California legislators hope to reduce the number of uninsured motorists in Los Angeles and San Francisco by offering low-income residents a streamlined auto insurance policy at a discounted price. The pilot program, administered by the California Automobile Assigned Risk Plan …
April and May produced $340 million in catastrophe losses for Allstate Corp., whose June 15 announcement triggered a 7 percent reduction in the company’s stock value. The estimated losses were in addition to severe losses during the first quarter. For …
Travelers Insurance, a unit of Citigroup, announced that it was setting up an International Insurance Division with Robert J. Price, 49, appointed as its president and CEO. Price is leaving his present post as senior vice president and CFO of …
State Farm Mutual Automobile Insurance Co. will pay dividends of just over $1 billion to auto insurance policyholders in 49 states, the District of Columbia and three Canadian provinces. The return of premiums, approved June 12 by the State Farm …
Martin Frankel, the financier that bilked several U.S. insurance companies of millions of dollars before disappearing and launching an international manhunt, has pleaded guilty to tax evasion charges in a German court. Frankel, 45, could be sentenced to as much …
Congress’ recent vote to eliminate the so-called “death tax”-which is levied on monetary assets and property owned by a person at death-is a positive first step down the long road to enactment, according to the Independent Insurance Agents of America …
Progressive Corp. is estimating its second-quarter profits will fall below Wall Street consensus estimates because of poor underwriting results worsened by catastrophe losses. The auto insurer’s earnings have fallen 50 cents per share through the first quarter, well below analyst …
The Surplus Line Association of Idaho is the host for the 32nd Annual Western States Surplus Line Conference, July 30-Aug. 2 in Coeur d’ Alene, Idaho. For more information, contact Wendy Tippetts, (208) 336-2901, or e-mail association@iiai.org.
The San Diego Chapter of Insuring The Children will raise funds for the prevention of child abuse with its inaugural Golf Classic on July 17. The tournament will be held at Morgan Run Resort & Club in Rancho Santa Fe …
American General Corp. expects to make a $175-million second-quarter aftertax charge to settle a lawsuit claiming one of its subsidiaries charged customers racially-based insurance premiums. The proposed resolution will settle class-action claims and regulatory issues relating to the pricing and …
