Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
Washington All Industry Day: Associations Discuss Broker Disclosure
Feb 21 2005 // Broker disclosure, medical malpractice reform and credit scoring dominated the discussions at the Washington All Insurance Industry Day at the Capital held Feb. 10. Over 170 independent agents gathered to learn about...
N.Y. Workers Comp Insolvency Fund Could Survive Until End of March; Quick Action in Albany Sought
Feb 18 2005 // The New York State Workers Compensation Security Fund, which officials last month predicted would run out of money by the end of this month, could go on paying claims until the end of March, thanks to early access to funds...
PCI: New York’s Guaranty Funds Need Both Short and Long-Term Reform
Feb 16 2005 // Shifting funds from one New York guaranty fund to prop up the state’s floundering Workers’ Compensation Security Fund will reportedly only jeopardize the solvency of the Property/Casualty Security Fund and...
AIG, Marsh Execs Plead Guilty in Spitzer Probe, Bringing Total Pleas to 9; AIG Offers Response
Feb 15 2005 // New York Attorney General Eliot Spitzer said Tuesday that a senior executive at Marsh and two AIG employees have pleaded guilty to criminal charges in connection with an ongoing investigation of fraud and bid rigging in...
New York AG’s, SEC Subpoenas Target AIG ‘Non-Traditional’ Insurance
Feb 14 2005 // American International Group, Inc. acknowledged that it has received subpoenas from New York Attorney General Eliot Spitzer and the Securities and Exchange Commission “relating to investigations of non-traditional...
Travelers Cuts N.Y. Auto Rates
Feb 11 2005 // New Yorkers who insure their private passenger automobile through Travelers will see on average a 5.5 percent rate reduction in 2005, resulting in a cumulative savings of almost $33 million, accordign to the New York State...
Beecher Carlson Holdings Appoints Two New York Managing Directors
Feb 11 2005 // Jeffrey Lattmann and John Kerns have been named managing directors of Beecher Carlson Holdings Inc.’s New York office. Lattmann will also be a senior partner of the newly formed Executive Liability...
Donovan Joins HCC Sub in New York
Feb 10 2005 // HCC Insurance Holdings Inc. announced that James Donovan has joined its underwriting agency subsidiary Professional Indemnity Agency (PIA), based in Mount Kisco, New York. Donovan will be senior vice president responsible...
N.Y. Workers Comp Security Fund Almost Out of Money
Feb 8 2005 // The fund that pays New York injured workers whose workers’ compensation carriers have gone belly up is itself nearly bankrupt, according to state officials. The New York Workers Compensation Security Fund has about...
AXIS Capital Sees Net Income of $495M for Year Ended
Feb 8 2005 // Bermuda-based AXIS Capital Holdings Ltd. has reported net income for the year ended Dec. 31, 2004 of $495.0 million, or $2.98 per diluted share, compared to $532.3 million, or $3.42 per diluted share, for the year ended...
N.Y. City to Appeal Judge’s Decision Overturning State Law Against Gay Marriage
Feb 7 2005 // New York City will appeal a judge’s ruling against the state ban on same-sex marriages, Mayor Michael Bloomberg said Saturday. The mayor said that while he believes such marriages should be permitted, “if we...
People & Places
Feb 7 2005 // Steve Anderson Steven Anderson will lead the Executive Liability Practice team in the New York office of Beecher Carlson Holdings Inc., with other former Marsh employees Jack Flug, John Kerns, Jeff Lattmann and Hank...
Leave the Fraud on ‘Law and Order’
Feb 7 2005 // Okay, I admit it: I’m a “Law and Order” junkie. The long-running television show’s reruns are in heavy rotation on the TNT network and I think I’ve seen every ripped-from-the-headlines episode...
CALIF. COMMISSIONER DELIVERS ARMENIAN GENOCIDE SETTLEMENT CHECKS:
Feb 7 2005 // California Insurance Commissioner John Garamendi helped deliver the first checks from a $20 million settlement of a class action lawsuit to resolve insurance claims stemming from the Armenian Genocide nearly 90 years ago....
Amica Latest to Cut N.Y. Auto Insurance Rates
Feb 4 2005 // Acting New York Superintendent of Insurance Howard Mills announced that most New Yorkers who insure their private passenger automobiles with Amica Mutual Insurance Company will receive on average a 10 percent rate...
Personal Liability Deal with Worldcom Directors Breaks Down Following Court Ruling on Effect on Jury Award
Feb 3 2005 // A unique deal in which 10 former WorldCom directors would personally pay $18 million of a $54 million settlement to compensate investors over the company’s plunge into bankruptcy will be withdrawn, plaintiffs...
N.Y. Insurance Department Questioned Contingent Fees Years Before Spitzer Investigation Made Headlines
Feb 3 2005 // While it did not begin boiling over until last October when charges were brought against Marsh, the controversy over brokerage contingent fees has actually been simmering for more than a half dozen years in New York...
First Niagara Acquires Ithaca, N.Y. Agency
Feb 2 2005 // First Niagara Risk Management, Inc., the wholly-owned insurance subsidiary of First Niagara Bank , has reached an agreement to acquire the L.A. Lama Insurance Agency. The acquisition of the Ithaca-based agency, which has...
Alliance Responds to Lawsuit Aimed at Agent/Broker Contingency Commissions
Feb 2 2005 // The American Agents Alliance, representing over 2,000 independent agents and brokers in California and Arizona, criticized attorney Norman Goldman for filing an amendment to a compliant he filed in 2003 against Aon...
Ga. Commissioner ‘Disappointed’ With Marsh Settlement, Vows to Continue His Investigation
Feb 1 2005 // Insurance Commissioner John Oxendine is disappointed that Marsh & McLennan “got off the hook” in its settlement with the New York State Attorney General and says his office will continue to investigate...
