Tustin, Calif.-based National Advantage Insurance Services Inc. hired Tracy L. McNicol as an underwriter. She will be responsible for both commercial and personal lines. McNicol was most recently employed as commercial package/auto underwriter at Robert Moreno Insurance Services in Fullerton. …
The “hard market” conditions have been gone now for a couple of years. So, usually during “soft market” conditions one expects a lot of competition from the standard markets. This, however, is not the typical soft market of the past. …
XL Hit with $183M Reserve Increase: Bermuda’s XL Capital Ltd. announced that its second quarter results will be adversely impacted by an increase in net reserves in its North American reinsurance operations of $191 million pre-tax-$183 million after tax, or …
American Hobbyist Insurance, a national provider of collector-vehicle insurance, added real-time online quoting and submission capabilities to its newly redesigned Web site. AmericanHobbyist.com now provides online quoting and submissions for agents. The option allows agents to offer their clients real-time …
The powerful House Committee on Financial Services could have a federal terrorism reinsurance proposal to consider next month although many politicians and observers are skeptical that Congress will actually replace or renew the current Terrorism Risk Insurance Act before it …
Fraud costs the insurance industry between $85 billion and $120 billion a year, according to the Insurance Information Institute. Independent agents, claims adjusters, and most importantly consumers, are impacted by this problem. Insurance Journal magazine, which produces www.insurancejournal.com and www.claimsguides.com, …
To paraphrase an old adage: “Nothing concentrates the overall mind of the property/casualty insurance community as much as the approaching certainty of large loss events.” So, it’s no wonder that many prestigious industry names are in the vanguard of efforts …
Asked what the world would be like if there were no federal terrorism insurance backstop, the Treasury Department simply shrugged. The loss of the current federal backstop, the Terrorism Risk Insurance Act, which expires at the end of the year, …
The Treasury report on terrorism insurance is just one of several on the subject. Here is a summary of some other reports: Organization for Economic Cooperation and Development, July 2005 Private markets are not yet able to fully cover the …
An agency cannot grow effectively when its lead executive is surrounded by yes-men. Some people view these junior manager-types as loyal team players, while others consider them to be ingratiating sycophants. Their actual description probably falls somewhere in between. Regardless, …
