Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
New Jersey Approves First Captive Insurer
Jul 19 2011 // New Jersey has approved its first captive insurance company under the new law that became effective in May. The Department of Insurance issued a certificate of authority, effective July 1, to the Prudential Insurance Co....
S&P Threatens Downgrade of Insurers, Financial Firms Over Debt Ceiling
Jul 18 2011 // Standard & Poor’s Friday raised the pressure on debt negotiators in Washington, saying it could downgrade insurers, securities clearinghouses, mortgage agencies and a laundry list of other firms without a deal...
Post-Loss Assignments of Claims Under Insurance Policies
Jul 18 2011 // In the settlement of lawsuits involving insured claims, it is not uncommon that one condition of the settlement is that the defendant assign his or her claims under all applicable insurance policies to the party that filed...
Hawaii Regulator Orders Homeowners Insurers to File New Rates
Jul 18 2011 // Hawaii Insurance Commissioner Gordon I. Ito has ordered all homeowner insurers to submit new rate filings after a Insurance Division review found that rates were “excessive” when compared to National...
As Small Business Shrinks, Small P/C Insurers Lose
Jul 18 2011 // The property/casualty small business sector – those accounts with less than 50 employees – has shrunk substantially since 2007, and there has been a dramatic shift in market share among small, mid-sized and...
Agency Satisfaction With Insurers Not Driven by Price, Compensation
Jul 18 2011 // Insurance agents tend to give a greater share of their business to insurers with whom they are highly satisfied, according to a J.D. Power and Associates Insurance Agency Satisfaction Study-Personal Lines. The study, based...
S&P Threatens Downgrades of Finance Companies; ‘AAA’ Rated Insurers
Jul 15 2011 // Standard & Poor’s Friday put a broad range of financial firms on negative credit watch, warning they could all be downgraded if the United States has its credit rating cut. The S&P action takes in Fannie Mae,...
What Does Insurance Industry Contribute to California’s Economy?
Jul 15 2011 // The overall insurance industry accounts for more than 234,000 jobs in California with a payroll of $16.8 billion, a new report finds. Also, property/casualty insurers paid a total of $50.2 billion in claims and expenses in...
Insurers Seek Separation from Banks for Systemic Risk Regulation
Jul 14 2011 // U.S. insurance company trade groups have sent a letter to President Obama requesting his assistance with G20 leaders in efforts to de-link insurers from the timelines for identification of globally systemically important...
UK’s ABI Launches Insurance Fraud Database
Jul 13 2011 // The Association of British Insurers has underlined its members’ determination to actively pursue the fraudsters and cheaters who cost the UK’s insurers £2 billion [$3.22 billion] a year in fraudulent claims,...
Insurer Wants to Sign 100 Agents in 100 Days
Jul 13 2011 // A commercial lines insurer is on a mission to sign a number of independent agents— as many as 100 of them —within the next 100 days. From July 12 through October 12, South Carolina-based Accident Insurance Co. (AIC)...
House Approves Flood Insurance Program Renewal, Reforms
Jul 13 2011 // The House of Representatives has approved a bipartisan bill to reauthorize the federal flood insurance program for five years and change some of its practices to improve its financial operations. The measure to renew and...
Texas Enforcements for May Include Nearly $218K in Fines, Restitution
Jul 12 2011 // Enforcement actions taken by Texas Insurance Commissioner Mike Geeslin that became final during May 2011 include six license revocations, two license denials and fines and restitution totaling $217,756. An order imposing...
Cigelnik Joins Insurer Trade Group PCI
Jul 12 2011 // The trade group Property Casualty Insurers Association of America (PCI) has hired Randi Cigelnik as its new senior vice president, corporate secretary and general counsel effective Aug. 1. Most recently, Cigelnik served as...
Don’t Kill Flood Insurance Program, Insurers Tell Congress
Jul 12 2011 // Closing the federal flood insurance program would put millions of homeowners at risk and cost taxpayers billions of dollars, insurers are warning after a Republican lawmaker filed legislation to eliminate the federal...
Missouri Regulators Urge Insurers to Extend Flood Coverage
Jul 11 2011 // Missouri regulators are asking insurance companies to go beyond normal procedures to cover furniture, electronics and other belongings that must be moved because of flooding. The state insurance department says policies...
Insurer Questions Coverage for Jilted Football Player’s Engagement Ring
Jul 11 2011 // A jilted professional football player has filed a lawsuit to compel the safe return of the $76,000 engagement ring he offered in a marriage proposal-by-mail. An insurance company investigation determined the bauble was in...
Federal Court Upholds Umbrella Insurer in Asbestos Coverage Dispute
Jul 11 2011 // A federal appeals court has agreed that Continental Insurance Co. did not have a duty to defend asbestos injury claims against the automotive supplier Federal–Mogul Corp. as its umbrella carrier because the primary...
California Court Expands Policyholders’ Right to Sue Insurers
Jul 7 2011 // An uptick in consumer protection lawsuits against California insurance companies is widely expected in the wake of a state appellate decision allowing a policyholder to sue The Progressive Group of Insurance Companies over...
P/C Insurers Can Handle Muni Bond Stress: Moody’s
Jul 7 2011 // The U.S. property/casualty insurance industry, which has about 60 percent of its equity capital base or — $355 billion– in municipal bonds remains exposed to disruptions in this asset class, but the overall...
