Yearly Archives: <span>2004</span>

NAMIC Backs Asbestos Reform Bill

The National Association of Mutual Insurance Companies has released a comment on the Senate’s failure to invoke cloture on the pending asbestos litigation reform bill, S. 2290, which would have allowed floor consideration of legislation to reform the asbestos litigation …

PIA Lauds Legislators’ Support for TRIA Extension

The National Association of Professional Insurance Agents has issued a statement praising “leaders and members of the House Financial Services Committee who sent a letter to Treasury Secretary John Snow urging the extension of the ‘make available’ provision to the …

American Re Issues Statement Reinforcing Commitment to U.S. Casualty Business

American Re-Insurance Company, Munich Re’s U.S. subsidiary, has issued a statement underscoring its commitment to its U.S. casualty business. “We are in this business to stay and we want to assure our clients that we are,” stated Company Chairman John …

PCI Insurance Fraud Expert Addresses NY Conference

Rey Becker, the Property Casualty Insurers Association of America’s (PCI) vice president, personal lines, addressed insurance company CEOs, presidents, vice presidents and other senior executives about the ongoing fight against fraud at a recent summit in New York City. Becker’s …

Best Affirms Sunderland Marine ‘A-‘ Rating

A.M. Best Co. announced that it has affirmed the financial strength rating of A- (Excellent) of U.K.-based Sunderland Marine Mutual Insurance Company Ltd. (SMMI) with a stable outlook. “The rating reflects continuing improvement in the company’s risk-adjusted capital position, strong …

AXIS Allotment Exercised; Best Affirms Ratings

Bermuda-based AXIS Capital Holdings Limited announced that the underwriters of its secondary offering have exercised their option to purchase an additional 3,000,000 common shares, in full, at a price of $27.91 to cover over-allotments. In a separate announcement A.M. Best …

cigna

The Commerce Group, Inc. (NYSE:CGI ) reported 2004 first quarter results including et earnings of $51.0 million, or $1.56 per diluted share, compared to net earnings of $12.9 million or $0.40 per diluted share for 2003. During the first quarter …

Reports Differ Over Pa. Med-Mal Claims

Insurance companies and other underwriters in Pennsylvania reported paying less for malpractice claims against medical professionals last year, according to a federal agency, even though doctors complain that rising premiums are forcing them to leave the state, close their practices …

Misdemeanor Conviction Means No License for Ill. Man

Illinois Acting Director of Insurance Deirdre K. Manna has denied the insurance producer license of Dennis L. Hartwig of Posen, Ill., effective April 5, 2004. Hartwig’s license was denied by director’s order from Hearing No. 4093, based on an insurance- …

Bay Area Man Arrested on East Coast in $4 Million Insurance Fraud Scam

Richard W. Peterson, 63, of San Francisco, a former insurance broker/agent, was arrested April 19th at Miami International Airport on federal fraud charges for allegedly selling approximately $4 million of fake insurance policies allegedly underwritten by Lloyd’s of London (Lloyd’s). …