Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Miss. Insurance Official Traces Frankel Insurance Scam From Conn. to Vatican Bank
Jul 19 2004 // The torching of financier Martin Frankel’s $3 million mansion in Greenwich, Conn., was meant to destroy evidence of an insurance scam that cost Mississippi and other states millions, police said. But not everything...
China Wakes Up as the World Watches
Jul 19 2004 // This is the first in a series of articles on the Asia insurance marketplace. Part two in this series will focus on India and will appear in a September issue of Insurance Journal. “Let China Sleep, for when she...
PCI Tells NCOIL That Restrictions on Loss History Are Unnecessary
Jul 18 2004 // The Property Casualty Insurers Association of America (PCI) told lawmakers during a panel discussion that efforts to limit insurers’ access to loss history information on properties are unnecessary and harmful to...
Insurance Companies Offer $67 Million Settlement
Jul 16 2004 // Insurance companies covering former Montana Power Co. directors and officers have offered to pay $67 million to settle a shareholders’ lawsuit over the sale of the utility’s assets, attorney Frank Morrison Jr....
NCOIL Task Force Backs TRIA Extension; Market Conduct Model Next on Agenda
Jul 16 2004 // CHICAGO―A National Conference of Insurance Legislators’ (NCOIL) task force unanimously approved a resolution to extend the Terrorism Risk Insurance Act (TRIA) “for a sufficient period of time to permit...
Japanese Insurers Settle Suit Against Fortress Re
Jul 16 2004 // Aioi Insurance Co., Sompo Japan Insurance Inc. and Taisei Reinsurance Co. have annouced that they have settled their damages suit against U.S. reinsurance agent Fortress Re Inc. over losses in connection with the Sept. 11,...
Best Downgrades International Insurance Company
Jul 16 2004 // A.M. Best Co. has downgraded the financial strength rating to “A-” (Excellent) from “A” (Excellent) of International Insurance Company of Hannover Limited, a UK-domiciled subsidiary of Hannover...
IRS Backs ‘Tax Exempt’ Status for La. Insurer of Last Resort, Says AIA
Jul 15 2004 // The Louisiana Citizens Property Insurance Corporation, the state’s insurer of last resort, received IRS approval for status as a “tax exempt” organization, according to the American Insurance Association...
Insurer Seeks Damages Over Baltimore Orioles’ Loss
Jul 15 2004 // The Connecticut-based insurer for the Baltimore Orioles is attempting to recover more than $1 million in damages after a train derailment and tunnel fire forced city officials to cancel three home games in July 2001. The...
Rhode Island’s Beacon Mutual Pursues Expansion Plan
Jul 14 2004 // Beacon Mutual Insurance Co., Rhode Island’s largest workers’ compensation insurance writer that was formed in 1990 as a state fund, is taking steps to write coverage outside of the state. The Warwick company...
Weiss Report: P/C Insurers Earn $32.3 Billion in 2003, Industry Reports $48 Billion Investment Gain
Jul 14 2004 // Property/casualty insurers more than doubled their profits during 2003, earning $32.3 billion compared to the $13.5 billion reported in 2002, according to Weiss Ratings Inc., an independent provider of ratings and analyses...
Insurers Must Go Paperless in Right Way, Group Says
Jul 14 2004 // A report issued by the Agents Council for Technology said that if the move by insurers to “turn off” paper documentation is not done in the right way it could seriously set back agency efficiency. The report,...
Fitch Upgrades Affirmative Insurance Co. Ratings
Jul 14 2004 // Fitch has removed from Rating Watch Negative and upgraded the ratings of Illinois-based Affirmative Insurance Company and Insura Property & Casualty Insurance Company to ‘BBB’ from ‘BB’. The...
Fla. DFS Fines Workers’ Comp Carriers, Self-Insured Plans More than $875,000 for Violations
Jul 13 2004 // The Florida Department of Financial Services has fined 31 providers of workers’ compensation coverage a total of more than $875,000 for failing to fully comply with Florida law in administering workers’ comp...
Budget Dominates Ill. Special Sessions
Jul 12 2004 // Although the 2004 Illinois legislative session continues into overtime with several insurance issues left on the table, it is unlikely that legislators will focus on anything but restoring a viable budget, according to a...
Allianz Cornhill Captures General Insurer of the Year
Jul 12 2004 // Allianz Cornhill was presented with the General Insurer of the Year award at the British Insurance Awards (BIA) ceremony held at the Royal Albert Hall in London on July 7. The BIA accolades are awarded by a panel of...
Consumer Group Claims NAMIC Study on Credit Scoring ‘Flip-Flops’ Earlier Positions
Jul 9 2004 // The consumer group, Center for Economic Justice (CEJ), released a statement in response to a National Association of Mutual Insurance Companies (NAMIC) study on credit scoring. CEJ’s Executive Director Birny Birnbaum...
PCI Urges NAIC to Drop Insurance Scoring “Best Practices;” Focus on Consumer Education
Jul 9 2004 // A bulletin from the Property Casualty Insurers Association of America urges the National Association of Insurance Commissioners to stop work on insurance scoring “best practices” and develop consumer education...
Texas Supreme Court Preserves Insurers’ Right to Choose Defense Counsel
Jul 8 2004 // A new Texas Supreme Court decision will preserve insurers’ ability to properly manage the settlement and defense of insurance claims under liability insurance policies, according to the American Insurance Association...
Insurers Back N.Y. Surplus Lines Financing Change
Jul 8 2004 // A trade group for property casualty insurers is urging New York Governor George Pataki to sign a bill that would eliminate current limitations on premium financing for surplus lines transactions. “We strongly support...
