Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
Converium Posts Narrow Q3 Loss on Reserve Strengthening
Oct 28 2002 // The Swiss-based Converium Group, the world’s 8th largest reinsurer, reported a pre-tax operating loss of $71.2 million for the three months ended September 30, compared to a pre-tax operating loss of $344.7 million...
Terrorism Deal for Real’
Oct 28 2002 // By the time this issue of Insurance Journal lands on your desk, federal lawmakers probably won’t have passed legislation that would provide a backstop for terrorism insurance. But they are very close. It’s...
Reinsurance Market Tries to Reel In Profits
Oct 28 2002 // A year ago the reinsurance industry faced the biggest loss event in its history – the attacks on the WTC and the Pentagon. Nevertheless, commentators were almost unanimous in predicting that the market would harden,...
Terrorism Deal for Real’
Oct 28 2002 // By the time this issue of Insurance Journal lands on your desk, federal lawmakers probably won’t have passed legislation that would provide a backstop for terrorism insurance. But they are very close. It’s...
Reinsurance Market Tries to Reel In Profits
Oct 28 2002 // A year ago the reinsurance industry faced the biggest loss event in its history – the attacks on the WTC and the Pentagon. Nevertheless commentators were almost unanimous in predicting that the market would harden,...
U.S.I. Holdings Corp. Prices 9.0M Share IPO at $10 Per Share
Oct 23 2002 // San Francisco-based U.S.I. Holdings Corporation announced the pricing of its initial public offering of 9.0 million shares of common stock at $10.00 per share. USI’s common stock was expected to begin trading Oct. 22...
New Mexico Judge Upholds Lloyd’s Claims Against “Names”
Oct 15 2002 // Judge Lorenzo Garcia of the U.S. District Court in Albuquerque New Mexico has upheld the ruling of a U.K. court in favor of Lloyd’s claims for a total of $2.8 million from six American investors, or...
Hiscox Launches New System for U.S. Terrorism Insurance
Oct 14 2002 // London-based Hiscox Plc, which operates in both the Lloyd’s and specialty lines markets, announced the launch of a unique broker “extranet system” to provide solutions for U.S. clients requiring terrorism...
House Subcommittee Explores Use of Capital Markets to Spread Catastrophe Risk
Oct 11 2002 // The House Financial Services Oversight and Investigations Subcommittee is exploring the expanded use of capital markets to spread the financial risk from future catastrophic losses. At a hearing this week, the Subcommittee...
Investigators Confirm French Supertanker Was Hit by Terrorist Attack
Oct 11 2002 // An official bulletin from the French Foreign Ministry confirmed that a team of French and U.S. investigators had found definitive evidence that the explosion and fire that engulfed the supertanker Limburg in the Gulf of...
Suspended La. Commissioner Told to Report to Jail
Oct 4 2002 // A federal judge ordered suspended Louisiana Insurance Commissioner Jim Brown to report to federal prison Oct. 15 to begin serving his six month sentence for allegedly lying to a federal agent. The judge made the order two...
Assurant Group to Build New Operations Center in Canada
Oct 4 2002 // Assurant Group, a provider of specialty risk management programs for the financial services industry, and the Kingston Economic Development Corporation have announced plans for Assurant to build a new operations center in...
Hartford FSG Enters Into Alliance with ACE
Oct 2 2002 // The Hartford Financial Services Group has entered into a strategic alliance with ACE American Insurance Company, one of the ACE Group of Companies, to provide The Hartford’s U.S.-based business customers with...
AAI Encouraged by President’s Stance on Terrorism Legislation
Oct 2 2002 // The Alliance of American Insurers reports it was encouraged by President George W. Bush’s strong stance on the need for federal terrorism insurance legislation earlier this week. “President Bush painted a very...
IIABA Pens Letter to U.S. Senate Chairman to Commend Pursuit of Terrorism Reinsurance Legislation
Oct 1 2002 // In a letter to the United States Senate and Chairman Paul Sarbanes, the Independent Insurance Agents & Brokers of America (IIABA) is commending the Chairman in seeking a quick resolution to the present terrorism...
Royal & Sun Alliance Ratings Lowered
Sep 30 2002 // A.M. Best Co. lowered the financial strength rating to “A-” from “A” of Royal & Sun Alliance Insurance Group plc (R&SA), United Kingdom, and its core subsidiaries. Concurrently, it...
The State of the Surplus Lines Market with Michael J. Hall
Sep 30 2002 // Insurance Journal publisher Mark Wells recently spoke with Michael J. Hall, chairman of M.J. Hall & Company Inc. and president of Golden Bear Insurance Company, both headquartered out of Stockton, Calif. Hall shared...
Royal & Sun Alliance Ratings Lowered
Sep 30 2002 // A.M. Best Co. lowered the financial strength rating to “A-” from “A” of Royal & Sun Alliance Insurance Group plc (R&SA), U.K., and its core subsidiaries. Concurrently, it downgraded the...
Court Rejects Generali, Zurich Life Contentions in Holocaust Claims Lawsuit
Sep 26 2002 // A federal court in New York has ruled that a lawsuit brought by Holocaust victims and their families against Italian insurer Generali and Switzerland’s Zurich Life Insurance Co. can go forward in the U.S. court. The...
NAII Says Federal Case Threatens Insurers’ Ability to Use Credit Information
Sep 26 2002 // A U.S. District Court ruling in a federal class-action lawsuit challenging Allstate Insurance Company’s use of credit data in underwriting and rating policies should be reversed because the suit distorts the...
