Newsbriefs

WALL ST. NEGATIVE ON RE

Neither Standard & Poor’s Financial Services Ratings Group nor investment bank Morgan Stanley is bullish on the reinsurance industry these...

PENN. DEPT. TAKES OVER PHICO

Pennsylvania Insurance Commissioner Diane Koken announced that the State’s Commonwealth Court granted the Department’s petition to place PHICO Insurance Company...

ST. PAUL FORMS NEW GROUP

The St. Paul Companies announced the formation of the Global Surety and Construction Group. According to the group’s newly appointed...

CITIGROUP CUTS MORE JOBS

In addition to the previously announced layoffs of 1,200 employees, Citigroup Inc. announced it will let go another 3,000 workers...

STATE FARM’S EXIT SLOWED

New Jersey’s Department of Banking and Insurance is seeking to prolong the state’s largest automobile insurer’s presence in order to...

RIMS OPPOSES RE TAX EQUITY ACT

The Risk and Insurance Management Society Inc. (RIMS) announced its opposition to the proposed Reinsurance Tax Equity Act of 2001...

NV MED-MAL RATES TO RISE

Continental Casualty Company; America Casualty Company of Reading, Penn; and Transportation Insurance Company (collectively CNA) received approval from Nevada Insurance...

Changes in Texas Licensing

Changes in licensing provisions in the Texas Insurance Code are scheduled to become effective Sept. 1 and the Independent Insurance...

Convicted in Healthcare Fraud

Eight people, including six chiropractors and a physical therapist, have been convicted and sentenced for allegedly participating in a massive...

USAA Plan Calls for Layoffs

San Antonio-based insurance and financial services company, USAA, is continuing its process of restructuring with the layoffs of some 648...

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