Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Best Analyzes AIG; Affirms Most P/C, L&H Ratings; Outlook Negative
Dec 21 2009 // A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of most P/C life/health insurance subsidiaries of American International Group, Inc., as well as the ICR of “bbb”...
2009? Mission Accomplished. Now, on to the Next Decade
Dec 20 2009 // 2010 — Can it really be 10 years since the world survived Y2K? Here is a bold prediction … we will survive this present situation, also. In January 2020, we will look back at our current struggles and view them as...
Truth or Lore? Insurance ‘Factorama’ Explores the Known and Little-Known
Dec 20 2009 // It’s the end of the decade that apparently has no name as yet, but that doesn’t stop those of us at Insurance Journal from looking back at the past 10 years and beyond for known and little-known insurance...
2009 P/C Insurance Mergers, Acquisitions Large and Small
Dec 20 2009 // Large insurers AIG, Farmers and The Hartford made moves in 2009, as did large brokers Marsh, Aon, Willis, Gallagher, Brown & Brown, Hub and Wells Fargo. So, too, did, many regional insurers and Main Street agencies....
Six Factors Create Volatility in Calif. Workers’ Comp Insurance Market
Dec 18 2009 // “Since insurance rates were partially deregulated in 1995, the California workers’ compensation insurance market has been very volatile. For reasons that go beyond price deregulation, there have been dramatic...
Workers’ Comp Insurer HIH Hawaii Liquidated
Dec 17 2009 // The Hawaii State Insurance Division has successfully closed HIH America Insurance Company of Hawaii, a Hawaii workers’ compensation insurance company. Financial problems of its affiliated companies in Australia and...
State Farm to Stay in Florida, Cancel 15% of Policies, Raise Rates 15%
Dec 16 2009 // State Farm Florida will remain in Florida under a negotiated agreement that allows it to cancel about 15 percent of its policies and raise rates 14.8 percent. The deal also allows its contract agents to place the business...
Court Denies Insurer, Upholds $5.75 Million in Miami Beach Drownings
Dec 16 2009 // The insurance company for the city of Miami Beach has been ordered to pay $5.75 million in damages to the families of a man and the woman he tried to save from drowning. Monticello Insurance Co. had refused to pay...
Morman Joins Hylant Group as Vice President of Carrier Relations
Dec 14 2009 // Terry Morman has joined Ohio-based insurance brokerage Hylant Group as vice president of Carrier Relations. In this role he will be responsible for developing and managing strategic relationships with carrier partners and...
Watchdog Criticizes Bailout Loans to Insurers The Hartford, Lincoln National
Dec 14 2009 // The participation of two big insurers in the $700 billion financial rescue contradicted the goals of the government program, according to a bailout watchdog. The inclusion of Hartford Financial Services Group Inc. and...
California Workers’ Comp Insurers Ask for Average 4 Percent
Dec 10 2009 // Workers’ compensation insurance rates in California will be relatively stable and increase by an average of only 4 percent in 2010, the Department of Insurance said. The Department’s announcement comes a month...
New Year to Bring New Pay Disclosure Rules for New York Producers
Dec 10 2009 // The new year is likely to bring new compensation disclosure rules for New York insurance producers. A pending regulation allows agents and brokers to accept incentive pay from insurers that is tied to volume and...
One Thing Is Certain for Insurance Industry in Near Term: Uncertainty
Dec 8 2009 // The insurance industry may not see a return to relative stability and certainty for a few years as it reacts to the effects of regulatory reform, increased government intervention and potential tax law changes in the...
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...
