Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
A.M. Best, Insurers Concerned over Florida’s Catastrophe Fund Capabilities
Oct 16 2008 // The Florida Hurricane Catastrophe Fund Advisory Council recently presented its 2008 October bonding estimates, rattling the nerves of insurers in the process. While David Sampson, president and chief executive officer of...
S&P Article Finds Global Insurers Weathering Credit Turmoil – So Far
Oct 16 2008 // In a newly published article – Global Insurers Weather The Credit Turmoil–Thus Far – Standard & Poor’s credit analysts have concluded that “many of the largest insurers around the world...
Insurers to New York: It’s Not Just Gas That Drives Insurance Rates
Oct 16 2008 // The Property Casualty Insurers Association of America (PCI) said it was disappointed by New York regulators’ decision to deny most auto insurers’ rate increases based on the assumption that higher gas prices...
Fitch: Insurers Face Mounting Pressure on Ratings Worldwide
Oct 16 2008 // Balance sheet pressures for insurance and reinsurance companies globally have become more severe as insurers experience greater unrealized market value losses, and take impairments, on their investment portfolios, says...
AIG Commercial Insurance Unit Financially Fit and Fighting Back
Oct 14 2008 // The very strengths in its balance sheet, surplus, underwriting and personnel that have made the Commercial Insurance unit of American International Group (AIG) a market leader are keeping it competitive even while the...
Mass. May End Auto Insurance Appeals; Agents Balk
Oct 13 2008 // The Massachusetts insurance commissioner, addressing a concern of some insurers, is considering eliminating the unique right under which Bay State drivers have been able to appeal auto premium surcharges they consider...
Global Crisis Claims Japan Life Insurer, Markets Panic
Oct 10 2008 // The global credit crisis claimed its first Japanese financial institution on Friday and the government looked to prop up smaller banks, as Tokyo shares suffered their biggest rout since a 1987 crash. Government ministers...
Insurer: Odds of Deer-vehicle Crashes Highest in West Virginia
Oct 10 2008 // For the second straight year, data gathered by State Farm Insurance shows that vehicles are most likely to collide with deer in West Virginia — a one in 45 chance. That’s up from a year ago when the odds were...
American National Aiding Clients of Former Agent Accused of Premium Theft
Oct 10 2008 // Galveston, Texas-based American National Insurance Company and its subsidiary, American National Property and Casualty Company learned shortly after Hurricane Ike that one of its agents had failed to forward to the Texas...
Insurers See Lower 3Q Income, S&P Revises Life Insurer Outlook
Oct 10 2008 // U.S. life insurers Lincoln National Corp. and ACE Ltd reassured investors that they have enough capital, but credit rating agency Standard & Poor’s cut its outlook for the industry on Friday. The Progressive...
Aegon, Aviva Bolster Risk Hedges, EU Insurers’ Shares Rise
Oct 9 2008 // European insurance shares rose sharply on Thursday, as Dutch insurer Aegon announced steps to boost capital and reduce risk, while British peer Aviva Plc bolstered its hedges against slumping stock markets. Aegon, which...
Citing Financial Crisis, Maryland’s State Auto Insurer Delays Rate Cut
Oct 9 2008 // The Maryland Automobile Insurance Fund (MAIF) has been granted a 45-day deferral of a decision that might have allowed MAIF to reduce rates by nearly five percent, according to Maryland Insurance Commissioner Ralph S....
Hurricane Ike’s Windstorm Costs Insurers $550 Million in Ohio Damages
Oct 9 2008 // Winds from Hurricane Ike will cost insurance companies at least $553.1 million to cover property damage and other losses in Ohio, making it the state’s most expensive natural disaster in more than three decades, a...
Study Shows Unintended Consequence of 1st-Party Bad Faith Liabiity
Oct 9 2008 // Bad faith remedies designed to protect insurance consumers from unfair claim settlement practices can potentially harm consumers, warns a new report published by the National Association of Mutual Insurance Companies...
Regulators: 40,000 Policies to be Removed From Louisiana Citizens
Oct 9 2008 // Six insurance companies, some participating in the Insure Louisiana Incentive Program, want to assume 46,898 policies from the Louisiana Citizens Property Insurance Corporation by Dec. 1, 2008. However, Citizens CEO John...
Best Reports on Europe’s Insurers
Oct 7 2008 // “Non-life insurance premiums are flat or declining while claims costs are escalating in Western Europe’s major markets,” said a bulletin from A.M. Best. “Meanwhile, life insurers’ growth is...
AIG to Sell 3 Japanese Life Insurance Companies
Oct 6 2008 // Embattled insurer American International Group Inc. said it will sell three of its Japanese life insurance businesses. As part of its effort to pay off a massive U.S. government loan, AIG has decided to unload Alico Japan,...
Insurance Industry Files Appeal to Michigan High Court on Credit Ruling
Oct 6 2008 // Insurance industry parties today filed an appeal to the state Supreme Court in response to an August ruling by the Michigan Court of Appeals that would prohibit the use of credit-based insurance scoring. The August ruling...
Port of New Orleans Settles With Insurer Over Katrina Damage
Oct 6 2008 // The Port of New Orleans approved a $97.5 million settlement with a major insurer over damages the port sustained during Hurricane Katrina. The port said Johnston, R.I.-based FM Global had insured it for up to $145 million...
Ironshore Specialty Insurance Becomes Surplus Lines Insurer in California
Oct 6 2008 // The California Department of Insurance has added Ironshore Specialty Insurance Co. (ISIC) to its List of Eligible Surplus Lines Insurers (LESLI listing). ISIC will provide specialty commercial insurance coverages on an...
