Top Bank of America Corp. lawyers knew as early as January that American International Group Inc. was prepared to sue the bank for more than $10 billion, seven months before the lawsuit was filed, according to sources familiar with the …
The only thing worse than getting flooded out of your home once is getting flooded out of it twice. Or, for that matter, over and over again. Margaret Wert bought her Wayne, New Jersey house in 1999, relying on assurances …
Only about 30 percent of property losses inflicted by Tropical Storm Irene in Connecticut will be covered by insurance, according to an estimate by a consulting group that said less will be covered compared to previous storms in part because …
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that, “while Hurricane Irene resulted in registered losses in six of its member countries (Anguilla, Antigua & Barbuda, the Bahamas, Haiti, St. Kitts & Nevis and the Turks & Caicos Islands), none …
Swiss Re’s latest sigma study – “State involvement in private insurance” – examines the increasing symbiosis between governments and the private insurance sector. The report notes that “more and more governments are leveraging private insurance skills and the growing capacity …
MSO, Inc.’s (The Mutual Service Office, Inc.) personal umbrella program has been approved in New York. The MSO homeowners program was previously approved in the state. Highlights of the personal umbrella program include: Option to write as an endorsement to …
Arkansas has issued guidance for insurance companies and brokers on premium tax payments for nonadmitted, or excess and surplus, insurance. In Bulletin No. 5-2011, the Arkansas Insurance Department outlined the state’s policies with regard to the implementation of the Nonadmitted …
The Texas Supreme Court has concluded that while bad faith claims against workers’ compensation carriers are not permissible under the state’s Insurance Code, claims made under the Code against insurers for policy misrepresentation are allowable. With its decision in Texas …
The personal lines insurance sector maintains a stable outlook in the face of a highly competitive environment, 2011 catastrophe losses and sluggish economic conditions, according to a report from Moody’s Investors Service. “Going forward,” said Assistant Vice President Enrico Leo, …
The Main Street America Group has promoted three officers. The Jacksonville, Florida-based company has tapped Steve Peeters to serve as the company’s chief operating officer. In that capacity, he will oversee the company’s commercial, personal, and bond and reinsurance product …
