Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Deputy Treasurer Nominee Says Bank Regulations Not Right for Insurers
Nov 20 2013 // President Barack Obama’s nominee to serve as deputy U.S. Treasury Secretary told lawmakers on Wednesday she believes that large systemically important insurance companies should not face the same capital rules as...
Insurer Sues Over 2011 Hawaii Wind Farm Fire Losses
Nov 20 2013 // The insurance company that paid $2.4 million to cover losses from a wind farm fire in Hawaii is suing manufacturers that built parts of its battery system. The Honolulu Star-Advertiser reported Certain Underwriters at...
Fed Chair Nominee Yellen Vows to ‘Carefully Consider’ SIFI Rules for Insurers
Nov 20 2013 // Federal Reserve Vice Chairman Janet Yellen said the central bank will “carefully consider” how to apply new regulatory standards to insurance companies that fall under the central bank’s supervision. The...
Tower Group Update: CEO Says Insurer Will Meet Obligations
Nov 20 2013 // A day after Tower Group International Ltd. disclosed “substantial doubt about the company’s ability to continue as a going concern,” the insurer’s CEO issued a letter seeking to reassure business...
Brain-Damaged Inmate Settles With Penn. County; Insurer to Pay $65K
Nov 19 2013 // A northwestern Pennsylvania county’s insurance company is paying $65,000 to settle claims by a former inmate left brain-damaged after a jail guard allegedly slammed him into a wall. The Erie Times-News reports Erie...
Texas Opening Doors to Captive Insurers
Nov 18 2013 // The Texas Department of Insurance has begun accepting applications from captive insurance companies located in other jurisdictions that would like to relocate to Texas. TDI will license the companies under a law change...
Texas Insurer Group Awards Fall Scholarships to 20 Students
Nov 18 2013 // Twenty students at four Texas universities were recently awarded a total of $38,000 in academic scholarships from the Insurance Council of Texas (ICT) Education Foundation. The students attend St. Mary’s University...
Insurers’ Asbestos, Environmental Losses Rose 12% in 2012
Nov 18 2013 // While generally not a material drag on the U.S. property/casualty industry’s earnings, industry losses from asbestos and environmental (A&E) claims resumed an upward climb in 2012, according to a new A.M. Best...
2013 State Specialist P/C Insurers Revealed
Nov 18 2013 // State Specialists are often an independent agent’s most reliable and consistent market. These companies are focused on a specific geographic area, understand it and consistently strive to serve it. The Demotech...
Carrier Disintermediation of Agencies
Nov 18 2013 // A multitude of forces are causing many carriers to think of ways to disintermediate agencies. Healthcare reform is one. Some benefits carriers have cut commissions to 0 percent and agents are still writing with them. This...
Immediate Notice Required, Euthanasia Allowed in Equine Mortality Policies
Nov 18 2013 // The main difference between livestock, or equine, mortality insurance and human life insurance is that a livestock owner, subject to certain conditions, may sometimes euthanize the animal and still collect policy proceeds,...
N.Y. Issues New Disaster Protocol for Insurers
Nov 18 2013 // New York Gov. Andrew Cuomo announced that his administration has established a new emergency disaster protocol that insurers “should expect to follow” in the event of future severe storms and other natural...
Philippine Typhoon Haiyan’s Cost to Insurers Estimated at $300-$700 Million: AIR
Nov 17 2013 // Super Typhoon Haiyan, one of the strongest storms to hit land, may cost insurers as much as $700 million in the Philippines, a fraction of estimated damage, because few people are covered, a catastrophe modeler said. Total...
Many State Insurance Regulators Uncertain About Obama’s Fix to Health Insurance Promise
Nov 17 2013 // Many U.S. states are hesitant to embrace President Barack Obama’s fix to keep Americans from losing health insurance plans that do not comply with his healthcare reform, saying they need to figure out how to...
Insurers Weigh Forming Captive to Insure Customers of Bankrupt Futures Brokers
Nov 17 2013 // Eight private insurers have expressed interest in participating in a fund to provide insurance for losses suffered by customers of futures brokers that go bankrupt as in the cases of MF Global and Peregrine Financial...
Fitch Ratings: Florida’s PIP Reform Law a ‘Credit Positive’ for P/C Insurers
Nov 15 2013 // New laws designed to reduce loss cost volatility and claims fraud in the Florida no-fault auto insurance system, commonly referred to as PIP, would be a credit positive for property/casualty insurers, according to Fitch...
Insurers, Regulators Question Obama’s Healthcare Promise ‘Fix’
Nov 14 2013 // Insurers and state regulators say that President Barack Obama’s “fix” for policies canceled under his healthcare reform law will create new problems for the industry and could lead to an increase in...
European Insurers Welcome Deal on Solvency II Capital Rules
Nov 14 2013 // European insurers breathed a sigh of relief on Thursday that a deal on new capital requirements was less burdensome than initially feared, ending an uncertainty which has been hanging over the sector for many...
Canada Delays New Life Insurer Capital, Transparency Standards Until 2018
Nov 14 2013 // Canadian insurance companies including Manulife Financial Corp. and Sun Life Financial Inc. will have three more years to comply with new regulations from the Office of the Superintendent of Financial Institutions. OSFI...
European Officials Reach Deal on Solvency II Insurance Rules
Nov 14 2013 // European politicians reached an agreement paving the way for new rules designed to make insurance companies safer after 13 years of wrangling with the industry and regulators. The European Commission, European Parliament...
