Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Fitch Affirms AIG, Subs ‘AA’ Ratings
Jan 16 2008 // Fitch Ratings has affirmed American International Group’s Issuer Default Rating (IDR) at ‘AA’ and affirmed its ratings on all of AIG’s insurance subsidiaries at the same level. The rating outlook is...
Fla. Regulator Vows Enforcement of 2007 Law, Insurers Weigh In
Jan 15 2008 // Florida’s requiring that insurance company executives testify publicly about why their property insurance rates have not gone down proves the state is serious about its efforts to make property insurance available...
Ariz. Court Goes Against State Farm in Uninsured Motorist Case
Jan 15 2008 // An Arizona Supreme Court ruling issued late last week blocks insurance companies from lowering underinsured motorist payments to injured people who have received workers’ compensation. The ruling against Bloomington,...
Hanover Insurance to Acquire Chemical Industry Insurer Verlan
Jan 14 2008 // Worcester, Mass.-based The Hanover Insurance Group, Inc. has agreed to acquire Verlan Holdings, Inc., a Silver Spring, Maryland-based holding company that provides insurance to manufacturers and distributors of...
ISO: Insurers to Pay $6.5 Billion in 2007 Catastrophe Claims
Jan 14 2008 // U.S. property/casualty insurers are expected to pay homeowners and businesses $6.5 billion for 2007 property losses from 23 catastrophes — the eighth lowest cost in a decade and the seventh lowest frequency for the same...
Fla. Gov. Crist Weighs Suing Property Insurers Over Rates
Jan 13 2008 // Gov. Charlie Crist has asked three trial lawyers to review documents for a possible class-action lawsuit against property insurers, alleging that the industry hasn’t passed on savings to consumers as required by...
People
Jan 13 2008 // Dallas-based regional insurer, The Republic Group, appointed Jim Drawert to the new position of vice president – Industry Relations. Additionally, Cathy Link has joined Republic as chief underwriting officer. Drawert...
Texas Establishes Performance Incentives for Workers’ Comp Carriers, Providers
Jan 13 2008 // The Texas Department of Insurance Division of Workers’ Compensation now has in place a rule establishing incentives for performance-based oversight for workers’ comp carriers and health care providers. The...
Maintaining Profitability in a Changing Market
Jan 13 2008 // What will it take to get ahead in 2008? Managing insurance cycles to maintain profitability is a tricky proposition. Higher premiums produced by hard markets provide more income, but it may be difficult to find coverage...
Montana Directs Auto Insurers to Avoid Steering
Jan 13 2008 // Montana State Auditor John Morrison is reminding property and casualty insurers doing business in the state that a new law recently went into effect to protect Montanans’ right to choose an auto body repair shop...
P/C Insurers’ Net Income, Surplus Rose But Profitability Dropped in 3rd Quarter
Jan 13 2008 // The U.S. property/casualty insurance industry’s net income after taxes rose 7.1 percent to $49.4 billion through nine-months 2007 from $46.1 billion through nine-months 2006. Fueled by the industry’s net...
Contractors’ Insurance: The Hard Sell for the Soft Market
Jan 13 2008 // Selling Long-term Relationships over Short-term Savings For contractor Paige Smith of Neuse Tile Service Inc. in Youngsville, N.C., the increase in cold calls she is receiving from insurance agents is a sure sign of the...
Assessing Catastrophe Risk While Underwriting Doesn’t Require Big Changes
Jan 13 2008 // A little data can go a long way to improve risk selection in catastrophe prone areas For companies writing homeowners insurance in catastrophe prone states, the future of catastrophe risk assessment is now. Today, insurers...
Future of Bond Insurance at Risk
Jan 13 2008 // The biggest casualty of the crisis surrounding bond insurers may well be the insurers themselves. Issuers and bond buyers alike may find it easier now to dispense with insurance, experts say, given that the finances of...
Mass. Insurance Chief, AG Differ Over How to Regulate Auto Rates
Jan 11 2008 // Massachusetts Insurance Commissioner Nonnie Burnes and Attorney General Martha Coakley are at odds over how best to regulate the state’s new competitive auto rates. Coakley thinks some insurers are being stingy with...
Insurers Defend Profits; Deny They Overcharge, Under-deliver on Home, Auto Policies
Jan 11 2008 // A national consumer organization has charged that property/casualty insurers are unfairly overcharging for home and auto insurance at the same time they are reducing payments to insureds. According to the Consumer...
Lloyd’s Becomes Chile’s First ‘Approved Foreign Insurer’
Jan 7 2008 // Lloyd’s announced that it has become the first foreign entity to take advantage of a recent regulatory change in Chile’s insurance practice. Following the signing of a Free Trade Agreement in 2007...
Group Settles 22 Mississippi Katrina Cases with Insurer
Jan 7 2008 // State Farm Fire and Casualty Co. reached a settlement on 22 lawsuits stemming from Hurricane Katrina damage. “Obviously, we are pleased to settle without costly and lengthy litigation,” said State Farm...
Insurer Wants Scruggs-Affiliated Attorneys off Mississippi Katrina Case
Jan 7 2008 // State Farm Fire & Casualty Co. is seeking to disqualify several former members of the Scruggs Katrina Group – a Mississippi legal team led by embattled attorney Richard “Dickie” Scruggs – from...
Lloyd’s Defends Insurers Against ‘Spoilsport’ Image
Jan 4 2008 // An increasingly common complaint against the insurance industry charges that it is largely responsible for the disappearance of traditional events and activities due to the unavailability and/or the increasing cost of...
