Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
Business Moves
Mar 12 2007 // Royal Sun, Arrowpoint Capital Delaware Insurance Commissioner Matthew Denn conditionally approved a management buyout of Royal and Sun Alliance Insurance Group’s U.S. operations. Denn ruled that there is no legal or...
FDA says cloned food safe, but could lead to non-covered claims
Mar 12 2007 // Products from cloned animals, such as milk and meat, may be safe to eat, but that doesn’t mean there aren’t insurance risks. The problem is that it’s somewhat too soon to tell what claims could arise, and...
News Currents
Mar 12 2007 // Mexican trucks to travel deeper into U.S. roadways Safety advocates say move will endanger motorists and could threaten national security The news that Mexican trucks will be allowed to haul freight deeper into the United...
Insurance exec: China offers lessons in globalization for U.S. and world
Mar 12 2007 // I am not going to talk about regulation, not yet. I will soon but it will not be today — real soon. I cannot wait.” Thus Maurice “Hank” Greenberg — target of Eliot Spitzer, prosecutors,...
Best Affirms R&SA ‘A-‘ Ratings
Mar 9 2007 // A.M. Best Co. has affirmed the financial strength rating (FSR) of “A-” (Excellent) and the issuer credit rating (ICR) of “a-” of the U.K.-based Royal & Sun Alliance Insurance Group plc and its...
Reinsurers’ Group Says Regulation Goes Beyond Collateralization Issue
Mar 9 2007 // Franklin W. Nutter, president of the Reinsurance Association of America (RAA) said reinsurance regulation goes beyond the narrow issue of collateral, and is pleased that the National Association of Insurance Commissioners...
Settlement in Katrina Lawsuit Over Damage to Miss. Rental Home
Mar 8 2007 // A federal trial ended abruptly Tuesday when State Farm Fire & Casualty Co. settled out of court with a couple who sued the company over Hurricane Katrina damages to a rental home they own. U.S. District Judge Peter...
Insurance Company Sues Contractor Behind Botched I-84 project in Conn.
Mar 8 2007 // The insurance company that guaranteed a contractor’s work on the apparently botched widening of Interstate 84 in the Waterbury area is suing, claiming company officials siphoned off millions of dollars for personal...
R&SA Posts Strong 2006 Results
Mar 8 2007 // Unburdened from its U.S. subsidiaries (see related articles), the U.K.’s Royal & SunAlliance achieved strong financial results in 2006, with operating profits up 5 percent to £780 million ($1.5 billion). Other...
Guy Carpenter, MMC Securities Release Cat Bond Survey
Mar 6 2007 // Guy Carpenter & Co., the global risk and reinsurance specialist of the Marsh & McLennan Companies, and its affiliate MMC Securities Corp. have published their fifth annual Cat Bond survey: “Catastrophe Bond...
Zurich’s Farmers Group to Buy U.S. Auto Insurer Bristol West
Mar 5 2007 // Swiss insurer Zurich Financial Services AG said Friday that an American subsidiary intends to buy Bristol West Holdings Inc. for around $712 million, helping to beef up the Swiss insurer’s U.S. operations. Bristol...
Royal & Sun Management Team Completes Buyout of U.S. Businesses
Mar 5 2007 // Arrowpoint Capital Corp. has completed the acquisition of all Royal & SunAlliance USA businesses formerly owned by Royal & Sun Alliance Insurance Group plc of London. Arrowpoint Capital Corp. was formed in June...
Two Giant Glass Repair Firms Become One as Belron Acquires Safelite
Mar 5 2007 // Belron S.A., a large vehicle glass repair and replacement company, has completed its acquisition of another, Safelite Group Inc. According to Dan Wilson, president and chief executive officer.f the new joint organization...
Calif. Wins $443.5 Million Arbitration Award
Mar 5 2007 // California Insurance Commissioner Steve Poizner announced the Department of Insurance’s Conservation and Liquidation Office (CLO) has won an arbitration award of $443.5 million in favor of the five Superior National...
U.S. Needs Terrorism Insurance to Compete Globally, Says N.Y.’s Dinallo
Mar 5 2007 // A continuing federal role in terrorism insurance is important so that U.S. financial centers including New York City can continue to compete with international markets, many of which are already covered by similar...
Judge Senter Won’t Remove Self from State Farm Class Action Case
Mar 1 2007 // A federal judge in Gulfport, Miss. has refused to disqualify himself from hearing a bid to certify a class-action lawsuit against State Farm Fire and Casualty Co. over the insurer’s handling of claims after Hurricane...
Court Throws Out “Light” Cigarette Law Suits in La., Ill.
Feb 28 2007 // Suits filed against two cigarette makers over the marketing of “light” cigarettes have been thrown out by a federal appeals court. Earlier this month, a three-judge panel of the 5th U.S. Circuit Court of...
Former U.S. Rep. Simmons Tapped to be Conn.’s First Business Advocate
Feb 27 2007 // Connecticut Governor M. Jodi Rell has nominated former 2nd District Congressman Rob Simmons of Stonington as the state’s first Business Advocate, a position created by the General Assembly during the 2006 legislative...
U.S. Risk Acquires E.M. Morrow Agency
Feb 27 2007 // U.S. Risk Insurance Group Inc. has expanded its California operations by acquiring E.M. Morrow Insurance General Agency Inc., in Oakland, Calif. E.M. Morrow has served the California property and casualty market for 30...
Reinsurance Proposal: Big Effect on Collateral, Limited Effect on Ratings
Feb 27 2007 // Fitch Ratings today issued a report titled “Impact of Proposed Changes in Collateral Requirements” that discusses its views on the National Association of Insurance Commissioners’ (NAIC) reinsurance task...
