Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Lloyd’s Market Association Issues Guidance in Case of Euro Exit
Jun 15 2012 // The Lloyds’s Market Association (LMA) has joined central banks and other financial instiutions in preparing for a possible euro zone exit. It has issued a “note” giving insurers and brokers guidance on...
R.I. Proposes 6.75% Assessment Rate for WC Insurers for Coming Year
Jun 14 2012 // The R.I. Department of Labor and Training has proposed this week an assessment rate for workers’ compensation insurers of 6.75 percent for the coming year, effective July 15, 2012. This rate has remained level every...
Keystone Insurers Group Adds Geogia’s Turner & Associates
Jun 14 2012 // Keystone Insurers Group has added Brunswick, Ga.-based agency Turner & Associates Insurance as its second franchise partner in the state. The Turner & Associates joins a network of more than 235 partners in eight...
N.Y. Orders ‘Force-Placed’ Insurers to Submit New Lower Rate Proposals
Jun 13 2012 // New York regulators said they have ordered three major insurers offering ‘force-placed’ homeowners insurance in New York to submit proposals for new premium rates.N.Y. Financial Services Superintendent Lawsky...
Law Firms Facing Rise in Large Malpractice Claims: Study
Jun 13 2012 // Although the frequency of malpractice claims brought against law firms in the U.S. appears to be leveling office, the number of large claims is rising sharply. A new study by insurance broker Ames & Gough finds a...
ACE to Acquire Indonesian General Insurer Asuransi Jaya Proteksi
Jun 13 2012 // ACE Limited announced that the company and its local partner have reached a definitive agreement to acquire PT Asuransi Jaya Proteksi (JaPro) in Indonesia for approximately $130 million in cash. JaPro was established in...
Best Affirms Ratings of The Hanover Insurance Group and Subs
Jun 13 2012 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of the subsidiaries of the parent holding company, The Hanover Insurance...
UK Insurers Face Floods Losses; May Raise Premiums
Jun 12 2012 // British insurers face big claims for flooding after the heavy rainfalls across the country this month, making it harder for them to hit profit targets and potentially forcing them to raise premium rates for consumers,...
Health Insurer UnitedHealth Vows to Keep Reforms Whatever Court Decides
Jun 11 2012 // UnitedHealth Group Inc., the largest U.S. health insurer by market value, said it would maintain the health coverage protections included in President Barack Obama’s healthcare law regardless of how the Supreme Court...
Transfer of Pension Risk to Insurers Gaining Favor
Jun 11 2012 // Last week’s deal by Prudential Financial to take on $26 billion of the retirement liabilities of General Motors has reignited a part of the American insurance market that had been bouncing along the bottom in recent...
Trade Credit Insurers Increase Exposures to over $225 Billion
Jun 11 2012 // Global trade credit insurers have increased their exposures in the sector by over €180 billion [$226.8 billion], despite the continuing unstable economic environment. At a recent meeting in Singapore the members of the...
EU Insurers Still Coming to Terms with Solvency II as Start Date Nears
Jun 8 2012 // “Over the next 18 months it’s estimated that Ireland will spend 100 million euros (app. $125 million) on preparations for Solvency II (SII),” said Garvan O’Neill, a partner in...
Louisiana Woman Convicted of Bank Theft, Will Pay $284K to Insurer
Jun 8 2012 // A federal judge has sentenced a former employee of Teche Federal Bank in New Iberia to 27 months in prison for embezzling over $387,000 between June 2008 and January 2011. On Wednesday, U.S. District Judge Rebecca Doherty...
AIG’s Benmosche Says Chartis May Readopt AIG Brand as Insurer Rebounds
Jun 8 2012 // Here is another sign that American International Group executives may be feeling bullish about the company’s future prospects — CEO Robert Benmosche said this week that Chartis may readopt the AIG brand name in...
Workers’ Comp Market Injured But Still Standing
Jun 8 2012 // Like the economy, the workers’ compensation market has suffered in recent years. Results for 2011 were no better than 2010. The good news: results for the workers’ comp market were not worse either. The...
Maine-Based WC Insurer MEMIC Group Hires 2 Senior Underwriters
Jun 7 2012 // The MEMIC Group, a workers’ compensation insurer headquartered in Portland, Maine, has appointed two senior underwriters: Mark Darragh for New Jersey and surrounding areas operations and Katrinka Casamassa for...
Pennsylvania Judge: Insurer Must Cover Sandusky’s Legal Bills for Now
Jun 7 2012 // A judge ruled on Monday that Federal Insurance Co., part of Chubb Group of Insurance Companies, must continue to cover Jerry Sandusky’s defense costs, at least for now. Sandusky is the former Penn State assistant...
U.S. Insurers’ Reserves Redundant by $11.7B: Aon Benfield Study
Jun 7 2012 // Insurers’ reserves were redundant at year-end 2011 by $11.7 billion – or 2 percent of total booked reserves – compared with $22.0 billion at the year-end of 2010, after the industry released $12.7 billion of...
Best Affirms Fireman’s Fund Ratings, Removes from Review; Outlook Stable
Jun 7 2012 // A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of...
Consumer Group Says Auto Insurers ‘Lowball’ Injury Payments with Computerized Systems
Jun 7 2012 // A report by the Consumer Federation of America (CFA) raises concerns that computerized claims systems used by many of the nation’s largest auto insurance companies can be easily adjusted to make “lowball”...
