Latest USA Headlines

Business Moves

Nov 18 2007 // CNA CNA Financial Corp. recently announced a restructuring of its Property/Casualty Operations. The Chicago-based insurer said it aims to create a “more streamlined, customer-focused operating structure.” CNA,...

My New Markets

Nov 18 2007 // The following markets were selected from the MyNewMarkets database of 25,000 coverages and programs. To find additional markets, or to submit markets, go to www.MyNewMarkets.com. General Liability – Builders and...

State Farm Wins One, Loses One in Wind vs. Water Cases

Nov 18 2007 // A federal jury in New Orleans in early November sided with a south Louisiana couple who sued State Farm Insurance Cos. over damage to their property from Hurricane Katrina. Around the same time, a U.S. appeals court...

Nov 18 2007 // People Lockton Companies LLC appointed Frank Scardino as president of the company’s Dallas property and casualty operation. In his new position, Scardino is responsible for setting the vision and long-term strategies...

Insurers Facing More Frequent, More Expensive Lawsuits

Nov 18 2007 // The legal landscape may generally be changing for the better — but not necessarily for insurers, according to a recent survey by Fulbright & Jaworski. In its survey based on interviews with in-house counsel at 250...

TRIA Extension Must Pass Without NBCR Provision

Nov 18 2007 // After the terrorist attacks of Sept. 11, 2001, the market for commercial property and liability insurance in large urban areas was in turmoil, as reinsurance for terrorism became expensive and scarce. Construction slowed...

Locked Into the Customer

Nov 18 2007 // The force behind Lockton’s phenomenal organic growth Insurance Journal is pleased to launch a new series of profiles of privately-held property/casualty independent insurance agencies that qualify for the annual...

Residential Woes Continue Over EIFS

Nov 18 2007 // ‘Synthetic stucco’ still difficult insurance market for contractors despite changes The use of the exterior insulation finishing system (EIFS), also referred to as “synthetic stucco,” in...

Fitch Report ‘Positive’ on Central America Insurers

Nov 15 2007 // According to a report from Fitch Ratings – “Central America Insurance Sector-” there are “positive trends in premiums and operating expenses,” in the region, which have increased...

N.C. Engineering Firm to be Dropped from Miss. Katrina Insurance Suits

Nov 15 2007 // North Carolina-based Forensic Analysis and Engineering Corp., has reached a settlement with lawyers who have filed hundreds of lawsuits against State Farm Insurance Cos. on behalf of policyholders whose claims were denied...

Agents Tell Treasury Financial Regulation Study Questions Biased

Nov 15 2007 // A notice published in the Federal Register seeking comments for a broad Treasury Department review of financial regulation is biased in favor of federal regulation of insurance and foreign business entities, according to...

AIR Releases Updated Version of U.S. Terrorism Model

Nov 14 2007 // AIR Worldwide Corporation has released an updated version of its U.S. Terrorism Model, which is available in Version 9.5 of its catastrophe risk management systems. AIR said the new model is the result of “two years...

U.S. Report: Fewer Work Days Being Lost Due to Injuries, Illnesses

Nov 14 2007 // Both the rate and the number of occupational injuries and illnesses requiring days away from work decreased from 2005 to 2006, according to the Bureau of Labor Statistics, U.S. Department Labor. The 2006 rate was 128 per...

Ratings Roundup: Ancon, PARIS RE (US), Allianz (US), Fireman’s Fund

Nov 14 2007 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and assigned issuer credit ratings (ICR) of “aa” to the Ancon Insurance and Petroleum Casualty Group. They apply to...

U.S. Risk Names Stanislaw VP, Lighthouse Underwriters

Nov 14 2007 // U.S. Risk Insurance Group Inc., the ninth largest managing general agency and surplus lines wholesaler in the nation, announced that it has named Peter Stanislaw as vice president and branch manager of Lighthouse...

Explosion on U.S. Navy Cruiser Injures Six

Nov 12 2007 // An explosion in the hull of a Navy cruiser during routine maintenance injured six workers in San Diego, one of them critically, authorities said. Subcontractors from the National Steel and Shipbuilding Co. were working in...

Lloyd’s Counsel Decries ‘Red Herring’ Objections to Collateral Reform

Nov 8 2007 // Sean McGovern, Lloyd’s Director and General Counsel, accused the opponents of reforming the U.S. collateral trust rules on reinsurance of introducing the “latest red herring” into the debate. In a...

Fitch Releases ‘Prism Scores’ for 99 U.S. Insurance Groups

Nov 7 2007 // Fitch Ratings has released a new report outlining the “Prism scores” for 99 U.S. life and non-life insurance groups using 2006 year-end data. “Prism is Fitch’s global stochastic economic capital...

Hartford Expands Professional Liability to London; Best, S&P Rate New Unit

Nov 7 2007 // The Hartford Financial Services Group announced that it is expanding its existing international professional liability underwriting capabilities with the opening of a new office in London. Following the success of its U.S....

Mexico Landslide Devastates Village as Floods Spread

Nov 7 2007 // Survivors saw relatives swept away by huge waves or buried by debris after a huge landslide hit a rain-swollen river, triggering waves that essentially wiped a Chiapas hamlet off the map and left at least 16 people...