A.M. Best Co. announced that it has downgraded the financial strength rating of The Toa Reinsurance Company of America (TRA), based in Morristown, NJ, to “A” (Excellent) from “A+” (Superior), with a stable outlook. Best also assigned an issuer credit …
Bermuda’s Montpelier Re Holdings Ltd. announced that certain of its founding shareholders have completed their sale of an aggregate of 3,500,000 common shares of the Company to Credit Suisse First Boston LLC at a price of $36.65 per share (See …
Deciding an issue never settled before in South Dakota, the state Supreme Court said Thursday that secondary, umbrella insurance does not kick in until another insurer’s primary coverage has paid its full limit. The unanimous ruling came in a case …
State Insurance Commissioner Therese M. Vaughan has resigned effective at the end of the year and will join the faculty at Drake University, the school announced Friday. Vaughan has been named the Robb B. Kelley distinguished professor of insurance and …
Peoria, Ill.-based specialty risk insurer RLI Corp. appointed Jordan W. Graham to its board of directors, effective Nov. 18, with a term expiring in 2005. Graham, a business strategy and technology consultant, most recently was an executive with Cisco Systems …
South Dakota draft legislation regarding credit scoring is unnecessary, burdensome and would open the door for even more restrictive alternatives in the legislature if introduced, a leading industry representative has told Insurance Director Gary Steuck. The draft legislation, DRR26, would …
Illinois Gov. Rod Blagojevich, a Democrat, has named Natalie J. Romo to serve as a commissioner on the state’s Workers’ Compensation Commission. She will serve as the employer representative on Panel B, and handle calls in Chicago, Collinsville and Mt. …
There has been a 415 percent increase in the average severity of long-term care professional and liability claims since 1996, according to a study released by Chicago-based commercial insurer CNA‘s LTC unit, HealthPro. In 1996, ultimate average severity of LTC …
A Lake Charles, Louisiana insurance producer was issued a cease and desist order and a summary suspension of his insurance license for allegedly engaging in fraudulent and dishonest insurance practices, Insurance Commissioner Robert Wooley has announced. Department of Insurance Fraud …
Keystone Insurers Group (KIG) in Northumberland, Pa. announced the addition of George C. Wynne, former vice chairman and chief executive officier for Berkley MidAtlantic Group, as senior executive of corporate development, effective January 1, 2005. Wynne spent nine years with …
