Maurice “Chico” Sabbah, a Greensboro, N.C. businessman and philanthropist whose risk-sharing insurance company had to pay more than $400 million to settle a lawsuit stemming from the Sept. 11, 2001, terrorist attacks, died this week at the age of 77, …
Commercial property/casualty rates were flat or fell slightly during the first quarter of 2006, with renewal premiums for half of all account sizes holding steady or dropping between 1 percent to 10 percent in the first three months of the …
U.S. property/casualty insurers are expected to pay an estimated $1.38 billion to homeowners and businesses in insured property losses from seven catastrophe events in first-quarter 2006, according to preliminary analysis by ISO’s Property Claim Services (PCS) unit. PCS estimates that …
Parsippany, N.J.-based GAB Robins North America, Inc. has named Patricia (Pat) Drago as executive vice president of Claims and Account Management for its North American Operations. Drago officially joins GAB Robins on June 5, 2006. Drago will report to Robert …
When the House and Senate appropriation committees set aside hundreds of millions of dollars to provide insurance rate relief for Florida homeowners, both the consumer and the insurance industry scored a victory, according to Tom Gallagher, Florida CFO. “This is …
Insurance agent Francois Noel, 46, of North Miami, Fla. has been banned from selling insurance in Florida, after he sold a fraudulent certificate of insurance to a woman who was subsequently injured in a car accident. “My heart goes out …
American Financial Group, Inc.’s subsidiary, Great American Financial Resources, Inc., has reached an agreement to sell Chatham Bars Inn, its resort-hotel property located on Cape Cod, Massachusetts, for $166 million. The sale, which is subject to customary closing conditions, is …
Safety Insurance in Boston, Mass. has promoted Bob Kostro to director of claims operations. Kostro joined Safety in 1987 as a claims adjuster trainee. He worked in several claims positions before being promoted in 1992 to claims manager of the …
The National Association of Insurance Commissioners will hold a public hearing on May 11th in Atlanta to consider amendments to the NAIC’s Model Rule Requiring Annual Audited Financial Reports, also known as the Model Audit Rule, according to the organization’s …
Louisiana’s second-largest insurer has received permission to boost homeowners’ rates an average of 20.6 percent for nearly half its customers, while the remainder will see rates rise an average of 9 percent. Hardest-hit will be customers in coastal areas at …
