Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
Hartford Q1 Profit Drops 81% on Realized Loss, But Core Earnings Up
May 3 2012 // The Hartford Financial Services Group Inc. said its 2012 first quarter net income declined 80.8 percent to $96 million, hurt by a $587 million net realized loss from runoff operations. The Hartford’s net income...
Florida’s Citizens Issues Largest Catastrophe Reinsurance Bond on Record
May 3 2012 // Florida’s Citizens Property Insurance Corp. has entered the catastrophic bond market in a big way by issuing $750 million in bonds, making it the largest insurance-linked security deal of its kind. Citizens Property...
New York Proposes New Rule to Crack Down on No-Fault Insurance Fraud
May 2 2012 // New York State regulators are expanding their effort to stop no-fault auto insurance fraud. The New York Department of Financial Services announced on Tuesday a new draft regulation, Regulation 68, that would make it...
Survey: Agencies Seek Carrier Help to Expand into New Niches
May 2 2012 // The challenges of today’s economy appear to be driving some independent agents into new niche insurance markets and product lines. Almost 60 percent of independent agents say they have begun to or plan to expand into...
Willis Capital Reports Strong Growth in Cat Bond Market; $1.3 Billion in Q1
May 2 2012 // The latest Insurance-Linked Securities (ILS) Market Update from Willis Capital Markets & Advisory (WCMA), part of global insurance broker Willis Group Holdings, notes a “record issuance in the catastrophe bond...
Mass. Health Insurance Base Rate Up 1.2% on Average for Third Quarter
May 1 2012 // The Massachusetts Division of Insurance (DOI) said this week that it is placing on file small-group health insurance base rates for the 2012 third quarter, with an average increase of just 1.2 percent. Fueled by base rate...
Red River Waterway Closure Business Interruption Costs Adding Up
May 1 2012 // The costs of closing the Red River Waterway in Louisiana for 15 days haven’t been fully totaled, but they’re adding up to millions of dollars. A broken lock system shut the waterway from April 2 to April...
SCOR Posts 11% Increases in Renewal Pricing
May 1 2012 // SCOR Global P&C (SGPC) recorded 11 percent growth at constant exchange rates from the €328 million [$435 million] in premiums that were up for renewal on April first, “with no increase in exposure to natural...
Best Downgrades Interstate Auto’s Ratings to ‘C+’; Outlook Negative
Apr 30 2012 // A.M. Best Co. has downgraded the financial strength rating to ‘C+’ (Marginal) from ‘C++’ (Marginal) and issuer credit rating to “b-” from “b” of Baltimore-based Interstate...
58 Massachusetts Workers Were Killed on Job in 2011: Report
Apr 30 2012 // A new report says 58 Massachusetts workers were killed on the job in 2011, at an average of 1.1 worker death each week. The report, titled “Dying for Work in Massachusetts,” was published last week by the...
U.S. E&S Market Premiums Increase in 2011: SNL Financial
Apr 30 2012 // U.S. excess and surplus market is seeing a slight uptick in premiums, a new report reveals. After several years of declines, U.S. E&S insurers saw an increase in the overall amount of direct premiums written in 2011,...
New Mexico Widow Sues Utah Crematory, Claims Ashes Mix-Up
Apr 27 2012 // A New Mexico widow whose husband was killed in a 2009 plane crash is suing a Utah crematory and funeral home after she says they gave her the wrong person’s ashes. Marilynn Flynn of Alamogordo has filed a federal...
Outlook Revised to Positive for Texas-Based MGA Insurance Co.
Apr 26 2012 // A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength rating of B+ (Good) and issuer credit rating of “bbb-” of MGA Insurance Co. Inc. (MGA) in Dallas. The ratings...
Selective Reports $18.1M Q1 Profit; Commercial Lines Price Up 5.1%
Apr 26 2012 // Selective Insurance Group, headquartered in Branchville, N.J., reported $18.1 million net income for its 2012 first quarter, a 11.7-percent decrease compared to $20.5 million income reported during the prior-year...
Fewer Storms Forecast for 2012 Hurricane Season
Apr 26 2012 // The 2012 Atlantic hurricane season is projected to be less active than in recent years with 11 tropical storms, six of which will intensify into hurricanes, U.S. private forecaster Weather Services International said on...
Fewer Storms Forecast for 2012 Atlantic Hurricane Season
Apr 25 2012 // Fewer Storms Forecast for 2012 Atlantic Hurricane Season The 2012 Atlantic hurricane season is projected to be less active than in recent years with 11 tropical storms, six of which will intensify into hurricanes, U.S....
S&P Lowers India’s Rating Outlook to Negative; Investment Rating in Peril
Apr 25 2012 // Standard & Poor’s cut India’s credit rating outlook on Wednesday to negative from stable, reflecting the toll that hefty fiscal and current account deficits and political paralysis are exacting on...
W.R. Berkley Q1 Income Up 17%, Sees Price Hikes ‘Accelerating’
Apr 24 2012 // W.R. Berkley Corporation reported $135.32 million for its 2012 first-quarter net income, a 17 percent increase compared to $115.59 million income reported one year ago. CEO William R. Berkley noted that price increases are...
S&P Revises Argentina’s Sovereign Debt Rating Outlook to Negative
Apr 24 2012 // Standard & Poor’s revised its outlook on Argentina’s sovereign debt rating to negative from stable on Monday, citing policies that include a government push to seize control of energy company YPF from...
IMB Report Notes Piracy Increasing in W. Africa; Somalia Still Main Threat
Apr 23 2012 // The latest global piracy report from the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) cites 102 “incidents of piracy and armed robbery” for the first quarter of 2012, “with...
