Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Willis, Atlas Set-up Malta-based Insurer to Underwrite UK Auto Liability
Feb 3 2011 // The Global Captive Practice of Willis Group Holdings and Atlas Insurance PCC (Protected Cell Company), which is based on the Island of Malta, jointly announced the establishment of a new insurance structure to cover the...
Predictive Modeling Improving Insurers’ Bottom Lines, Market Share
Feb 2 2011 // Property/casualty insurance carriers currently utilizing predictive modeling continue to see their bottom lines improve and almost 4 out of 10 say it has helped them increase market share. For this and other reasons,...
Best Withdraws Ratings of Various QBE U.S. Subsidiaries Following Reorganization
Feb 2 2011 // A.M. Best Co. has withdrawn the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Blue Ridge Insurance Company (BRIC) (Sun Prairie, WI), United Security...
New York Court Dismisses Bond Insurer MBIA’s Suit Against Merrill
Feb 2 2011 // A New York state appeals court Tuesday dismissed a lawsuit in which bond insurer MBIA Inc. accused Merrill Lynch & Co. of fraudulently misleading it into providing insurance on $5.7 billion of risky debt. The ruling is...
State Farm Florida Seeks 28% Home Insurance Rate Hike
Feb 1 2011 // State Farm of Florida is requesting a statewide average 27.7 percent homeowners insurance rate increase citing the rising costs of sinkhole claims. The request comes as Florida lawmakers are trying to broker a deal over...
AIG Completes Sale of Japanese Life Insurance Companies to Prudential
Feb 1 2011 // American International Group, Inc. (AIG) reported it has closed the sale of its Japan-based life insurance subsidiaries, AIG Star Life Insurance Co. Ltd. and AIG Edison Life Insurance Co., to Prudential Financial Inc. for...
Suez Shipping Operating Normally Despite Egypt Unrest: Marine Insurers
Jan 31 2011 // No direct threat to ships passing through the strategic Suez Canal waterway exists at the moment, despite unrest in Egypt, a senior official with London’s marine insurance market said on Monday. “We are not...
Missouri Insurance Department Returns $10M to Consumers
Jan 31 2011 // Enforcement by the Missouri Department of Insurance resulted in consumers receiving $10.5 million from their insurance companies in 2010, the DOI reported. The money was returned through the department’s mediation...
S&P Japan Ratings Downgrade Hits Insurers
Jan 28 2011 // Yesterday Standard & Poor’s Ratings Services announced that it had lowered its sovereign rating on Japan to ‘AA-‘ from ‘AA’. The rating agency followed up that action by announcing that it...
P/C Insurers Like Some of Obama’s State of Union Promises
Jan 27 2011 // Property/casualty insurers found things to like in President Obama’s State of the Union speech that was largely focused on the economy and business. Medical malpractice reform, regulatory review, and trade...
Judge Permits Mississippi Whistleblower Case Against Insurer
Jan 27 2011 // U.S. District Judge L.T. Senter Jr. has declined to dismiss a whistleblower lawsuit filed against State Farm Fire & Casualty Co. State Farm had sought dismissal of the 2006 lawsuit filed by Cori and Kerri Rigsby, who...
Maryland Gov. Pushes $100M Tax Credit Program for Insurers
Jan 26 2011 // Gov. Martin O’Malley is pushing for a $100 million initiative to promote high-tech industry in Maryland. O’Malley made the “Invest Maryland” program a part of his legislative agenda on Monday. The...
S&P Publishes Updated Insurers’ Economic Capital Models
Jan 26 2011 // Standard & Poor’s Ratings Services has published its updated methodology for assessing insurers’ economic capital models on Jan. 24, 2011. S&P said the announced criteria “apply to all the life...
Insurers Form Florida Lobby Group to Change Personal Lines
Jan 25 2011 // Some of Florida’s largest insurance companies have banded together and formed the Personal Lines Insurance Federation of Florida to lobby for changes in the state’s regulatory environment in an effort to spur...
California Insurers Oppose ‘Crash Tax’
Jan 25 2011 // An ordinance up for consideration at tonight’s Sacramento City Council meeting is bad news for local businesses and is unfair to consumers that shop, work or visit the City of Sacramento, according to the Association...
California To Enforce Health Insurer Spending Limits
Jan 25 2011 // California’s Office of Administrative Law (OAL) has approved state Insurance Commissioner Dave Jones’ request for an emergency regulation to give him the authority to enforce the 80 percent Medical Loss Ratio...
Massachusetts Repair Shop Owner Arraigned for Bilking Insurers
Jan 25 2011 // A Massachusetts man who allegedly collected over $28,000 in fraudulent insurance claims for work performed at his automotive and glass companies has been arraigned on fraud and larceny charges, according to the...
Association of California Insurance Companies Names Sektnan President
Jan 25 2011 // The Association of California Insurance Companies (ACIC) and Property Casualty Insurers Association of America (PCIAA) announced that Mark Sektnan has been promoted to ACIC president. Following a distinguished career in...
South Carolina Court Says Insurer Off the Hook for Shoddy Construction
Jan 24 2011 // The South Carolina Supreme Court has ruled that insurers are not liable for damages caused by faulty workmanship under a contractor’s commercial general liability policy. In a recent ruling, the high court found that...
S&P Could Downgrade Bond Insurers
Jan 24 2011 // Standard & Poor’s could downgrade bond insurers by a full category or more if new ratings standards for the sector are implemented and the companies do not raise more capital, the agency said Monday. Bond...
