Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Association of Bermuda Insurers, Reinsurers Elects Officers for 2010-11
Dec 7 2009 // The Association of Bermuda Insurers and Reinsurers (ABIR) has elected a new slate of officers for the 2010 and 2011 term. The bulletin said that, as of the beginning of the new year, “Michael Butt, Chairman of the...
P/C Insurers’ Asbestos Losses Down
Dec 7 2009 // A.M. Best Co. has revised its view of the U.S. property/casualty industry’s ultimate asbestos and environmental (A&E) losses downward to $117 billion from $121 billion. Asbestos exposures now are estimated at...
Florida Insurer Magnolia Loses Rating
Dec 7 2009 // One of Florida’s young property insurance companies, Magnolia Insurance Co., has been stripped of its financial rating by rating firm Demotech, Inc. Demotech assigned its Financial Stability Rating of A, Exceptional...
One Insurer Bets on Political Campaigns While Another Drops Out
Dec 6 2009 // While one company has gotten out of the business of insuring political campaigns, another is throwing its hat in the ring. Markel Risk Solutions, based in Glen Allen, Va., is offering campaigns a multiline, admitted...
Court: Owners of Truck in Fatal Connecticut Crash Can Sue Insurer
Dec 6 2009 // The Connecticut Supreme Court reinstated a lawsuit brought by the owners of a dump truck involved in a fiery crash in Avon in 2005 that killed four people and injured 11 others. In its decision, the high court overturned a...
Options Backdating Settlement Has Important D&O Insurance Implications
Dec 6 2009 // In what may be a watershed event for the directors and officers (D&O) insurance industry, the parties to the consolidated federal options backdating-related shareholders’ derivative lawsuit involving Broadcom...
Captives Fuel Growth and Income for Agency Owners
Dec 6 2009 // Now is the Time for a Captive: Don’t Wait for the Next Hard Market In times likes these, where the insurance industry is now in its fifth year of a soft market, the use of an agency captive insurance company can...
West Virginia Court Sides with Insurer on Antitrust Claim by Cancelled Agent
Dec 4 2009 // An insurance company has won a victory over one of its former West Virginia agents who claimed the insurer violated state antitrust law when it cancelled his contracts to sell its life and property/casualty insurance...
New Jersey Township Faulted for Denying Private Insurer Contract
Dec 3 2009 // A New Jersey municipality cost taxpayers hundreds of thousands of dollars by awarding an insurance contract to a favored public insurance fund over the low-bid private insurer, a state audit claims. A report released by...
California’s Poizner to Subpoena Companies Over Iran Divestment
Dec 3 2009 // California’s insurance commissioner said he intends to subpoena insurance companies that did not comply with his probe of insurance companies and Iran. Commissioner Steve Poizner announced yesterday that he intends...
Washington Domestic Partner Law Goes Into Effect
Dec 3 2009 // Washington State’s new domestic partnership law goes into effect today, and that means wherever a policy says ‘spouse’ the policy must cover registered domestic partners, Insurance Commissioner Mike...
New Jersey City Considers Billing Insurers for Fire Calls
Dec 2 2009 // One New Jersey city is considering billing insurance companies for fire department services. Passaic Mayor Alex Blanco is proposing insurers pay $500 for residential fire calls and $25,000 for fires in commercial...
Michigan Debate Over Proposed Auto Insurance Changes Heats Up
Dec 2 2009 // Democratic lawmakers in Michigan are promoting proposals they say would make auto insurance more affordable and strengthen consumer protections in the state. Opponents including the insurance industry say the proposals...
Insurer Trade Group PCI Names Isler Lobbyist for Southeast
Dec 1 2009 // The Property Casualty Insurers Association of America (PCI) has named Micaela Isler as regional manager, state government relations. Isler will cover the Southeast Atlantic region which includes the District of Columbia,...
Mississippi Court Upholds Judgment Against County Due to Insurer Default
Nov 30 2009 // A $250,000 default judgment against Tippah County has been upheld by the Mississippi Supreme Court. The case was filed in 2007 by Daniel Childers of Ripley, who contended that his elbow was broken during an arrest by...
Best Downgrades Kingsway and Several Subsidiaries Ratings
Nov 25 2009 // A.M. Best Co. has downgraded the issuer credit ratings (ICR) and senior debt ratings to “ccc” from “b-” of Canadian insurer Kingsway Financial Services Inc. (KFSI) and Kingsway America Inc. (KAI),...
One Insurer Bets on Political Campaigns While Another Drops Out
Nov 24 2009 // While one company has gotten out of the business of insuring political campaigns, another is throwing its hat in the ring. Markel Risk Solutions, based in Glen Allen, Virginia, is offering campaigns a multi-line, admitted...
Louisiana Commissioner: Help Available for Victims of Chinese Drywall
Nov 24 2009 // Louisiana Commissioner of Insurance Jim Donelon says homeowners whose properties are contaminated with defective Chinese drywall and who have been covered for more than three years by their homeowners insurer have the...
Best Affirms Ratings of Assurant and Its Subsidiaries; Several Upgraded
Nov 20 2009 // A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of the P/C and life/health insurance subsidiaries of Assurant, Inc. Best also affirmed the ICR of “bbb” and debt...
Best Affirms Balboa and Group Members ‘A’ Ratings
Nov 20 2009 // A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Balboa Insurance Group and its P/C members: Balboa Insurance Company...
