Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Progressive’s Black Box: Is Big Brother Good for the Industry?
Dec 6 2004 // Some drivers in Minnesota will soon have an added passenger in their cars: their insurance company. Progressive Insurance Company is using so-called “black box” technology to offer drivers discounts based on...
Private Equity Capital Could Finance Five New Florida Companies
Dec 6 2004 // Up to five new insurance companies worth $20-$50 million each could be started up in Florida in the next six months with capital from private equity firms, according to John Butler, senior vice president at Houlihan Lokey...
TWCC PENALIZES CARRIERS:
Dec 6 2004 // The Texas Workers’ Compensation Commission (TWCC) issued 62 Notices of Violation (NOVs) to insurance carriers on Nov. 9, 2004, for a total of $155,500 in penalties for late initial payments of Temporary Income...
Study: Half of Compensation to 9/11 Victims Came from Insurance
Dec 6 2004 // Rand Analysis Seen Boosting Argument for Extension of Federal Terrorism Backstop Insurance companies played the largest role in compensating people and businesses hurt by the Sept. 11 attacks, paying slightly more than...
Keeping Up with Insurance Brokerage Investigations
Dec 6 2004 // Recent Key Developments in Ongoing Probes of Marsh, Other Brokers and Insurers Marsh ‘Hopeful’ of Quick Settlement: Marsh & McLennan (MMC) has been in constant contact and cooperation with New York...
REPORT ON INSURER EXPERIENCE RELEASED:
Dec 6 2004 // The Workers’ Compensation Insurance Rating Bureau (WCIRB) has completed its report summarizing insurer loss and premium experience through June 30, 2004. The report stated the following conclusions: written premium...
FOCUS ON THE FUTURE: Come 2014, Industry Should Look Very Familiar
Dec 6 2004 // Ten years from now, some of the players within the property casualty insurance industry will have changed but the industry itself will not look dramatically different from what it is today: Smaller companies and...
AAMGA Offers Feedback on Proposed Broker Disclosure Amendment to Producer Licensing Model Act
Dec 3 2004 // The National Association of Insurance Commissioners (NAIC) recently issued a draft Proposed Broker Discloser Amendment to the Producer Licensing Model Act, and requested industry and public comment before commencing...
Wash. Insurer Ordered Into Receivership
Dec 3 2004 // Washington Insurance Commissioner Mike Kreidler has assumed control of Cascade National Insurance Company of Bellevue under authority of a Thurston County Superior Court order placing the company in receivership. The...
N.Y. Insurers Caution Lawmakers Over Reaction to Broker Probes As Albany Prepares for Assembly Hearing
Dec 2 2004 // The New York Insurance Association (NYIA) cautioned state lawmakers in Albany against “a knee-jerk public policy reaction” to allegations of improper business practices by brokers, agents and insurers that...
PCI Urges Miss. Supreme Court to Reverse Local Court’s Punitive Damage Decision
Dec 2 2004 // The Property Casualty Insurers Association of America (PCI) is urging the Mississippi Supreme Court to reverse a lower court decision that mandates insurance companies to provide coverage for punitive damages in automobile...
FERMA Survey Finds Risk Managers Question Broker Compensation; More Transparency Needed
Dec 1 2004 // According to a recent e-mail survey, conducted by the Federation of European Risk Management Associations (FERMA), risk managers and their associations have long questioned how brokers are compensated. FERMA queried the...
Pa. Gov. Rendell Signs Bills on Crop Insurance, Insurance Company Surplus Rules
Dec 1 2004 // Pennsylvania Governor Edward G. Rendell has signed into law several bills affecting the insurance industry, including one on crop insurance awareness and another on insurance company surplus contributions. Senate Bill 912,...
S&P Reports First Half Results in Japan’s P/C Sector Show Companies Still Under Pressure
Nov 30 2004 // Standard & Poor’s Ratings Services has issued a report noting that Japanese non-life insurance companies recently released results of for the first half of fiscal 2004, which indicate that underwriting...
Conn. Chief Hears No Complaints of Rigged Bids; Defends Role in Balancing Industry, Consumer Needs
Nov 30 2004 // Despite charges of bid-rigging and conflicts of interest against the insurance industry, Connecticut Insurance Commissioner Susan F. Cogswell said she has not found corruption in Connecticut. Cogswell said she isn’t...
EnPro Industries, Insurers Settle Asbestos Dispute
Nov 30 2004 // EnPro Industries on Tuesday announced that it has reached an agreement to settle the current and future asbestos-related insurance claims of EnPro subsidiaries against the vast majority of its solvent London-market...
Ark. Issues ‘Reminder’ on Producer Compensation
Nov 29 2004 // The Arkansas Insurance Department announced it has begun a general investigation of the insurance practices of Arkansas insurance brokers and insurance companies. In light of the recent “bid-rigging”...
Insurers Sue Spokane Diocese to Avoid Victims’ Claims
Nov 29 2004 // Less than two weeks before the Catholic Diocese of Spokane is due to file for bankruptcy protection, its insurance carriers are suing to avoid paying victims’ sexual-abuse claims. The American Casualty Co., the...
Insurers Pleased with Pa. Legislative Session
Nov 26 2004 // The 2003-04 session of the Pennsylvania General Assembly adjourned in the early hours of Nov. 21 to conclude what the industry’s American Insurance Association (AIA) described as a successful and productive...
S&P Reports European Insurers’ Ratings Stabilizing
Nov 26 2004 // A report from Standard & Poor’s Ratings Services indicates that its ratings on Europe’s insurers have continued to stabilize during 2004. “Only five out of the 20 groups covered in this report...
