Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
Lloyd’s Equitas Reports Fiscal Year Results
Jun 13 2003 // Equitas, the runoff vehicle established by Lloyd’s in 1996 to handle claims liabilities prior to 1992, principally asbestos and environmental claims, announced decreases in its reserves for the fiscal year ended 31...
Hub International Completes Private Debt Offering
Jun 12 2003 // Hub International Limited (NYSE:HBG) and (TSX:HBG) announced today that it has completed a private placement of US$65,000,000 in principal amount of unsecured senior notes. The senior notes have been issued in two series:...
Associations Tell NAIC Not to Reduce Collateral, Requirements for Alien Reinsurers
Jun 11 2003 // The four property/casualty trade associations, joined by a workers’ compensation and a reinsurance association, have joined together to ask the National Association of Insurance Commissioners (NAIC) to reject any...
Royal & SunAlliance Sells RSUI to Alleghany
Jun 10 2003 // Royal & SunAlliance USA announced the sale of Royal Specialty Underwriting Inc. (RSUI), its Atlanta-based excess and surplus lines business, to Alleghany Insurance Holdings LLC, a subsidiary of Alleghany Corp., for...
R&SA to Sell U.S. Surplus Lines to Alleghany
Jun 9 2003 // The U.K.’s Royal & SunAlliance announced today that it has agreed to sell Royal Specialty Underwriting, Inc. (RSUI), its U.S. surplus lines division, to Alleghany Insurance Holdings LLC for “around £72...
REPORT SAYS U.S. INSURANCE INDUSTRY LOSES $13.7B ANNUALLY DUE TO AUTO PREMIUM RATING ERROR:
Jun 9 2003 // Quality Planning Corporation (QPC), the Rating Integrity Solutions Company, released its annual Premium Rating Error report, detailing just how much often-overlooked premium rating errors diminish the overall profits of...
Execs Talk Future of Industry at 9th Annual ITC Forum
Jun 9 2003 // “Amateur hour is over.” Those were the words of the Sullivan Group president Gerald J. Sullivan, addressing a roomful of industry executives recently at the 9th Annual Insuring the Children Forum....
Arch Names Ralph E. Jones III President and CEO of U.S. Division
Jun 5 2003 // The Bermuda-based Arch Capital Group Ltd. announced that, Ralph E. Jones III will join the company as President and CEO of Arch Insurance Group, a division of Arch Capital, effective July 1, 2003. Jones will assume...
Majority of U.S. Insurers Reportedly Feel IT to Become More Important
Jun 4 2003 // Eighty-eight percent of insurers think that IT will become more important in driving efficiencies and cost-reductions in future, according to new research released by RebusIS, an insurance technology solutions provider. A...
U.S.I. Holdings Closes Acquisition of Hastings-Tapley
Jun 3 2003 // San Francisco-based U.S.I. Holdings Corporation announced that it has consummated the previously announced acquisition of all the issued and outstanding capital stock of Woburn, Mass.-based Hastings-Tapley Insurance Agency...
RMS Integrates New Hurricane Model With “RiskOnline” System
Jun 3 2003 // Newark Calif.-based Risk Management Solutions has taken another step in preparation for what experts are predicting will be an active hurricane season by integrating the third generation of its U.S. Hurricane model,...
Liberty Mutual to Acquire Majority of Prudential’s U.S. P/C Business
May 23 2003 // Boston-based Liberty Mutual Group has signed a definitive agreement to acquire Prudential Financial Inc.’s U.S. personal lines property/casualty operations in 47 states, excluding its New Jersey, specialty auto and...
R&SA Posts $156 Million Q1 Group Operating Profit
May 22 2003 // The U.K.’s Royal and Sun Alliance announced a first quarter group operating profit of £95 million ($156 million), calculated on the basis of revised investment assumptions introduced at the beginning of this year....
U.S. Risk Group Adds Keane as Executive VP
May 22 2003 // U.S. Risk Insurance Group announced the addition of John Keane as executive vice president of U.S. Risk Underwriters, Inc. Keane will be involved in many strategic and operational aspects of the company, including day to...
S&P Maintains CreditWatch on Australia/NZ Tower Ltd. Group
May 21 2003 // Standard & Poor’s Ratings Services announced that it is maintaining its CreditWatch with negative implications on various Australian and New Zealand subsidiaries of Tower Ltd. “following the profit warning...
AXIS Increases Capitalization of U.S. Subsidiary
May 20 2003 // AXIS Capital Holdings Limited (“AXIS”) announced that additional capital has been contributed to its subsidiary AXIS Reinsurance Company (“AXIS Re”), increasing AXIS Re’s policyholders’...
Insurance Losses From Tornadoes Could Be Most Costly Event Ever, Says I.I.I.
May 20 2003 // U.S. insurers have taken another hit these past few weeks as tornado season continues to wreak havoc on the nation. The tornadoes, which swept across parts of the U.S. from May 2-11, have the potential to be the costliest...
Aon Names D. Cameron Findlay General Counsel
May 20 2003 // Chicago-based Aon Corp. announced that D. Cameron Findlay, 43, currently the U.S. Deputy Secretary of Labor, will join the company as executive vice president and general counsel Aug. 1. Findlay will succeed Raymond I....
Allianz Shows Improvements, But Posts $593 Million Q1 Net Loss
May 16 2003 // Germany’s Allianz reported a first quarter net loss of 520 million euros ($593.06 million), mostly due to another series of writedowns in the value of its investments, but from an operating point of view...
A.M. Best: Asbestos Settlement Won’t Aid Ratings
May 15 2003 // Recent reports of a national, privately financed trust to pay asbestos claimants have raised questions about the insurance industry’s ability to fund its participation in a trust while maintaining individual...
