Alea Group Holdings (Bermuda) Ltd.’s 2005 financial results demonstrate just how devastating the loss of an “A” rating can be. Although the Group posted a small, $4.3 million loss in 2004, it started 2005 in reasonably good shape. Further financial …
Independent agents representing Zurich Insurance in the U.S. will have to disclose their income before binding any commercial lines policies for Zurich and some Zurich agents may be denied contingency compensation under the conditions of recent class action settlements. The …
The Professional Insurance Agents of New Hampshire Inc.’s 2006 Annual Conference will be held Wednesday, May 24, 2006, at the Marriott Courtyard and Grappone Conference Center, Concord, N.H. More than 100 insurance agents and other industry professionals are expected to …
The U.S. property/casualty insurance industry will report deterioration in profitability in 2005 because insured catastrophe losses reached record levels in 2005, Fitch Ratings said. The decrease in profitability is largely due to the destruction from Hurricane Katrina, the most devastating …
An estimated 500,000 cars were damaged by hurricanes last year. Unfortunately, many of these vehicles have been purchased by dishonest auto dealers, cleaned up and then sold, with their flood damage history illegally hidden, according to the Insurance Information Institute. …
Do under-reserved property/casualty insurers deserve high ratings? Publicly traded property casualty insurance companies must serve many masters. To be competitive in the marketplace, they must offer products that meet the needs of consumers, at prices that are competitive with the …
The savings varies by state and other factors but in 2005 the average risk in pilot states placed in the VCAP program saved $646 compared to what it would have been charged if placed in the residual market. Agent and …
Ruins of San Francisco’s city hall after the earthquake and fire of 1906. Photo courtesy of Fireman’s Fund. San Francisco street scene after the earthquake and fire of 1906. Photo courtesy of Fireman’s Fund. Officials hope ’06 quake centennial prompts …
The insurance industry is turning more frequently to catastrophe bonds, according to an article, “Catastrophe Bonds: Assessing A Risky Business,” which was published by Standard & Poor’s Ratings Services. “In moderation, cat bonds can be an effective tool for managing …
outlines any contingency compensation arrangements. News Currents Zurich agents caught in compensation disclosure web Insurer agrees to nationwide compensation disclosure along with payments of $325 million in two settlements Independent agents representing Zurich Insurance in the U.S. will have to …
