Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
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...
EU Insurers Still Coming to Terms with Solvency II as Start Date Nears
Jun 8 2012 // “Over the next 18 months it’s estimated that Ireland will spend 100 million euros (app. $125 million) on preparations for Solvency II (SII),” said Garvan O’Neill, a partner in...
Louisiana Woman Convicted of Bank Theft, Will Pay $284K to Insurer
Jun 8 2012 // A federal judge has sentenced a former employee of Teche Federal Bank in New Iberia to 27 months in prison for embezzling over $387,000 between June 2008 and January 2011. On Wednesday, U.S. District Judge Rebecca Doherty...
AIG’s Benmosche Says Chartis May Readopt AIG Brand as Insurer Rebounds
Jun 8 2012 // Here is another sign that American International Group executives may be feeling bullish about the company’s future prospects — CEO Robert Benmosche said this week that Chartis may readopt the AIG brand name in...
Workers’ Comp Market Injured But Still Standing
Jun 8 2012 // Like the economy, the workers’ compensation market has suffered in recent years. Results for 2011 were no better than 2010. The good news: results for the workers’ comp market were not worse either. The...
Maine-Based WC Insurer MEMIC Group Hires 2 Senior Underwriters
Jun 7 2012 // The MEMIC Group, a workers’ compensation insurer headquartered in Portland, Maine, has appointed two senior underwriters: Mark Darragh for New Jersey and surrounding areas operations and Katrinka Casamassa for...
Pennsylvania Judge: Insurer Must Cover Sandusky’s Legal Bills for Now
Jun 7 2012 // A judge ruled on Monday that Federal Insurance Co., part of Chubb Group of Insurance Companies, must continue to cover Jerry Sandusky’s defense costs, at least for now. Sandusky is the former Penn State assistant...
U.S. Insurers’ Reserves Redundant by $11.7B: Aon Benfield Study
Jun 7 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...
Best Affirms Fireman’s Fund Ratings, Removes from Review; Outlook Stable
Jun 7 2012 // A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of...
Consumer Group Says Auto Insurers ‘Lowball’ Injury Payments with Computerized Systems
Jun 7 2012 // A report by the Consumer Federation of America (CFA) raises concerns that computerized claims systems used by many of the nation’s largest auto insurance companies can be easily adjusted to make “lowball”...
Best Affirms AXA U.S. FSR; Upgrades ICR; Off Review; Negative Outlook
Jun 7 2012 // A.M. Best Co. has removed from under review with negative implications and upgraded the issuer credit rating (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of...
Best Announces Further Rating Actions on Euro Zone Insurers
Jun 7 2012 // A bulletin from A.M. Best notes that the rating agency has “been actively monitoring the financial crisis and its effects on European countries, stress-testing the balance sheets of (re)insurers against their...
Florida Court: No Penalty for Insurer Not Following Deductible Disclosure to a ‘T’
Jun 6 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...
Conn. Commissioner: New Law Improves Oversight of Global Insurers
Jun 6 2012 // Connecticut Insurance Commissioner Thomas Leonardi praised passage of two new laws that give the state greater financial oversight of large, globally active insurance companies and makes the state a more attractive place...
RSA Acquires Quebec Insurer L’Union Canadienne
Jun 6 2012 // RSA announced that it has acquired L’Union Canadienne, Compagnie d’Assurances from Co-operators General Insurance Company, subject to regulatory approval. “L’Union Canadienne is the third largest...
Idaho Reaches Settlement With Insurer Aflac
Jun 5 2012 // State officials say Idaho will receive $200,000 as part of a regulatory settlement with the insurer Aflac Inc. On Monday, the Idaho Department of Insurance said Aflac will have to submit compliance reports to the state...
Chinese Drivers Pose Fresh Risks for Foreign Insurers
Jun 5 2012 // “People like us who buy Ferraris don’t care too much about insurance because we buy cars for speeding,” said Li, in his twenties and the son of a Pearl River Delta factory owner, as he took delivery of a...
Florida’s Citizens Hears Depopulation Ideas
Jun 4 2012 // When the question is how to shrink Florida’s state-backed home insurer, answers from insurance agents, insurer executives, state lawmakers, and others come down to increasing rates and shifting more policies to the...
Best Affirms State Farm Mutual, Affiliates & Subs Ratings
Jun 4 2012 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and issuer credit ratings (ICR) of “aa+” of State Farm Mutual Automobile Insurance Company (SFMAIC) and its...
Florida Cat Fund’s Financial Condition Triggers A.M. Best Review of Insurer Ratings
Jun 4 2012 // Insurers writing homeowners coverage in Florida could see a revision in their financial ratings after one of the nation’s top rating companies announced it will reconsider them in light of the financial problems...
