Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
New York Insurance Association Elects Rice as New Chairman
Nov 21 2011 // Jeffrey Rice, president and CEO of Wayne Cooperative Insurance Company in Clyde, N.Y., was elected chair of the New York Insurance Association (NYIA) at the group’s annual meeting last week. Rice will serve a...
Starr International Files $25B Suit Against U.S. Over AIG Takeover
Nov 21 2011 // A company run by former American International Group Inc Chief Executive Maurice “Hank” Greenberg sued the U.S. government for $25 billion, calling the 2008 federal takeover of the insurer unconstitutional. The...
People
Nov 21 2011 // Holborn Corp., an independent reinsurance brokerage firm in New York, appointed two executives: Wesley Zeliff as vice president and Shinji Ueda as assistant vice president. Zeliff comes from U.S. RE Corporation, where he...
Inconsistency Is the Norm in Construction Liability Coverage
Nov 21 2011 // In construction liability insurance, there is a great deal of inconsistency in determining whether faulty workmanship is an occurrence. The answer is all over the map, according to Finley Harckham, a veteran insurance...
New York Students to See Danger of Texting While Driving
Nov 16 2011 // Students in suburban New York are getting a chance to learn the perils of distracted driving without having to worry about an accident or a traffic ticket. A texting-while-driving simulator that resembles an old-fashioned...
Merck Settles Vioxx Suits from New York, Florida, South Carolina
Nov 15 2011 // Merck & Co. has reached settlements to resolve lawsuits from the states of New York, Florida and South Carolina alleging the company misled state regulators about the dangers of the painkiller Vioxx, according to court...
Lawyers, Firms Line Up as MF Global Crumbles
Nov 14 2011 // Just days after the collapse of MF Global, a healthcare plaintiffs’ lawyer registered the domain mfglobal-lawsuit.com — a sign of the legal business the brokerage’s failure is expected to...
WRM America Completes Acquisition of Fidelity National Indemnity
Nov 14 2011 // WRM America Holding Company, a specialty lines P/C insurance and risk management holding company, completed the acquisition of Fidelity National Indemnity Insurance Company (FNIIC), the flood insurance business of Fidelity...
More New York Courts to Focus on Medical Malpractice
Nov 14 2011 // New York courts specializing in the state’s 4,000 medical malpractice cases filed each year have begun expanding following the success of a Bronx judge in settling cases early. The approach, shown to cut court...
Life Insurer Sues Bank of America Over Mortgages
Nov 10 2011 // Bank of America Corp. and its Countrywide Financial unit were on Wednesday hit with a new lawsuit alleging fraud in the sale of residential mortgage debt to a New York mutual life insurance company. National Integrity Life...
XL Appoints Seib as Excess Casualty Team President in New York
Nov 7 2011 // XL Group’s North America property/casualty insurance group appointed Lorraine Seib as president of its excess casualty team. Based in New York, Seib will manage XL’s global excess casualty business with...
Investors Want ‘Secrecy’ Lifted in BofA Mortgage Securities Deal
Nov 7 2011 // Investors want to lift the “shroud of secrecy” over the proposed $8.5 billion settlement of Bank of America Corp.’s mortgage-backed securities liability in the coming weeks, a lawyer said last week. Dan...
Workers’ Comp Results Deteriorated for Northeastern States
Nov 7 2011 // Most states in the northeastern region reported deteriorating workers’ compensation underwriting results last year, according to A.M. Best. Pennsylvania’s direct premiums written fell 8.6 percent last year. New...
People
Nov 7 2011 // Aspen Insurance Holdings appointed Mario Vitale as New York-based co-CEO of Aspen Insurance, effective beginning of 2012. He will work jointly with Rupert Villers, co-CEO of Aspen Insurance, in developing the...
People
Nov 7 2011 // Florida insurance broker Kuykendall Gardner has tapped Nicholas Carbone to serve as a vice president of transactional risk. In this role, he will assess, mitigate and transfer risk through insurance and other business...
The Demotech Company Classification System Reveals State Specialist Property/Casualty Insurers
Nov 7 2011 // Company Name State of Speciality 2010 TOTAL DPW Texas Mutual Insurance Co. TX 596,191 Old American County Mutual Fire Insurance Co. TX 575,100 SAIF Corporation OR 327,373 St. Johns Insurance Co. Inc. FL 257,106 Brickstreet...
Pennsylvania Agency Owners Indicted for Fraud
Nov 4 2011 // Penn. Agency Owners Indicted Insurance agency owners from Pennsylvania were indicted this week with 13 counts of wire fraud, mail fraud and conspiracy to commit wire and mail fraud. Bruce and Irene Gardner, of Richboro,...
GAO Report Raises Questions About New York Fed in 2008 AIG Bailout
Nov 2 2011 // A new report from the U.S. Government Accounting Office chronicles the government’s handling of AIG bailout in 2008. In all, the government had invested and made loans worth more than $182 billion for the...
Treasury Receives $972M TARP Repayment from AIG
Nov 2 2011 // The U.S. Treasury Department said it received an additional repayment of $972 million from American International Group (AIG). The payment came mostly from the scheduled release of the escrow from AIG’s sale of its...
Curbside Buses Have Higher Fatal Accident Rate: Report
Nov 2 2011 // A thriving curbside bus industry based on cheap fares has a fatal accident rate seven times higher than other types of interstate bus operators, with some companies using a variety of schemes to thwart safety enforcement,...
