk Leadership Award at the Insurance Council of Texas’ Mid-Year Property and Casualty Symposium held in July. Spalding …
The Insurance Council of Texas (ICT) reported that among the state’s costliest and deadliest storms since 1950, a tropical storm that dropped more than three feet of rain on parts of Houston was the costliest weather disaster in Texas, while …
The Oklahoma Board for Property and Casualty Rates approved a Sept. 11 hearing for a proposed 6.4 percent increase in a key component of workers’ compensation rates. Insurance Commissioner Carroll Fisher promised a thorough and fair review of the request, …
Texas Insurance Commissioner José Montemayor levied fines totaling $12.5 million against the operators and chief marketer of a fraudulent health care plan that enrolled approximately 7,200 Texas residents. The unlicensed plan, called Employers Mutual LLC (EM), allegedly left patients, physicians …
The Oklahoma Insurance Department announced that Aviation Insurance Group Agency Inc. of Bethany, was placed in conservatorship by Oklahoma County District Court Judge Leamon Freeman. The agency is accused of deceiving its clients out of hundreds of thousands of dollars. …
