New York City paid nearly $521 million in personal injury and property damage claims in 2010 — marking the first time in 30 years the police department’s liabilities topped those of public hospitals, according to a city comptroller’s report issued …
In a major victory for victims of Allen Stanford’s alleged Ponzi scheme, U.S. regulators have concluded that they should be compensated by a brokerage industry-backed fund. The decision announced Wednesday by the U.S. Securities and Exchange Commission comes nearly two …
Ox Bonding has expanded its specialty bonding programs into Florida. Ox Bonding’s affiliate insurance carrier, Upper Hudson National Insurance Co., has obtained approval from the Florida Office of Insurance Regulation to expand its existing license to include surety. Florida has …
A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating of A+ (Superior) and issuer credit rating of “aa-” of Lititz Mutual Insurance Pool, which includes the operations of Lititz Mutual Insurance Company …
Standard & Poor’s Ratings Services lowered its counterparty credit and financial strength ratings on Kuwait’s First Takaful Insurance Co. to ‘BB-‘ from ‘BB+’, and assigned the ratings a negative outlook. S&P then withdrew the ratings on First Takaful at the …
Insurance professionals from the UK and Guernsey were told of the benefits that could result from the Island’s stance on Solvency II. Nearly 100 risk managers, brokers, lawyers, representatives from ratings agencies and insurance trade media journalists attended the Guernsey …
Zurich Financial Services Group announced that one of Zurich’s non-core subsidiaries in the UK, Zurich Specialties London Ltd, will transfer its run off insurance business to Swiss Re at book value. Zurich said the transfer forms an integral part of …
The Directors of Swiss Re Group and the Directors of Swiss Re America Holding Corporation announced that J. Eric Smith will join Swiss Re as President and CEO, Americas effective July 11. He will replace Pierre Ozendo who retires this …
A Michigan insurance company suing to force the federal government to pay $750,000 for wrecking a rare Ferrari in Kentucky questioned whether it was simply an accident. Motors Insurance said its investigation showed the high-performance car was being driven toward …
Final disciplinary actions taken by the Texas Department of Insurance, Division of Workers’ Compensation (TDI-DWC) for May 2011 resulted in more than $70,000 in fines. Division of Workers’ Compensation final disciplinary orders for May 2011 include (in alphabetical order): American …
