Latest New York Headlines

Royal & Sun Management Buyout Clears Hurdle; Final OK Expected

Feb 5 2007 // A state hearing officer recommended Friday that Delaware’s insurance commissioner approve the proposed management buyout and eventual dissolution of Royal & Sun Alliance Insurance Group’s U.S....

Washington Commissioner Issues Multiple Fines, Enforcement Actions

Jan 31 2007 // Washington’s Office of the Insurance Commissioner has ordered UnitedHealthcare Insurance Co. of Minneapolis to pay a $59,000 fine following an agency investigation into the company’s use of unapproved contracts...

N.Y. Agents Award Scholarship Named in Kozel’s Honor to Bresin

Jan 31 2007 // The Professional Insurance Agents of New York State Inc. announced that Amanda Bresin received its Bernard I. Kozel Memorial Scholarship award. Bresin is a marketing and customer service representative for Garber Atlas...

Jimcor’s Swartwout Receives Moll Scholarship from N.Y. Agents

Jan 30 2007 // The Professional Insurance Agents of New York State Inc. announced that Jennifer Swartwout received its Arthur I. Moll Memorial Scholarship award. Swartwout is an assistant underwriter for Jimcor Agencies Inc. in...

Industry leaders debate regulation in wake of Democratic Congress shift

Jan 29 2007 // The Professional Liability Underwriting Society held its international conference in Chicago in late 2006. Moderating a conference panel, television journalist Forrest Sawyer, a 24-year veteran of ABC, CBS and MSNBC,...

Industry leaders debate federal vs. state regulation with Democratic Congress shift

Jan 29 2007 // The Professional Liability Underwriting Society (PLUS) held its international conference in Chicago in late 2006. Moderating the panel was television journalist Forrest Sawyer, a 24-year veteran of ABC, CBS and MSNBC, who...

It Figures

Jan 29 2007 // $445 Billion Nearly half a billion dollars will be given to U.S. cities and regions to help reduce the risk of terror attacks on ports, transit systems and chemical plants, Homeland Security Secretary Michael Chertoff...

People and Places

Jan 29 2007 // Citizens Property Insurance Corp.’s board of governors voted unanimously to recommend interim President Scott Wallace be appointed to the post permanently. Wallace was selected from more than 70 candidates by a...

Bond Insurer MBIA to Pay $75 Million to End Reinsurance Probe

Jan 29 2007 // MBIA Corp., a large insurer of municipal bonds, has agreed to pay $75 million to settle an investigation by federal and New York state authorities into its accounting for a 1998 transaction, people familiar with the matter...

Jan 28 2007 // People Citizens Property Insurance Corp.’s board of governors voted unanimously to recommend interim President Scott Wallace be appointed to the post permanently. Wallace was selected from more than 70 candidates by...

Royal & Sun Alliance management buyout faces opposition

Jan 28 2007 // New York Sens. Hillary Clinton and Charles Schumer, along with New York City Mayor Michael Bloomberg, have expressed concerns that the deal may leave Royal Indemnity unable to meet its obligations. A proposed management...

News Currents

Jan 28 2007 // N.Y.’s Interboro back in business New York officials announced that the Interboro Mutual Indemnity Insurance Co. is on track to emerge in early 2007 from three years of insolvency and subsequent rehabilitation and...

People

Jan 28 2007 // Lloyd’s of London announced that Julian James, its director-worldwide markets, will be leaving at the end of April to join Lockton International. James has been responsible for all Lloyd’s commercial activities...

It Figures

Jan 28 2007 // $445 Billion Nearly half a billion dollars will be given to U.S. cities and regions to help reduce the risk of terror attacks on ports, transit systems and chemical plants, Homeland Security Secretary Michael Chertoff...

N.Y. Firm Promises Weather Risk Management Tools for Corporations

Jan 26 2007 // A company that vows to help large and mid-sized corporations manage the financial impact of adverse weather on their cash flow is expected to debut this spring. Storm Risk Solutions claims to have developed the first...

Former Marsh Exec Ryder to Direct Beecher Carlson Liability Team

Jan 26 2007 // Insurance broker Beecher Carlson has expanded its New York Executive Liability team with the addition of Frederick A. Ryder as managing director. Ryder will focus on business and client development for Executive Liability...

N.Y. Assemblyman Grannis in Line to Be State Environmental Commissioner

Jan 25 2007 // New York Governor Eliot Spitzer has nominated long-time insurance legislative leader Alexander B. “Pete” Grannis to serve as Commissioner of the Department of Environmental Conservation. Grannis was first...

Royal & Sun Alliance Management Buyout Faces Opposition

Jan 22 2007 // A proposed management buyout and eventual dissolution of Royal & Sun Alliance Insurance Group’s U.S. operations could leave policyholders in jeopardy, according to critics trying to halt the deal that is before...

Aon to Cut 500 Jobs in N.Y., Texas, Maryland

Jan 22 2007 // Insurance brokerage firm Aon Corp. said last week it would lay off 550 workers at its facilities in New York, Texas and Maryland. Aon spokesman Rahsaan Johnson said the Chicago-based company was consolidating its...

MySpace Sued by Families of Children Abused by Adults Met on the Site

Jan 22 2007 // Four families have sued News Corp. and its MySpace social-networking site after their underage daughters were sexually abused by adults they met on the site, according to lawyers for the families. The law firms, Barry...