Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
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...
Benfield Group Plans London Share Listing
Dec 2 2002 // The Benfield Group Ltd. announced plans to raise additional capital by listing its shares on the London Stock Exchange sometime in the first half of 2003. Benfield, the world’s third largest reinsurance broker, which...
A.M. Best Places Ratings of Kingsway Under Review
Nov 28 2002 // A.M. Best Co. announced that it has placed the financial strength ratings of the insurance subsidiaries of Ontario-based Kingsway Financial Services Inc., and the senior unsecured debt rating of “bbb” on its...
S&P’s: Little Ratings Cheer for Insurers in Terror Law
Nov 26 2002 // The newly mandated adoption of terrorism risk by commercial property/casualty insurers in the U.S. casts a shadow on ratings prospects, compounding Standard & Poor’s negative outlook on the industry, according...
Littlefield Says Key Focus for U.S. Marine Insurers is to Improve Combined Ratio, Secure Ports
Nov 25 2002 // While the marine insurance industry has performed slightly better than the overall property/casualty market in recent years, the business is still navigating in some extremely stormy seas. That’s the assertion of...
Gerling Global – Going, Going, Gone
Nov 25 2002 // Asbestos, the weak equity markets and Sept. 11 have indirectly claimed another victim. Gerling-Konzern Globale Ruckversicherungs—AG (GKG), the reinsurance arm of Germany’s Gerling Group, announced at the end of...
Royal & Sun to Restructure U.S. Operations
Nov 25 2002 // The U.K.’s Royal & SunAlliance Group recently announced its nine-month results and at the same time revealed plans to significantly restructure it’s operations. Royal & SunAlliance USA (R&SA USA)...
MOODY’S EXPECTING MODEST LOSSES FOR P/C INSURERS’ INVESTMENT PORTFOLIOS
Nov 25 2002 // Moody’s reports that further decline is likely for many U.S. P/C insurers’ investment portfolios because of credit losses resulting from exposure to troubled companies. However, in the newly released report,...
Gerling Global – Going, Going, Gone
Nov 25 2002 // Asbestos, the weak equity markets and Sept. 11 have indirectly claimed another victim. Gerling-Konzern Globale Ruckversicherungs—AG (GKG), the reinsurance arm of Germany’s Gerling Group, announced at the end of...
R&SA Affirmed and Lowered
Nov 25 2002 // A.M. Best Co. affirmed its “A-” (Excellent) FSR of The Royal & SunAlliance USA Insurance Pool (pool) and said the outlook remains negative. Meanwhile, S&P lowered its long-term counterparty credit...
Fitch Says Terrorism Bill a Mix Blessing for U.S. Insurers
Nov 22 2002 // Fitch Ratings commented that while the passage of a much anticipated terrorism insurance bill is overall a favorable development for the U.S. economy, and benefits the insurance industry, the passage of the bill will...
New Report Says Hazard Planning Reduces Insured Losses from Disasters
Nov 21 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...
Converium Gives Details on Reserves, Plans to Raise $200 Million
Nov 19 2002 // Swiss-based Converium Group announced details of the $70.3 million in additional reserves it expects to fund for Converium North America during the fourth quarter. It also plans to raise an additional $200 million through...
U.S.I. Holdings Corporation Appoints Two New Independent Directors
Nov 18 2002 // San Francisco-based U.S.I. Holdings Corporation announced that its Board of Directors has unanimously elected Messrs. Robert F. Wright and Thomas A. Hayes as new independent Directors of the Company. Hayes will chair...
