Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
New York Agents Urge Defeat of Auto Insurance Reform Bills
Jun 18 2010 // A trade group for New York agents is urging lawmakers to defeat a bill it says would weaken the state’s no-fault auto insurance system by expanding juries’ role in deciding whether a lawsuit can proceed. The...
Best Downgrades New York’s Eveready Insurance Co.
Jun 18 2010 // A.M. Best said it has downgraded the issuer-credit rating of New York-based Eveready Insurance Co. to “bb”, down from “bb+”. The ratings agency also affirmed the company’s financial strength...
New York City Agency Buys Brooklyn Competitor
Jun 16 2010 // In a merger of two Brooklyn agencies, Apex Brokerage Inc. has acquired Brighton Brokers Corp. Terms of the deal were not disclosed. Apex was founded in 1992 and is headed by Anthony Calafiore, a former president of the...
Rigger Faces Trial in Deadly New York City Crane Collapse
Jun 15 2010 // It was one of the nation’s deadliest construction crane accidents: A 200-foot-tall rig crashed down on a dense city block, killing seven people, leaving a gash of destruction near the United Nations and raising...
Geico Files $1.8M Lawsuit over Alleged No-Fault Fraud in New York
Jun 14 2010 // Insurer Geico has filed a $1.8 million lawsuit alleging a Queens radiology center orchestrated a no-fault auto insurance fraud scheme that involved thousands of suspect claims for service. Geico did not identify the 10...
Possibility of BP Bankruptcy Due to Oil Claims Seen Remote For Now
Jun 11 2010 // The chances of BP declaring bankruptcy to deal with oil-spill claims are remote for now, bankruptcy professionals said, although that option would be open to the company if liabilities became overwhelming — and that...
Sickened Sept. 11 Workers Agree to Revised $712 Million Settlement
Jun 11 2010 // Attorneys for thousands of workers who suffered health problems stemming from the Sept. 11, 2001, attack on the World Trade Center reached a revised $712 million settlement with New York City Thursday. In March a federal...
Congressional Panel Criticizes Government Over AIG Bailout
Jun 11 2010 // A watchdog panel says it’s still unclear whether U.S. taxpayers will ever fully recoup the $182 billion they plowed into American International Group Inc., and the government should have used up all its options...
BP’s U.S. Shares Plunge on Oil Spill Liability Fears
Jun 10 2010 // BP Plc shares tumbled nearly 16 percent on U.S. exchanges to a 14-year low Wednesday on rising fears about how the wounded company will cope with the massive costs of the Gulf of Mexico oil disaster. The stock has now lost...
Preferred Concepts Buys Wholesale Broker Mercator
Jun 8 2010 // The restructuring of the property/casualty insurance wholesale and specialty brokerage market continues as Preferred Concepts, LLC, a national program administrator, announced it has acquired of Mercator Risk Services, a...
Trade Groups Sue New York over Pay-Disclosure Rules
Jun 7 2010 // Agents Vow to Fight Regulations Two trade groups for New York insurance agents are suing the state’s insurance regulator over new rules that will force them to reveal to clients how much they are paid for a...
Business Moves
Jun 7 2010 // Liberty Mutual Agency Corp. Boston-based Liberty Mutual Group has announced that its subsidiary, Liberty Mutual Agency Corp. (LMAC) has filed a registration statement with the U.S. Securities and Exchange Commission for an...
People
Jun 7 2010 // Wholesaler Crump Insurance promoted Kevin Hahn to executive vice president. As head of New York brokerage operations, Hahn will oversee Crump’s offices in Long Island and New York, and its environmental practice. XL...
New York Insurance Regulator Hands Out Large Fines
Jun 7 2010 // New York insurance regulators have handed out some sizable fines in the last several months, according to a new report, including a $360,000 fine for a large national insurer that overcharged auto insurance customers over...
People
Jun 7 2010 // Craig A. Payan has been elected to serve as chairman of the board of directors for Itasca, Ill.-based Associated Risk Managers International Inc. Payan is president of PA&T Insurance and Financial Services, an...
People
Jun 7 2010 // Louisiana Workers’ Compensation Corp. (LWCC) President and CEO Kristin W. Wall has been elected to the board of directors of NCCI Holdings Inc., a provider of workers’ compensation and employee injury data and...
AIG on ‘Clear Path to Repaying Taxpayers,’ Says CEO Benmosche
Jun 7 2010 // But Treasury Chief Says a Full Recovery for Taxpayers Remains Uncertain The head of bailed-out insurance giant American International Group said in late May that the company was on its way to repaying the government, but a...
New York Approves Disclosure-Compensation Statement
Jun 4 2010 // New York agents can use a 226-word, boilerplate statement written by a trade group to comply with compensation-disclosure regulations that go into effect next year, state regulators said. The Professional Insurance Agents...
New York Plans Hearing over Increase in Workers’ Comp Loss Costs
Jun 2 2010 // The New York Insurance Department will hold a hearing later this month to consider a 7.7 percent in workers’ comp loss costs that has been recommended by the state’ rate service organization, the New York...
Two Falls in Two Days for New York City Construction Workers
Jun 1 2010 // One worker is dead and another injured after two separate incidents at New York City construction sites last week. In Brooklyn, a construction worker at a building going up died after he lost his balance and fell about 50...
