Features

Program Business Sector Revenue Jumps 11.7% from 2014 to 2016: TMPAA

The financial performance of commercial property/casualty insurance program administrators continued to outpace the performance of the overall property/casualty insurance markets, according to a recent study. Program business premium jumped 11.7 percent in 2016 reaching $36.1 billion for the sector, up …

Father and Son in California Sentenced in $400K Workers’ Comp Scheme

Jaime Rosario Del Real, 61, and son Israel Del Real, 37, have both pleaded guilty to four felony counts for their role in a $400,000 insurance fraud scheme denying workers’ compensation insurance and medical care for injured workers. The father …

‘Substantial’ Rate Hikes Expected As Re/Insurers’ Results Take a Hit: Swiss Re

Non-life re/insurers’ full-year underwriting results are likely to be severely affected by the second half of the year’s three hurricanes and earthquakes in Mexico–which will lead to rate hardening for non-life insurers and reinsurers, according to a report published by …

California Fires Will Add to 2017 Insurer Catastrophe Losses, Fitch Says

No U.S. reinsurance companies in Fitch Rating’s rated universe are expected to be downgraded as a result of losses from the California wildfires alone, but for a number of companies the impact of wildfire losses adds to substantial catastrophe losses …

Global Commercial Insurance Rates Decrease Again: Marsh

Average global insurance rates decreased for the 18th consecutive quarter, although the rate of decline slowed in the third quarter of 2017 (down 1.6 percent) as compared to the prior quarter (down 2.2 percent), according to broker Marsh’s Global Insurance …

Workers’ Comp Carrier Guarantee Insurance Declared Insolvent by Florida Regulators

Florida insurance regulators have placed workers’ compensation carrier Guarantee Insurance Co. in receivership. According to documents from the Florida Office of Insurance Regulation (OIR), the company was materially under-reserved at year end 2016 and consented to being placed in receivership …

Arkansas Insurance Commissioner: Department Has Saved $785K in Personnel Costs

Since 2015, the Arkansas Insurance Department has saved $784,516 in personnel costs, the state agency reported. The savings are attributed to departmental efficiencies implemented by Insurance Commissioner Allen Kerr who was installed as head of the department that year. In …

Family of 4 Indicted for $550K Insurance Fraud Scheme in West Virginia

A man, his ex-wife and two sons are accused of burning down two West Virginia homes and pocketing over $550,000 in insurance claims. Windel Lester, his ex-wife Georgetta Lester, and his sons Gregory A. Lester and James Edward Lester, were …

Surplus Lines Premium Up for the Year in Texas

Texas has recorded $4.6 billion in surplus lines premium through the end of October 2017, a 6 percent increase over the same period in 2016, according to the Surplus Lines Stamping Office of Texas (SLTX). At the annual meeting of …

Insurer Says Policy Doesn’t Cover Mississippi Building Collapse

Hudson Specialty Insurance has sued in federal court in Natchez, Miss., to nullify a policy covering a building that collapsed July 23 in the City of McComb, saying coverage was voided after the building owner took money from a previous …

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