State Farm Insurance’s chairman and CEO received an 82 percent raise after the company posted a record profit last year, a statement from the Bloomington-Ill.-based insurer said this week. Chairman and Chief Executive Officer Ed Rust Jr. got a $5.26 …
A federal grand jury in Jackson, Miss., has ordered a transcript from an Oklahoma case in which State Farm Insurance Co. was hit with a $13 million judgment involving a lawsuit by policyholders from a 1999 tornado. Records filed in …
State Farm has ordered an independent investigation into one of its vendors and suspended work with Haag Engineering Co. based on an Oklahoma jury’s finding that the insurance company used Haag reports to maliciously deny policyholder claims, a newspaper reports. …
State Farm Mutual Automobile Insurance Co. announced today that Vincent J. Trosino Sr., its president, vice chairman and chief operating officer, will retire at the end of 2006, ending a 44-year career with the company. Trosino, 65, became president eight …
The threat of more natural disasters could make 2006 a watershed year in how the insurance industry measures risk. With American carriers revamping their reporting and management structures, insurers are expected to undertake major initiatives regarding enterprise-wide risk management (ERM). …
While homeowners and businesses can physically pickup the pieces following a natural disaster, mending the hearts and minds of those in the field is not so easy. Four industry CEOs recently described the emotional impact that 2005’s catastrophes had on …
“The ultimate objective is for an insurer is to use an ERM framework to better understand and manage the correlation and diversification of risk across the company and uses this information to determine overall risk or economic capital.” The threat …
While homeowners and businesses can physically pickup the pieces following a natural disaster, mending the hearts and minds of those in the field is not so easy. Four industry CEOs recently described the emotional impact that 2005’s catastrophes had on …
As Midwesterners we sometimes forget the problems that exist in other coastal regions–until we realize how they impact our businesses. For example, in Florida, one decried a system in which wealthy waterfront property owners are being subsidized by less affluent …
One decried a system in which wealthy waterfront property owners are being subsidized by less affluent property owners and taxpayers: “If the state is going to continue to attract new residents, it will have to make them pay for the …
