New York - Latest Insurance News

Editor’s Note: Take care of yourself and others

Apr 9 2007 // It could be argued that the RadioShack employees (if the charges prove to be true) were acting out of ignorance or they just didn’t care. It sounds like that argument would not apply to the insurance company, which...

Declarations

Apr 9 2007 // Catastrophic coverage “A decrease in the already low penetration rate would reduce the number of Californians able to afford to rebuild after a devastating earthquake.” — The California Department of...

Two charged in bicoastal restaurant insurance brokerage scam

Apr 9 2007 // A Canadian man has been extradited to the United States to face trial on charges that he swindled $7 million from the victims of a fraudulent commercial insurance policy scheme, Acting New York Insurance Superintendent...

Judge rules Spitzer suit may continue; Liberty Mutual not giving up fight

Apr 9 2007 // News Currents Liberty Mutual has vowed to continue its court fight against charges begun by former New York Attorney General Eliot Spitzer that it engaged in anti-competitive bid-rigging and broker compensation practices...

Insurer Must Pay for Boy’s Breast Reduction Surgery, N.Y. Court Rules

Apr 5 2007 // An insurer that refused to pay for a teenage boy’s breast reduction on the grounds that it was cosmetic surgery must reimburse his father for the operation, an appeals court in New York has ruled. The Supreme...

Commerce Completes Purchase of State-Wide; to Enter N.Y. Market

Apr 3 2007 // The Commerce Group, Inc. in Webster, Mass. has completed its acquisition of SWICO Enterprises, Ltd., the holding company for Hempstead, New York-based property and casualty insurer State-Wide Insurance Co. With the...

Agents’ Group Honors N.Y.’s Franzese

Apr 2 2007 // Robert Franzese has been named the 2007 PIA National Professional Agent of the Year by the National Association of Professional Insurance Agents. Franzese is chief executive officer of Capital Bauer Insurance Agency, Inc....

N.Y. Approves 21st Century to Sell Auto Policies

Apr 2 2007 // The New York State Insurance Department has approved the application of 21st Century Insurance Group to sell auto insurance in New York. “Competition helps lower insurance rates for drivers,” New York Acting...

N.Y. City Fire Department Seeks State-of-Art Fireboats

Mar 30 2007 // Two aging fireboats that helped fight the inferno caused by the Sept. 11, 2001 terrorist attacks on the World Trade Center will be replaced by gleaming vessels that are larger and far more powerful, New York City fire...

Veterinarians Blame Poisoned Food for More Than 100 Pet Deaths

Mar 30 2007 // At least 471 cases of pet kidney failure have been reported in the 10 days since a nationwide recall of dog and cat food and about a fifth of those pets have died, a veterinarians’ information service said. The maker...

N.Y. Woman Found Guilty of Killing Spouse with Antifreeze for Insurance

Mar 30 2007 // A New York woman was convicted this week of murdering her husband of 20 years by slipping him a fatal dose of antifreeze in a drink. Jurors deliberated less than three hours before convicting Marguerite Bork of...

Judge Rules Spitzer Suit May Continue; Liberty Mutual Not Giving Up Fight

Mar 30 2007 // Liberty Mutual has vowed to continue its court fight against charges begun by former New York Attorney General Eliot Spitzer that it engaged in anti-competitive bid-rigging and broker compensation practices after a judge...

N.Y. Insurer to Pay Customers for Unlawful Access to Credit Reports

Mar 30 2007 // New York Attorney General Andrew M. Cuomo has negotiated a settlement affecting nearly 400 New York consumers whose credit reports were unlawfully accessed by an insurance company. Under the settlement, Administrators for...

Probe Uncovers 3,500 Safety Violations on CSX Railroad Properties

Mar 29 2007 // Federal railroad officials said this week that an investigation found more than 3,500 problems with CSX Corp. railroad properties in 23 states, a probe started in response to a series of accidents involving the...

Best Affirms CastlePoint’s Ratings

Mar 29 2007 // A.M. Best Co. has affirmed the financial strength rating (FSR) of “A-” (Excellent) and the issuer credit rating (ICR) of “a-” of Bermuda’s CastlePoint Reinsurance Company Limited (CPRe). Best...

Insurers Reject Critics Who Say Big Profits Are at Claimants’ Expense

Mar 28 2007 // The headline numbers were eye-popping: Allstate reported a record $5 billion profit for 2006. State Farm Insurance’s profit climbed 65 percent for the year. St. Paul Travelers’ earnings rose sixfold in the...

Editor’s Note: Working in New York

Mar 26 2007 // New York Governor Eliot Spitzer is off to a tremendous start on insurance issues, having helped engineer a major reform of the state’s workers’ compensation laws. Framing it as critical to restoring the...

People

Mar 26 2007 // Willis Group Holdings Limited has amended the employment agreement with Chairman and Chief Executive Officer Joseph J. Plumeri to extend its term for an additional year. The employment agreement, which was scheduled to...

People and Places