Online insurance provider InsWeb Corp. expects to cut staffing by 40 percent over the next two quarters as it discontinues certain operations and consolidates its main businesses. Revenues for the second quarter are expected to be about $5 million, with …
Nevada Insurance Commissioner Alice Molasky-Arman approved the proposed filing submitted by the National Council on Compensation Insurance (NCCI) for an overall workers’ comp premium increase of 6.3 percent. The new rates become effective on July 1, 2000, for new business, …
Effective June 1, General Re and Cologne Re announced that their global brand name will be “GeneralCologne Re” (GCR). The change reflects company efforts to implement “a new, worldwide reinsurance brand strategy for its direct reinsurance business.” The company will …
Best Co.’s year-end review of carriers with concentrated exposure to the volatile California workers’ comp market culminated in the downgrades of State Compensation Insurance Fund of California, Zenith National Insurance Group and Argonaut Insurance Group. Best is particularly concerned about …
Leucadia National Corp. is set to buy struggling insurer Reliance Group Holdings Inc. in a stock swap valued at $293 million. The deal will result in Reliance stockholders receiving roughly 0.11 share of Leucadia common stock for each Reliance share. …
Trolling for new business leads has been the bane of insurance agents for decades. Electronic data mining has eased the pain, but there are many gray areas as the call for consumer privacy grows louder. It was a bet with …
Last year was expected to be a boom year for merger and acquisition activity in the insurance industry. But that never happened. In fact, the total dollar value of merger transactions fell by almost 75 percent in 1999 compared to …
After the Northridge earthquake rumbled through California on Jan. 17, 1994, destroying or damaging more than 200,000 homes, injuring 12,000 people and killing 60, and damaging or leaving uninhabitable 114,000 buildings, many insurers refused to write both homeowners and quake …
The Federal Emergency Management Agency (FEMA) estimates that almost 11,000 households in the U.S. are at risk for flooding, which accounts for 90 percent of all disasters nationwide. Yet, the vast majority of American property owners, even an astonishing percentage …
The passage of the Gramm-Leach-Bliley Act marked a watershed in U.S. financial regulation, opening up the banking, insurance and securities sectors to cross-holdings and business combinations after almost 70 years of separation. Most segments of the insurance industry praised the …
