Carriers - Latest Insurance News

Japan Insurers Expand Cover to Boost Iran Oil Shipping Capacity

Jul 11 2012 // Japanese insurers are expanding their maritime coverage to allow more domestic tankers to transport Iranian crude, as Tokyo looks to keep oil flowing despite tough Western sanctions, industry sources said on...

Some South Central Agencies See Potential in Dynamic Health, Benefits Market

Jul 11 2012 // The South Central region of the country, particularly Texas, has been a hotbed of activity when it comes to mergers and acquisitions of smaller health and benefit agencies. The reason, according to agencies in the region,...

Portable Persistency Now Prop. 33; Consumer Watchdog Attacks

Jul 10 2012 // An initiative to establish portable persistency discounts for automobile insurance on Tuesday was assigned a number by the Secretary of State, and shortly afterward the newly named Proposition 33 came under attack by Santa...

Policy Counts for States’ Property Insurers of Last Resort Grew 17% in 2011: III

Jul 10 2012 // A record-high 3.31 million residential and commercial policies were offered through state-run property insurers of last resort in the United States in 2011, a 17 percent increase over the previous record of 2.84 million in...

Virginia Insurance Regulator Offers Post-Storm Advice

Jul 6 2012 // The series of deadly storms that struck much of the mid-Atlantic last week left 12 people in Virginia dead and extensive damage in their wake. Virginia Insurance Commissioner Jacqueline Cunningham is advising consumers to...

UK Insurer Aviva Culls Units in Turnaround Drive

Jul 6 2012 // Aviva, the UK’s No.2 insurer, plans to sell or close more than a quarter of its businesses in a shake-up aimed at regaining the support of investors irked by the group’s flagging share price. The company, whose...

N.Y. Regulator Seeks Insurer Data in 9/11 Case

Jul 5 2012 // New York’s top insurance regulator has directed insurers to detail payouts and reserves for claims in the 2001 World Trade Center attacks in an effort to prompt settlement of the decade-old federal case. Benjamin...

Illinois Places 2 Mutual Insurers into Rehabilitation

Jul 5 2012 // Illinois insurance regulators announced that Lumbermens Mutual Casualty Co. (Lumbermens) and American Manufacturers Mutual Insurance Co. (American Manufacturers) have agreed to being placed into rehabilitation. The...

Stockton, California Set for Bankruptcy Hearing; Bond Insurer Vows Fight

Jul 3 2012 // Lawyers for Stockton, California will appear for the first time in a Sacramento court this week to make their case for protecting the city from its creditors in bankruptcy. Stockton, a city of nearly 300,000 in...

Florida Seeks Help to Quicken Approval of Insurer Forms

Jul 3 2012 // Florida regulators are looking to fast track the approval of changes in insurance company property policy forms and coverages after building up a significant backlog due to the numerous law changes enacted in the past two...

Burand’s Agency E&O Blog: Tip #5

Jul 3 2012 // Minor items do cause E&O claims and sometimes your carriers exploit these minor items. Almost every agency occasionally receives law suit papers and every agency knows they have to forward these papers to the carrier...

Mass. Regulator Seeks Insurers’ Executive Pay Data

Jul 2 2012 // Late last month, the Massachusetts Division of Insurance said it began an examination of executive compensation at insurers domiciled in the state. The regulators said they have sent letters to 88 insurers requesting...

Insurer Sues Nocal Surgery Firm Over Alleged Overbilling

Jul 2 2012 // United Healthcare Services has filed a $39 million lawsuit against a Northern California company that manages five outpatient surgery centers, claiming the firm overbilled the insurance carrier and offered doctors...

10 Things Agencies Do Right (and Wrong) with Agency Management Systems

Jul 2 2012 // Records, Reporting, Value Creation As a volunteer engaged with a network of agency management system vendor clients, I have an opportunity to hear from my peers about their experiences and compare this with what goes on in...

City Drivers’ Rates Too High, Too Variable, Says Consumer Group

Jul 2 2012 // The Consumer Federation of America (CFA) says that most good drivers — those with no accidents or moving violations — who live in moderate-income areas in 15 cities are being quoted what the group maintains are high...

Study Finds Insurers’ Reserves Declining

Jul 2 2012 // Research and investment firm Keefe, Bruyette and Woods reported on June 21 its annual P/C industry reserve review. The report found that the insurers’ reserves continue to decline. And it warned that the positive...

J.D. Power: Auto Insurance Satisfaction Reaches All-Time High

Jul 2 2012 // Overall customer satisfaction with auto insurance companies has reached an all-time high, according to the Westlake Village, Calif.-based J.D. Power and Associates’ 2012 U.S. Auto Insurance Study. The satisfaction...

Some P/C Agencies See Potential in Dynamic Health, Benefits Market

Jul 2 2012 // Alignment of Resources Essential for Success The South Central region of the country, particularly Texas, has been a hotbed of activity when it comes to mergers and acquisitions of smaller health and benefit agencies. The...

CFA: Rates for Good Drivers in Cities Too High, Too Variable