Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
N.J. Court Seeking Ways to Expedite Sandy Flood Litigation Process
Feb 26 2014 // A New Jersey federal court is seeking ways to expedite the litigation process for hundreds of flood insurance coverage-related cases that have been filed in wake of Superstorm Sandy. The U.S. District Court for the...
Texas Insurer Group Seeks Nominations for Industry Leadership Award
Feb 26 2014 // The Insurance Council of Texas (ICT) is seeking nominations for its annual Raymond Mauk Leadership Award, the council’s highest honor. The award will be presented on July 17, at the annual Mid-Year Property and...
Winter Claims Cost Insurers $1.5 Billion Thus Far
Feb 26 2014 // Near-record snowfall and prolonged extreme cold throughout many parts of the country have caused insurers to pay more than $1.5 billion to more than 175,00 claimants thus far, according to the Insurance Information...
Largest Insurers Would Face Asset Tax Under GOP Plan
Feb 26 2014 // The biggest U.S. banks and insurance companies would have to pay a quarterly 3.5 basis-point tax on assets exceeding $500 billion under a plan to be unveiled this week by Congress’s top Republican tax writer. The...
Gjensidige Sells $546 Million Stake in Norway Insurer Storebrand
Feb 26 2014 // Gjensidige Forsikring ASA, Norway’s largest insurer, sold its remaining 20.1 percent stake in life insurance and pension provider Storebrand ASA for 3.3 billion kroner ($546 million) as it focuses on general...
Direct Line Says Cost of U.K. Floods Could Reach $183.6 Million
Feb 26 2014 // Direct Line Insurance Group Plc, seen as one of the insurers most vulnerable to losses from the recent U.K. storms, said weather claims may cost as much £110 million ($183.6 million) as full-year profit jumped. Pretax...
Falling Reinsurance Rates Presage Sector Shake-out
Feb 25 2014 // A slump in reinsurance prices is playing to the strengths of the biggest global reinsurers, while piling pressure on smaller competitors to diversify or consolidate. Reinsurers, which help insurers shoulder risk in...
QBE Jumps on Premiums, North American Unit Outlook: Sydney Mover
Feb 25 2014 // QBE Insurance Group Ltd., Australia’s second-largest insurer by market value, climbed to its highest level in more than two months on plans to increase premium rates and bring its North American unit back to profit...
Louisiana Group Sues to Force Insurers to Take Federal AIDS Money
Feb 24 2014 // An advocacy group has filed a federal lawsuit seeking to force insurance companies in Louisiana to take payments from a federal program that helps HIV and AIDS patients. Lambda Legal filed the suit in a Baton Rouge federal...
Best Affirms Ratings of Beazley Insurance Company; Outlook Stable
Feb 24 2014 // A.M. Best has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Beazley Insurance Company, Inc. (BICI), based in Farmington, Conn., a subsidiary of Beazley...
P/C Insurers’ Net Income Up 60%, Combined Ratio at 97.6 for 2013: A.M. Best
Feb 24 2014 // A relatively quiet year for catastrophes helped the U.S. property/casualty industry achieved an underwriting profit for the first time in four years, according to A.M. Best. The industry managed its way to a nearly 60...
No Rate Hike Needed, Say Carolina Auto Insurers
Feb 24 2014 // North Carolina auto insurers say no rate increase is needed for auto insurance policies in the coming year. Insurance Commissioner Wayne Goodwin said the Department of Insurance has received the annual auto insurance rate...
Damages Allowed Over Insurer’s Refusal to Defend West Virginia Man
Feb 24 2014 // A former Wyoming County (West Virginia) Council on Aging director can recover damages for aggravation and inconvenience from an insurance company that refused to represent him when the state sued him, a federal appeals...
Administrative Changes Proposed for Texas Workers’ Compensation System
Feb 24 2014 // Adoption of NCCI Manual Would Be Effective June 1 Texas Insurance Commissioner, Julia RathgeberTexas will be privatizing many functions in its workers’ compensation system if a proposal to adopt the National Council...
Mass. Proposes Tax for Insurer-Owned Pass-Through Entities
Feb 24 2014 // As part of his administration’s plan for new tax revenues, Massachusetts Gov. Deval Patrick recently proposed applying a corporate tax rate to the state’s “pass-through entities” that are owned by...
Mass. AG Opposes 7.7% Workers’ Comp Rate Hike
Feb 24 2014 // At a recent public hearing, Massachusetts Attorney General Martha Coakley’s office expressed its opposition to the workers’ compensation average rate increase proposal and argued that the rate should be lowered...
Industry Groups Welcome N.Y. High Court’s Reversal of K2 Decision
Feb 20 2014 // Insurance trade groups this week welcomed the New York Court of Appeals’ reversal of its June 11, 2013, decision on K2 Investment Group, LLC v. American Guarantee & Liability Insurance Co., a case that has been...
Texas Likely to Become an ‘NCCI State’ for Workers’ Comp; Question Is – When?
Feb 20 2014 // Texas will be privatizing many functions in its workers’ compensation system if a staff petition to adopt the National Council on Compensation Insurance (NCCI) Basic Manual, with Texas exceptions, and the national...
‘Bonus’ Year of 2013 Has Insurers Figuring How to Incent for Future Growth
Feb 19 2014 // With property/casualty insurance and life and annuity companies having a great year in 2013, bonus funds were up above targeted amounts for 80 percent of them, Towers Watson reported. In an item posted on Towers...
FSOC’s Insurance Expert Woodall Approved As International Regulatory Observer
Feb 18 2014 // Roy Woodall, the insurance sector voting member of the Financial Stability Oversight Council, will finally be getting involved in the International Association of Insurance Supervisors (IAIS) but as an observer, not a...
