Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
Despite Firefighting Prowess, the Russians Aren’t Coming
Dec 23 2007 // Global firefighter claims U.S. Forest Service stonewalls on Russian aid while U.S. wildfires burn While the Southeast’s largest wildfire in over a century was still smoldering in Georgia after burning 903 square...
2007: Climate Change Dominates Debate While Soft Market Hits Entire P/C Market
Dec 23 2007 // The debate over climate change captured the world’s attention, including the insurance industry’s, in 2007, while major hurricanes spared the United States’ coastline. The soft market took hold of...
S&P Lowers Kingsway Ratings to ‘BB+’; Outlook Negative
Dec 20 2007 // Standard & Poor’s Ratings Services joined A.M. Best in lowering its senior unsecured and long-term counterparty credit ratings on Toronto-based Kingsway Financial Services Inc. to ‘BB+’ from...
Baker Steps Down as Head of Lloyd’s U.S.
Dec 19 2007 // Wendy Baker, president of Lloyd’s U.S. operations, has decided to leave the organization at the end of December. Baker has held the post for nine years. According to Sue Langley, head of Lloyd’s Market...
Bush Gets Terrorism Insurance Extension Bill to Sign
Dec 19 2007 // The U.S. House of Representatives has passed an extension to the Terrorism Risk Insurance Act (TRIA) by a vote of 360 to 53 in a form closer to what the Bush Administration and the Senate would support than to an original...
Catlin Purchases $225 Million in Cat Bonds; Best’s Ratings
Dec 19 2007 // The Bermuda-based Catlin Group Limited announced that Catlin Insurance Company Ltd. of Bermuda has purchased coverage totaling $225 million under a catastrophe swap agreement in the event of severe US natural catastrophes...
Kingsway to Increase Lincoln General Reserves; Best Lowers, Reviews Ratings
Dec 19 2007 // Toronto-based Kingsway Financial Services Inc. (KFSI) announced that it would report a reserve increase at its Lincoln General subsidiary in the fourth quarter. After reviewing claims trends, Kingsway said the increases...
Survey Shows Phishing Attacks in 2007 Caused $3B in Damages
Dec 18 2007 // Phishing attacks in the United States soared in 2007 as $3.2 billion was lost to these attacks, according to a recent survey. The survey found that 3.6 million adults lost money in phishing attacks in the 12 months ending...
S&P to Host Teleconference Tomorrow on U.S. P/C, Global Reinsurance
Dec 18 2007 // Standard & Poor’s Ratings Services will hold a telephone conference call on Wednesday, Dec. 19, 2007 at 11:00 A.M. Eastern Time (5:00 P.M. -Europe; 4:00 P.M. UK). The conference will feature an overview of...
American Financial Takes 67% Stake in Lloyd’s Marketform
Dec 18 2007 // Lloyds’s insurer, Marketform Group Limited, which specilizes in non-US medical malpractice and other specialty lines, announced that American Financial Group Inc. (AFG) is to become the majority shareholder in its...
Munich Re to Acquire Aon’s Healthcare Insurer Sterling for $352 Million
Dec 17 2007 // Munich Re is also buying a slightly smaller piece of Aon (See previous article). The world’s second largest reinsurer announced that it has concluded an agreement with Aon to acquire 100 percent of Sterling Life...
Businesses Must Prepare Now for Pandemic Outbreak
Dec 17 2007 // Pandemics are inevitable and businesses must prepare now by developing continuity plans in case of a flu outbreak, said Scott Mugno, managing director, corporate safety, health and fire protection at FedEx...
UN Climate Chief Says US-EU Deadlock over Emissions Cuts Threatens Summit
Dec 14 2007 // The U.N. climate chief warned on Thursday that a deadlock between the United States and the European Union over pollution cuts threatened to derail talks aimed at launching negotiations for a new global warming...
A.M. Best: Subprime Exposure Modest, But Contagion Is Concern
Dec 14 2007 // As the turmoil from the subprime crisis ripples across the global credit and equity markets and threatens the stability of the U.S. economy, several insurers have announced their exposure to mortgage-linked assets in their...
Towers Perrin Study Indicates U.S. Tort Costs Down in 2006
Dec 13 2007 // The 2007 update on U.S. Tort Cost Trends from the Tillinghast insurance consulting practice of Towers Perrin said U.S. tort costs totaled $247 billion in 2006, which is $57 less per person than in 2005 at approximately...
Best Revises Zurich Outlook to ‘Positive,’ Affirms ‘A’ Ratings
Dec 12 2007 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of Zurich Insurance Company (ZIC), the main operating company of...
Lloyd’s Comments on Florida Changing Reinsurance Collateral Rules
Dec 12 2007 // Lloyd’s Director & General Counsel Sean McGovern, called Florida’s decision to explore making changes in the collateral insurance requirements for foreign, or “alien,” reinsurers, such as...
Ratings Roundup: Bond Safeguard, Lexon, Gerling US
Dec 12 2007 // Standard & Poor’s Ratings Services has revised its outlook on Bond Safeguard Insurance Co. and Lexon Insurance Co. to negative from stable. S&P also affirmed its ‘BBB-‘ counterparty credit and...
Allied World to Buy Converium’s U.S. Reinsurance Operations
Dec 11 2007 // Bermuda-based Allied World Assurance Company Holdings, Ltd. announced that its U.S. holding company has entered into an agreement to purchase Converium Insurance (North America), Inc., a New Jersey domiciled...
Former La. State Agency Employee Pleads Guilty to Insurance Fraud
Dec 11 2007 // A former assistant manager of the New Iberia field office of the Louisiana Department of Motor Vehicles pled guilty to allegations of federal disaster relief fraud, according to the Louisiana State Police Insurance Fraud...
