Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Best Affirms AXA U.S. FSR; Upgrades ICR; Off Review; Negative Outlook
Jun 7 2012 // A.M. Best Co. has removed from under review with negative implications and upgraded the issuer credit rating (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of...
Best Announces Further Rating Actions on Euro Zone Insurers
Jun 7 2012 // A bulletin from A.M. Best notes that the rating agency has “been actively monitoring the financial crisis and its effects on European countries, stress-testing the balance sheets of (re)insurers against their...
Florida Court: No Penalty for Insurer Not Following Deductible Disclosure to a ‘T’
Jun 6 2012 // The failure to strictly follow the requirements for providing policyholders with information about their hurricane deductible does not mean the deductible is unenforceable, Florida’s high court has ruled. The Florida...
Conn. Commissioner: New Law Improves Oversight of Global Insurers
Jun 6 2012 // Connecticut Insurance Commissioner Thomas Leonardi praised passage of two new laws that give the state greater financial oversight of large, globally active insurance companies and makes the state a more attractive place...
RSA Acquires Quebec Insurer L’Union Canadienne
Jun 6 2012 // RSA announced that it has acquired L’Union Canadienne, Compagnie d’Assurances from Co-operators General Insurance Company, subject to regulatory approval. “L’Union Canadienne is the third largest...
Idaho Reaches Settlement With Insurer Aflac
Jun 5 2012 // State officials say Idaho will receive $200,000 as part of a regulatory settlement with the insurer Aflac Inc. On Monday, the Idaho Department of Insurance said Aflac will have to submit compliance reports to the state...
Chinese Drivers Pose Fresh Risks for Foreign Insurers
Jun 5 2012 // “People like us who buy Ferraris don’t care too much about insurance because we buy cars for speeding,” said Li, in his twenties and the son of a Pearl River Delta factory owner, as he took delivery of a...
Florida’s Citizens Hears Depopulation Ideas
Jun 4 2012 // When the question is how to shrink Florida’s state-backed home insurer, answers from insurance agents, insurer executives, state lawmakers, and others come down to increasing rates and shifting more policies to the...
Best Affirms State Farm Mutual, Affiliates & Subs Ratings
Jun 4 2012 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and issuer credit ratings (ICR) of “aa+” of State Farm Mutual Automobile Insurance Company (SFMAIC) and its...
Florida Cat Fund’s Financial Condition Triggers A.M. Best Review of Insurer Ratings
Jun 4 2012 // Insurers writing homeowners coverage in Florida could see a revision in their financial ratings after one of the nation’s top rating companies announced it will reconsider them in light of the financial problems...
Near National Property/Casualty Carriers Identified for 2012
Jun 4 2012 // The Demotech Company Classification System categorizes insurers into one of 11 categories based on an analysis of data reported by the companies to the National Association of Insurance Commissioners. The 11 categories...
N.Y. Holds Hearings on ‘Force-Placed’ Insurance
Jun 4 2012 // Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that take out policies when a homeowner fails to maintain coverage required by the...
Maryland to Privatize State-Run Workers’ Comp Insurer IWIF
Jun 4 2012 // The Injured Workers’ Insurance Fund (IWIF), Maryland’s state-run workers’ comp insurance carrier, will become a private, nonprofit company under a new name Chesapeake Employers’ Insurance, effective...
Michigan Court Rules for Insurer in Tragic Hit-and-Run
Jun 1 2012 // The Michigan Supreme Court says an insurance company doesn’t have to pay benefits in a hit-and-run case because the incident wasn’t reported within 30 days. The court’s conservative majority overturned a...
Top Trade Credit Insurer Pulls Cover for Exports to Greece
May 31 2012 // The world’s biggest trade credit insurer, Euler Hermes, has suspended cover for exporters shipping to Greece because of the mounting risk of them not being paid in the event the debt-laden nation is forced out of the...
New Oklahoma Law Caps Premium Tax on Captive Insurance Companies
May 30 2012 // A proposed new law that places a cap on premium taxes paid by captive insurers is expected to increase the number of companies conducting business in Oklahoma, state regulators say. Senate Bill 1617, requested by Oklahoma...
Kentucky’s April Hail Storm Cost Insurers $175 Million
May 30 2012 // A major hail storm last month in Kentucky is estimated to have caused $175 million in insured losses and damages when balls of ice as large as baseballs battered cars and homes and knocked out power to thousands. The PSC...
Fallout from Dewey Law Firm Collapse Hits Insurers, Other Clients
May 29 2012 // For eight years, hundreds of victims of militant attacks in Israel have pursued litigation against a Jordanian bank they claim provided financial services to Hamas and other militant groups. Now the plaintiffs have a new...
58% Wind Rate Boost by Louisiana’s Last Resort Insurer
May 28 2012 // Louisiana Citizens Property Insurance Corp. plans an average rate increase for wind-only policies of 58 percent, sparking an argument among top state officials on whether the increase is legal. The Advocate reports that...
U.S. Insurers Have Capacity to Provide 2012 Hurricane Coverage: Fitch
May 25 2012 // Sufficient capacity remains available in the insurance and reinsurance markets to meet the demand for coverage prior to the approaching U.S. hurricane season, according to Fitch Ratings. Early forecasts for the 2012 U.S....
