Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Conn. Regulator: New Law Will Improve Oversight of Global Insurers
Jun 18 2012 // Connecticut Insurance Commissioner Thomas Leonardi praised passage of two new laws that give the state greater financial oversight of large, globally active insurers and makes the state a more attractive place for...
U.S. Insurers’ Reserves Redundant by $11.7B: Aon Benfield Study
Jun 18 2012 // Insurers’ reserves were redundant at year-end 2011 by $11.7 billion — or 2 percent of total booked reserves – compared with $22.0 billion at the year-end of 2010, after the industry released $12.7 billion of...
E&O Insights: Why Businesses Need Umbrella Protection
Jun 18 2012 // Umbrellas are apparently not as simple as many would like to believe because various issues involving umbrellas cause more than their fair share of errors and omissions claims. Due to the nature of umbrella coverage, the...
Deductible Reminder
Jun 18 2012 // Eighteen coastal states permit insurers to use hurricane deductibles in their homeowners policies. But the Insurance Information Institute is concerned insureds may not see them even though they are clearly listed on their...
Outlook Is Cautious As Some States See Major Construction Projects
Jun 18 2012 // Apartment Communities May Be Key to Revival The overall construction industry appears to be making a recovery, albeit, a very slow one. Industry watchers say the outlook is better for big utility and public works...
Kentucky’s April Hail Storm Cost Insurers $175 Million: Verisk
Jun 18 2012 // A major hail storm in April in Kentucky is estimated to have caused $175 million in insured losses and damages when balls of ice as large as baseballs battered cars and homes and knocked out power to thousands. The PSC...
Examining Contractor Coverage: How to Avoid Holdbacks in NYC Public Contracts
Jun 18 2012 // The standard construction contract with the City of New York contains a number of provisions that allow the city to retain a portion of payments on a project. The typical retainage “holdback,” where the city...
Florida Court OK with Insurer Not Following Hurricane Deductible Notice to a ‘T’
Jun 18 2012 // The failure to strictly follow the requirements for providing policyholders with information about their hurricane deductible does not mean the deductible is unenforceable, Florida’s high court has ruled. The Florida...
Why Preparation Can Prevent Hurdles from Becoming Project-Killers in Construction Delays
Jun 18 2012 // Financing and Weather Among Top Delay Issues Keeping a construction project on track and on schedule is a big job. Many different pieces need to be in place at the right time. One big issue that often arises is the problem...
Lloyd’s Market Association Issues Guidance in Case of Euro Exit
Jun 15 2012 // The Lloyds’s Market Association (LMA) has joined central banks and other financial instiutions in preparing for a possible euro zone exit. It has issued a “note” giving insurers and brokers guidance on...
R.I. Proposes 6.75% Assessment Rate for WC Insurers for Coming Year
Jun 14 2012 // The R.I. Department of Labor and Training has proposed this week an assessment rate for workers’ compensation insurers of 6.75 percent for the coming year, effective July 15, 2012. This rate has remained level every...
Keystone Insurers Group Adds Geogia’s Turner & Associates
Jun 14 2012 // Keystone Insurers Group has added Brunswick, Ga.-based agency Turner & Associates Insurance as its second franchise partner in the state. The Turner & Associates joins a network of more than 235 partners in eight...
N.Y. Orders ‘Force-Placed’ Insurers to Submit New Lower Rate Proposals
Jun 13 2012 // New York regulators said they have ordered three major insurers offering ‘force-placed’ homeowners insurance in New York to submit proposals for new premium rates.N.Y. Financial Services Superintendent Lawsky...
Law Firms Facing Rise in Large Malpractice Claims: Study
Jun 13 2012 // Although the frequency of malpractice claims brought against law firms in the U.S. appears to be leveling office, the number of large claims is rising sharply. A new study by insurance broker Ames & Gough finds a...
ACE to Acquire Indonesian General Insurer Asuransi Jaya Proteksi
Jun 13 2012 // ACE Limited announced that the company and its local partner have reached a definitive agreement to acquire PT Asuransi Jaya Proteksi (JaPro) in Indonesia for approximately $130 million in cash. JaPro was established in...
Best Affirms Ratings of The Hanover Insurance Group and Subs
Jun 13 2012 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of the subsidiaries of the parent holding company, The Hanover Insurance...
UK Insurers Face Floods Losses; May Raise Premiums
Jun 12 2012 // British insurers face big claims for flooding after the heavy rainfalls across the country this month, making it harder for them to hit profit targets and potentially forcing them to raise premium rates for consumers,...
Health Insurer UnitedHealth Vows to Keep Reforms Whatever Court Decides
Jun 11 2012 // UnitedHealth Group Inc., the largest U.S. health insurer by market value, said it would maintain the health coverage protections included in President Barack Obama’s healthcare law regardless of how the Supreme Court...
Transfer of Pension Risk to Insurers Gaining Favor
Jun 11 2012 // Last week’s deal by Prudential Financial to take on $26 billion of the retirement liabilities of General Motors has reignited a part of the American insurance market that had been bouncing along the bottom in recent...
Trade Credit Insurers Increase Exposures to over $225 Billion
Jun 11 2012 // Global trade credit insurers have increased their exposures in the sector by over €180 billion [$226.8 billion], despite the continuing unstable economic environment. At a recent meeting in Singapore the members of the...
