Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
Best Assigns Ratings to Nationwide’s Shelf Registration
Jan 9 2003 // A.M. Best Co. announced that it has assigned indicative ratings of “a” senior debt, “a-” subordinated debt, “a-” preferred securities and “bbb+” preferred stock, to...
Munich Re Estimates 2002 Insured Losses from Catastrophes at $11.5 Billion
Dec 30 2002 // In a yearly review released today Munich Re calculates the overall economic losses from natural and man-made catastrophes in 2002 at a staggering $55 billion, compared to $35 billion last year. However, the world’s...
U.S.I. Holdings Promotes O’Neil and Jones
Dec 26 2002 // David L. Eslick, chairman, president and CEO of U.S.I. Holdings Corporation announced that the Board of Directors has named Thomas E. O’Neil senior vice president and COO and Jeffrey L. Jones senior vice resident and...
Class Action Settlements Need Finality, AIA Urges High Court
Dec 23 2002 // The American Insurance Association (AIA) today urged the U.S. Supreme Court to overturn a lower court ruling that would allow settlements of class action lawsuits to be challenged even after appeals courts upheld the...
Skandia Agrees to Sell U.S. Operations to Prudential for $1.26 Billion
Dec 23 2002 // The Swedish-based Skandia Insurance Group has reached an agreement with Prudential Financial to sell its U.S. operations, American Skandia, for a total consideration of $1.265 billion, around 72 percent of its book value....
A.M. Best Affirms GCNA ‘A’ (Excellent) Rating, Upgrades U.S. Sub to ‘A-‘
Dec 20 2002 // A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of The Guarantee Company of North America, based in Montreal, and has upgraded the financial strength rating to A- (Excellent) from B+ (Very Good)...
Endurance Specialty Holdings Forms U.S. Subsidiary
Dec 20 2002 // Bermuda-based Endurance Specialty Holdings Ltd. announced the formation of a wholly-owned U.S. subsidiary, Endurance Reinsurance Corporation of America (Endurance Re). The new company has been granted a license as a New...
Weak Investment Results Throw Curve at P/C Insurers’ Recovery at Nine-Month Mark
Dec 18 2002 // Thanks to strong premium growth and lower catastrophe losses, the U.S. property/casualty industry earned $9.3 billion in net income after taxes through nine-months 2002, in sharp contrast to the $2.6 billion net loss...
Fairfax to Restructure TIG Insurance
Dec 17 2002 // Canada’s Fairfax Financial Holdings Ltd. revealed plans on Monday to significantly restructure its Dallas-based subsidiary TIG Insurance. Plans call for a portion of the company’s business to be placed into...
NEW REPORT SAYS HAZARD PLANNING REDUCES INSURED LOSSES FROM DISASTERS
Dec 16 2002 // Communities that incorporate natural disasters in their land use planning experience fewer insured losses than those that do not, according to a new report presented at the Institute for Business & Home Safety’s...
ISSUES MAY IMPEDE OPEN BORDERS
Dec 16 2002 // According to the National Association of Independent Insurers (NAII), two key issues may create barriers at border crossings recently opened between the U.S. and Mexico under the North American Free Trade Agreement...
S&P’s SEES TROUBLE AHEAD
Dec 16 2002 // U.S. commercial-lines insurers are plagued by inadequate reserves, according to Standard & Poor’s just-published outlook for 2003, and bullish pricing cannot simply sweep the problem away. S&P’s...
Grabbing the Headlines in 2002
Dec 16 2002 // Who made the most “news” as opposed to the most “noise” in 2002? There were lots of candidates, but the ones we’ve selected usually made news because they faced problems or took initiatives...
Movin’ & Shakin’: ERC, Lloyd’s Shake Up Reinsurance Market
Dec 16 2002 // The events of Sept. 11 were a defining moment in the reinsurance market; a watershed event that opened up the eyes of everyone in the insurance industry, forcing a re-evaluation of the industry’s practices,...
Grabbing the Headlines in 2002
Dec 16 2002 // Who made the most “news” as opposed to the most “noise” in 2002? There were lots of candidates, but the ones we’ve selected usually made news because they faced problems or took initiatives...
NAII: Progress Continues on Accessing MVRS, NAFTA Should Go Forward
Dec 12 2002 // The Vice President of Mexico’s Insurance and Finance Commission, Manuel Calderon, told the National Association of Insurance Commissioners (NAIC) that concerns about two proposed privacy bills in Mexico’s...
AAI: Consolidation of Va. Asbestos Cases Hinders Due Process
Dec 10 2002 // The Alliance of American Insurers (AAI) decried a U.S. Supreme Court decision that let stand a Virginia court order to consolidate some 1,300 asbestos liability claims into one trial. “We believe consolidation of...
NAFTA: Borders Open, Regulators Review Privacy and Inspection Concerns
Dec 9 2002 // Although the Bush Administration technically opened selected border crossings under the North American Free Trade Agreement (NAFTA) on Nov. 27, two key issues have arisen that could keep Mexican commercial vehicles from...
Mass. Broker Sentenced for Issuing Bogus Liability Policies
Dec 6 2002 // John Grinnell, a former insurance broker from Fall River, Mass., was sentenced by U.S. District Judge Mark L. Wolf to 5 years’ probation on charges of issuing almost 150 bogus insurance liability policies and taking...
CGI Closes INSpire Acquisition
Dec 5 2002 // CGI Group Inc. (CGI) announced it completed the acquisition of Fort Worth-based INSpire Insurance Solutions Inc. for US$5.4 million (CDN$8.5 million) in cash. INSpire has revenues of US$26 million (CDN $41 million). As...
