Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
North Carolina Committee to Study Beach Plan’s Ability to Cover Risks
Sep 9 2008 // The North Carolina Legislature mandated a committee to study the North Carolina Insurance Underwriting Association’s (Beach Plan) ability to respond financially to a significant hurricane landfall. State Rep. Bruce...
S&P Reports Europe’s Insurers Fail to Differ from Other Financials
Sep 9 2008 // Standard & Poor’s Ratings Services has concluded that “Europe’s insurers are allowing themselves to be caught up in the gloom that shrouds equity and capital markets.” In a report entitled...
Texas Bracing for Possible Strike by Hurricane Ike
Sep 9 2008 // As Hurricane Ike barrels over Cuba and heads toward the Gulf of Mexico, it has the potential to become the storm that insurance companies in Texas have feared most, according to the Insurance Council of Texas. As of Sept....
Gustav Could Cost Insurers $8B, Says Swiss Re
Sep 9 2008 // Hurricane Gustav will cost the global insurance industry up to $8 billion, Swiss Reinsurance Co. said Monday. Insured damages from natural disasters through the end of August were 20 percent higher than in the same period...
Rendezvous Roundup: Guy Carpenter; Aon Global Re; Munich Re
Sep 8 2008 // The Annual Reinsurance Rendezvous in Monte Carlo convened this weekend amid concerns over the ongoing credit crisis, the softening of the market and the onslaught of storms in the Caribbean. The current climate for the...
S&P Report Says U.K. Auto Insurers Use of Prior-Year Reserves ‘Unsustainable’
Sep 8 2008 // Standard & Poor’s Ratings Services has issued an analysis of the U.K. motor insurance industry’s reported results, which concludes that “healthy reported numbers continue to hide high releases from...
Insurers Estimate Gustav Claims as HIgh as $10 Billion
Sep 4 2008 // Residential and commercial damages from Hurricane Gustav will trigger an estimated $4 billion to $10 billion in insurance claims, a third of which could affect the energy industry. While Gustav’s force paled in...
Unitrin to Acquire Auto Insurer Direct Response Corp. for $220M
Sep 3 2008 // Unitrin, Inc. reported today that its subsidiary, Trinity Universal Insurance Co. is buying Direct Response Corp. and its subsidiaries. Trinity will acquire Direct Response in a cash transaction valued at approximately...
Carriers Protest Maryland Automobile Insurance Fund’s Rates
Sep 2 2008 // Maryland’s private auto insurance industry is objecting to a proposal by the state’s insurer of last resort to lower rates as gasoline and food prices rise. At a hearing in Baltimore on Friday, industry...
Gustav Insurance Losses Significant but ‘Manageable,’ Less than Katrina’s
Sep 2 2008 // Hurricane Gustav, which came ashore southwest of New Orleans on Monday morning, is expected to trigger significant insurance claims but far less than record-setting Katrina did three years ago. “This is a...
Arizona Insurers Seek 7.9% Workers’ Comp Rate Increase
Sep 2 2008 // Arizona workers compensation carriers have filed for a 7.9 percent rate increase to take effect Oct. 1, 2008, according to the National Council on Compensation Insurance. By industry group, the rate increase would include...
Report: Highly Satisfied Customers Have Higher Auto Renewal Rates
Sep 2 2008 // Auto insurance customers with high commitment levels not only make more recommendations and are more likely to renew their policies, but are also significantly less sensitive to pricing offers from competitors, according...
Liberty Mutual Sues New York over Workers’ Comp Law Changes
Sep 1 2008 // Boston-based insurer Liberty Mutual Holding Co. has filed a federal lawsuit challenging several recent amendments to New York State’s workers’ compensation law as unconstitutional. The suit alleges that changes...
N.Y. Requires Showing of Prejudice Before Insurers Disclaim for Late Notice
Sep 1 2008 // New York has enacted a bill requiring a showing of prejudice before insurers can disclaim coverage for late notice. The bill amends Section 3420 of the New York Insurance Law to require liability policies to provide that...
AIG CEO Says He Will ‘Take a Scalpel’ to Reshape Giant Insurer
Sep 1 2008 // American International Group’s Chief Executive Robert Willumstad will soon take the scalpel to the world’s largest insurer — and not a minute too soon for investors blindsided by mortgage losses that led to...
Broker Liability: Scope of Coverage
Sep 1 2008 // Agents Liable for Failing to Obtain Promised or Reasonably Anticipated Coverage Absent any express representations of coverage by the agent or broker, when the insured accepts a policy without objection, the general rule...
American Slain in Beijing Was Board Chairman of Illinois Insurance Company
Sep 1 2008 // An American stabbed to death in China in an attack that also critically injured his wife had ties to the Metro East, Ill. Sixty-two-year-old Todd Bachman was the board chairman at Edwardsville-based Hortica. That company...
Credit Scoring Fight ‘On Again’ in Michigan
Sep 1 2008 // The simple fact is that now insurance companies in Michigan no longer will be able to use customers’ credit scores to set home and auto insurance premiums — if the state Court of Appeals ruling stands. Just when...
Insurers Seek Study of North Carolina Beach Plan’s Finances
Sep 1 2008 // Insurers are calling upon the the North Carolina Insurance Underwriting Association, known as the Beach Plan, to release its financial information to allow consumers, lawmakers and insurers to begin working on long-term...
U.S.-Mexico Cross Border Trucking Project Extended for 2 More Years
Sep 1 2008 // In early August 2008 the U.S. Department of Transportation extended for two years the cross border trucking demonstration project, a reciprocal agreement that allows up to 100 Mexico-domiciled motor carriers to operate...
