Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
The St. Paul Cos. Notes 2ndQ Loss
Jul 24 2002 // The St. Paul Companies announced a second-quarter 2002 net loss of $223 million, or $1.09 per diluted share, including the previously announced $380 million after-tax impact of its settlement of the Western MacArthur...
Regulators Approve ISO Fire-Protection-Class Database of U.S. Property Addresses for Insurers’ Use a
Jul 23 2002 // With Maine on board, insurance regulators in 44 states and Washington, D.C., have approved Insurance Services Office Inc.’s (ISO) LOCATION™ database of Public Protection Classifications (PPC™), the ISO program...
Profits Fell, Losses Climbed for P/C Industry
Jul 22 2002 // It’s pretty much common knowledge by now that the property and casualty insurance industry suffered tremendous losses in 2001, and although the tragedies of September 11 can be blamed for much of the economic...
Surplus Lines Industry Continues to Play its Role
Jul 22 2002 // Since it’s inception in the early 19th century, the surplus lines industry has played a significant role in the insurance world: providing the buyer with insurance not available in the standard, admitted markets. As...
A.M. Best Affirms Rating of UIA
Jul 18 2002 // A.M. Best Co. affirmed the financial strength rating of “A-” (Excellent) of UIA (Insurance) Limited, United Kingdom. The company’s excellent level of surplus and its niche position in the U.K. household...
A.M. Best Affirms Rating for Mapfre Reinsurance Corp.
Jul 17 2002 // A.M. Best Co. has affirmed the A (Excellent) financial strength rating of U.S.- based Mapfre Reinsurance Corporation (MRC), Florham Park, N.J. The outlook is stable. The affirmation reflects A.M. Best’s continued...
Allied World Assurance Holdings, Ltd. Purchases Pair of U.S. Companies
Jul 17 2002 // Allied World Assurance Holdings, Ltd. announced that its Irish resident subsidiary, Allied World Assurance Holdings (Ireland), Ltd. has completed the acquisition of Commercial Underwriters Insurance Company and Newmarket...
Scor Won’t Increase WTC, U.S. Claims Reserves
Jul 16 2002 // French reinsurer Scor has no plans to pump up its existing reserves to pay for World Trade Center or U.S. liability reinsurance claims, according to Reuters. The news organization reported that Scor CEO Jacques Blondeau...
ISO Reports Record 2001 Underwriting Losses, Poor Investment Results behind PnC Industry’s First-Ev
Jul 10 2002 // The property/casualty insurance industry recorded its first-ever net loss after taxes in 2001, stemming from sharply higher underwriting losses and substantial deterioration in investment results, according to Insurance...
U.S. Lawyer Urges Global Definition of Terrorism
Jul 10 2002 // Atlanta-based attorney Tom Player, who chairs the Insurance group at Morris, Manning & Martin, LLP, announced that he plans to propose the adoption of a global definition of terrorism for the insurance industry at the...
Surplus Lines and the Lloyd’s Market
Jul 8 2002 // Lloyd’s of London is perhaps the most well- known insurer in the U.S., not only due to its 300 years of existence, but also because this country is the London market’s biggest customer, accounting for over 35...
For Lloyd’s, Continued Growth Expected in Surplus Linese
Jul 8 2002 // Lloyd’s of London is perhaps the most well known insurer in the U.S., not only due to its 300 years of existence, but also because this country is the London market’s biggest customer, accounting for over 35...
AIA Applauds USTR’S Push for Open Markets
Jul 4 2002 // The American Insurance Association (AIA) is applauding the U.S. Trade Representative’s (USTR) inclusion of substantive, important insurance provisions in formal trade requests made of all 145 members of the World...
Hub International Sells Over-Allotment Shares To Underwriters
Jul 2 2002 // Chicago and Toronto-based insurance brokerage, Hub International Limited, announced that J.P. Morgan Securities Inc., on behalf of the underwriters of the previously announced public offering of 6,000,000 common shares in...
Swiss Re Analysts See Economic Recovery, Hard Market Continuing
Jun 27 2002 // Wednesday’s teleconference, featuring Swiss Re’s economic experts, concluded that a modest economic recovery will continue, the insurance industry will see higher rates and a “flight to quality, ”...
P/C Industry’s 1stQ Net Income Falls 7.3 Percent
Jun 27 2002 // The U.S. property/casualty industry’s net income after taxes dropped 7.3 percent to $5.1 billion in first-quarter 2002 from $5.5 billion in first-quarter 2001, according to just released information from Insurance...
The Storms Will be Out There: Average Hurricane Season Predicted
Jun 24 2002 // Colorado State University hurricane forecasters, led by Dr. William Gray, recently lowered this year’s Atlantic basin hurricane forecast numbers, but that hasn’t prevented insurance commissioners from states...
The St. Paul Agrees to Pay $988 Million in Asbestos Settlement
Jun 24 2002 // The St. Paul Companies have agreed to pay nearly $1 billion to settle outstanding claims and lawsuits related to asbestos. The news comes on the heels of PPG Industries’ agreement to a $2.7 billion settlement of...
China Opening Doors to Insurance Contacts
Jun 24 2002 // Some recent events indicate that the Chinese insurance market is becoming more open to foreign insurers. U.S. and Chinese regulators recently concluded an agreement to begin sharing information; AIG opened an office in the...
Insurers Look to Wipe Clean Toxic Mold Claims
Jun 24 2002 // For U.S. insurers, reinsurers, and property professionals still reeling from the $32 million a Texas jury awarded Melinda Ballard in her toxic mold lawsuit against Farmers Insurance last year and the $18.5 million a...
