Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
Trenwick Reports $135 Million Q3 Operating Loss
Nov 8 2002 // Bermuda-based Trenwick Group Ltd. reported an operating loss of $135 million, or $3.67 per share, for the third quarter of 2002 and an operating loss of $142.6 million, or $3.88 per share for the first nine months of...
Aegon Q3 Net Drops 28% to $429 Million
Nov 8 2002 // Aegon NV, the Netherlands giant insurer and financial services group, beat analysts’ expectations for the third quarter as it recorded a net profit 429 million Euros [the Euro is currently trading at parity with the...
U.S.I. Holdings Appoints Robert Schneider EVP, Finance & Administration
Nov 7 2002 // U.S.I. Holdings Corporation announced that effective immediately, it has appointed Robert S. Schneider to the newly created position of executive vice president of Finance and Administration. Schneider will report directly...
R&SA Reports Improved 9 Month Earnings; A.M. Best Affirms ‘A-‘ (Excellent) Rating
Nov 7 2002 // The U.K.’s Royal & Sun Alliance Insurance Group plc reported that the Group’s combined operating result was $739 million for the first nine months of 2002, compared to $482 million for the same period in...
R&SA Announces Restructuring of U.S. Operations
Nov 7 2002 // The U.K.’s Royal & SunAlliance Group announced its nine month results today (see companion article in “International” section) and revealed plans to significantly restructure it U.S. operations. The...
Swiss Re’s Chief US Economist Comments on Fed’s Rate Reduction
Nov 7 2002 // Swiss Re’s chief US economist, Kurt Karl, stated that the Federal Reserve Board’s decision to lower the target federal funds rate to 1.25 percent from 1.75 percent was an attempt to “bolster the economy...
Asbestos Expert to Address ISOTech Conference Nov. 12
Nov 7 2002 // David Austern, president of Claims Resolution Management Corporation (CRMC), a pioneer in asbestos claims resolution, will discuss issues affecting the insurance industry regarding asbestos litigation Nov. 12 at the...
CNA Completes Sale of London Reinsurance Company
Nov 1 2002 // CNA Financial Corporation announced that it has completed the sale of its London reinsurance operation, CNA Reinsurance Company Limited (UK), to Tawa UK Ltd., a subsidiary of Artemis Group, the diversified French holding...
Moody’s Expecting Modest Losses for P/C Insurers’ Investment Portfolios
Nov 1 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,...
IIABA: GLBA Does Not Preempt W. Va. Insurance Laws
Oct 31 2002 // The Independent Insurance Agents & Brokers of America (IIABA) and the state of West Virginia argued before a federal appeals court against a U.S. Office of the Comptroller of the Currency (OCC) opinion letter stating...
Trenwick to Cease Underwriting U.S. Specialty Program Insurance
Oct 31 2002 // Bermuda-based Trenwick Group Ltd. announced today that it will cease underwriting U.S. specialty program insurance business effective immediately. The news follows the announcement of an agreement to create an underwriting...
Trenwick to Halt Underwriting U.S. Specialty Program Insurance
Oct 30 2002 // Bermuda-based Trenwick Group Ltd. announced that it would cease underwriting its U.S. specialty program insurance business effective immediately. Operating under the name Canterbury Financial Group Inc. and through its...
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...
