A.M. Best Co. announced that it has assigned a financial strength rating of “B++” (Very Good) to Caribbean Alliance Insurance Company Ltd. (CAI), which is based in Antigua, Barbuda. The rating outlook is stable. “The rating reflects CAI’s solid capitalization, …
Mint Canadian Specialty Underwriters, the Canadian niche insurer, has announced the launch of a new and unique product, dubbed “Outbreak Contingency Cover. Mint is part of Markel’s international operations, writing specialty lines through Markel’s Lloyd’s Syndicate. The Company said the …
The American Insurance Association has issued a bulletin commending outgoing United States Trade Representative (USTR) Rob Portman for his leadership on trade negotiations. The AIA also welcomed his successor, Deputy USTR Susan Schwab, President Bush’s nominee to replace Portman, and …
Richard Ward officially took up his duties as Lloyd’s new CEO today, replacing Nick Prettejohn, who resigned last December to head Prudential (U.K.)’s domestic insurance operations and taking over from interim CEO Luke Savage. He previously served as vice-chairman of …
Thirty-five students and teachers from a Madison, Wis. school that had to be ripped open and reconstructed to get rid of mold have agreed on a $650,000 settlement from the builder, attorneys say. The plaintiffs reported suffering from asthma and …
Donegal Group Inc. reported continued positive underwriting results and an increase in net income of 8.5 percent, bringing it to $9.1 million or $.36 per share, for the first quarter. That compared to $8,417,088, or $.34 per share on a …
New York independent insurance agents are not too happy that Zurich Financial Services has decided to implement nationwide the stricter of two agency compensation disclosure policies it signed as part of recent settlements with various states. According to the Independent …
Employees and management at Beacon Mutual Insurance Co. in Warwick, R.I. are attempting to maintain “business-as-usual” for policyholders and agents even as they cope with demands from auditors, political leaders, news reporters, and, now, a grand jury subpoena. An interim …
A Texas state jury found Merck & Co. liable for the death of a 71-year-old man who had a fatal heart attack within a month of taking its since-withdrawn painkiller Vioxx and ordered the company to pay $32 million (euro25.98 …
The Virginia Supreme Court ruled that the city of Chesapeake cannot recoup from its insurer $2.4 million in legal costs stemming from lawsuits over allegedly contaminated tap water. The court unanimously ruled that the city’s insurance policy excludes any coverage …
