ACE Bermuda, a subsidiary of ACE Limited, has announced the formation of a new group, ACE Financial Solutions International (FSI), to provide “non-traditional insurance and finance related solutions to international companies facing complex risk management issues.” FSI will incorporate ACE …
The Association of California Insurance Companies (ACIC) and the National Association of Independent Insurers (NAII) announced that the Senate Insurance Committee had agreed to withdraw a subpoena issued to Insurance Commissioner Chuck Quackenbush for “market conduct examinations involving insurers with …
ARM Financial Group Inc. (ARM) filed a chapter 11 liquidation plan and related disclosure statement with the U.S. Bankruptcy Court for the District of Delaware. The plan provides for liquidation of all ARM’s remaining assets, distribution of the liquidation proceeds …
Following an evaluation of the group’s worse-than-expected first quarter underwriting results and unfavorable operating trends, A.M. Best Co. downgraded the financial strength rating of Reliance Insurance Group from “A-” to “B++.” The group’s rating remains under review pending the finalization …
Australian insurer QBE International Group Ltd.’s efforts to acquire the U.K.’s LIMIT Plc, a Lloyd’s underwriter, seem to be going nowhere. QBE made an unsolicited bid for LIMIT at the beginning of May, after it had announced plans to merge …
Boston based Applied Insurance Research (AIR) announced a potential breakthrough in earthquake catastrophe modeling with the introduction of the”Advanced Component Method or ACM (TM).” The computer technology uses new methods to assess “building vulnerability to earthquakes,” applying detailed engineering studies …
AXA subsidiary, AXA Ireland, which was formerly a part of the Guardian Royal Exchange Group, acquired by AXA’s Sun Life and Provincial Holdings last year, announced a 5 percent rise in premiums on Irish automobile policies. Blaming “bad claims experience,” …
Florida-based Bankers Insurance Company was recently approved to write homeowners policies in California. Doing business in the Golden State is nothing new for Bankers. As the country’s second largest flood carrier and the largest “write-your-own” flood company serving independent agents, …
InsWeb Corp announced planned expansion of its online insurance agency operations and implementation of a variety of cost-cutting measures. Mark Guthrie, COO of InsWeb, was promoted to also serve as president of the company, in which capacity he will assist …
Gregory Barabas, vice president of claims and manager of specialty claims of Executive Risk Inc., announced three officer appointments in the company’s Claims Department. Diane Parker of Springfield, Mass., is now assistant vice president and claims counsel. She joined Executive …
