Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
TRIA Renewal Remains Uncertain
Feb 21 2005 // Efforts to extend the federal terrorism insurance backstop, set to expire at the end of the year, face significant hurdles despite widespread belief among carriers that such a program is necessary to prevent massive market...
E&S Markets Medium, Softening Across the Board
Feb 21 2005 // Rising property prices and a healthy economy after the election year have encouraged competition for casualty business. Although account size is sometimes a factor in the directions prices move, E&S specialists say...
U.S. P/C INSURERS CONTINUE TO BOOST LOSS RESERVES FOR OLD BUSINESS:
Feb 21 2005 // For U.S. property/casualty insurers, periodic glimpses of rising profitability have been overshadowed by relentless price-cutting, natural and man-made catastrophes, and claims inflation. Following an unprecedented surge...
INSURERS TO PAY $5.9M FOR LOST SOCAL AIRPORT REVENUE:
Feb 21 2005 // Officials with the city of Los Angeles announced that they reached a $5.9 million settlement with their insurers due to the Sept. 11, 2001 terrorist attacks, according to the Associated Press. The Federal Aviation...
Nations Hazard Insurer Leaves Nationwide Trail
Feb 21 2005 // Even though his files have been stored in the department’s archives since the case was transferred to federal investigators more than a year ago, Ted Bader still keeps tabs on Michael Napadow and Nations Hazard...
N.J. Malpractice Insurer Ordered to Pay $15.3 Million
Feb 20 2005 // An insurance company for a prominent Bergen County, New Jersey eye surgeon must pay $15.3 million to cover malpractice claims made by 16 former patients, a Superior Court judge has ruled. Princeton Insurance Co. claimed an...
S&P Report Says Hurricane Losses Puts Pressure on Insurers’ Equity
Feb 18 2005 // The shareholders’ equity of many insurers and reinsurers is coming under greater pressure than anticipated as P/C losses from the 2004 hurricane season continue to rise with new estimates, according to a report by...
NAMIC Applauds Natural Disaster Legislation to Provide Affordable Insurance
Feb 18 2005 // A natural disaster bill introduced by a Florida congresswoman from a coastal district will ensure that debate on the problem of insurance availability in disaster-prone areas will continue, according to the National...
Mass. Insurer Coalition Plans Major Campaign to Bring More Competition to Auto System
Feb 18 2005 // A group of insurers in Massachusetts is planning a statewide public relations, lobbying and educational campaign to convince drivers, voters and lawmakers that more competition is needed in the state’s private...
Best Affirms FSR for Unitrin’s P/C, Life Companies
Feb 18 2005 // A.M. Best Co. has affirmed the financial strength ratings of A (Excellent) of the Unitrin Property and Casualty Insurance Group (Unitrin) (Dallas). The rating outlook is negative. A.M. Best has also affirmed the financial...
Insurer Disputes WebMD Crime Coverage
Feb 17 2005 // An insurance company is refusing to cover losses at WebMD, asserting it has no responsibility because senior executives knew about the kickback scheme at the health information and transaction firm. The insurer, Fidelity...
Insurers Hail Federal Med-Mal Reform Legislation; Continue to Support State Reforms
Feb 17 2005 // Last week, Sens. Judd Gregg (R-N.H.) and John Ensign (R-Nev.) introduced federal legislation that would provide assistance to medical professionals facing skyrocketing medical liability premiums. The Help Efficient,...
AIA Raises Concerns Over Wash. Legislation to Restrict Insurers’ Use of Credit Information
Feb 16 2005 // A proposed law to restrict the use of credit-based insurance scores under consideration by the Washington Legislature is premature and could raise premiums for Washington insurance consumers, according to the American...
CAAA: Workers’ Comp Carriers’ Profits up 25%-36%
Feb 15 2005 // Fourth quarter and 2004 annual earnings statements from leading California workers’ compensation insurance carriers are coming in, and profits are reportedly up by 25% to 36% over 2003 – and 2003 was already...
Nevada Med-Mal Rates Stabilizing
Feb 14 2005 // Approval of a 2004 ballot question and action by state lawmakers two years before that are stabilizing medical malpractice insurance rates in Nevada, legislators were told recently. Question 3, the Keep Our Doctors in...
ISO: Insurers Pay a Record $27.3B in 2004 Cat Losses
Feb 9 2005 // U.S. property/casualty insurers paid a record $27.3 billion for insured property losses to homeowners and businesses from 22 catastrophic events last year—surpassing losses from 2001 that included the Sept. 11...
PCIA Tells NAIC: SOX Compliance Could Cost Non-Public Insurers $1 B Annually
Feb 9 2005 // A spokesman for the Property Casualty Insurers Association of America told a National Association of Insurance Commissioners panel today in Orlando that a proposal to apply new requirements based on the Sarbanes-Oxley law...
Tillinghast Study: Insurers Welcome ERM Globally, but it Remains a Work in Progress
Feb 8 2005 // Insurers around the globe are making progress – quickly in some areas – with using an integrated risk and capital management approach to drive business decisions, according to the third biennial survey of risk...
Insurers Oppose Sarbanes-Oxley ‘404’ Proposal
Feb 8 2005 // A National Association of Insurance Commissioners panel this week will begin to discuss whether costly new audit measures based on the federal Sarbanes-Oxley (SOX) law should be imposed on non-public insurers despite...
S&P: U.S. Property/Casualty Insurers Continue To Boost Loss Reserves For Old Business
Feb 8 2005 // For U.S. property/casualty insurers, periodic glimpses of rising profitability have been overshadowed by relentless price-cutting, natural and man-made catastrophes, and claims inflation. Following an unprecedented surge...
