I’ve sat in classes taught by Jim Harrison (insert two dozen professional designations here), one of the best insurance educators in the country. He has this little shtick that wakes up the class. He tells an ugly commercial liability claim …
U.S. property/casualty insurers recently received good news from the Insurance Services Office Inc.’s (ISO) Property Claim Services (PCS) unit. Third-quarter insured catastrophe losses registered at $315 million—the lowest amount in 11 years beginning in 1990. “We have been very fortunate—especially …
On Oct. 20, Insurance Commissioner Harry Low took a much-needed first step to improve the dire state of California’s workers’ comp market. Low approved the Workers’ Compensation Insurance Rating Bureau of California’s (WCIRB) proposed 10.1 percent average increase in pure …
The provisions of the North American Free Trade Agreement have been in place for several years, but Mexico and the U.S. have yet to simplify cross-border shipping by implementing a feasible cross-border insurance system similar to that with Canada. The …
The FSR on Peerless Insurance Co. and related pool members was raised from “BBpi” to “BBBpi” by S&P. In addition to Peerless, the rating action applies to Indiana Insurance Co., Consolidated Insurance Co., Excelsior Insurance Co., The Netherlands Insurance Co. …
The FSR on Virginia Surety Co. Inc. was lowered from “Api” to “BBBpi” by S&P, which cited weakening capitalization and deteriorating profitability as major rating factors. Virginia Surety, licensed throughout the U.S., is a subsidiary of the Aon Corp. In …
The counterparty credit rating and financial strength rating (FSR) on Lyndon Property Insurance Co. were removed from CreditWatch, where they were placed by S&P on Oct. 22, 1999, subsequent to the announcement of Lyndon’s acquisition by Protective Life Corp. In …
The “A++” rating of the National Indemnity Insurance Group, a wholly owned subsidiary of Berkshire Hathaway Inc., was affirmed by A.M. Best. The group writes “super cat” coverage, which includes a $1-billion layer for the California Earthquake Authority. The rating …
David Michael Chene, a former Red Bluff insurance agent, pleaded guilty to four felony counts for allegedly duping his former clients into believing that they were investing in legitimate investments backed by State Farm. In 1997, the CDI, Department of …
Even after her capture and seven months of living on the lam, Kimberly Morgan claimed she was “being framed” when a CDI investigator began probing allegations in 1999 that she was involved—along with her husband, Robert Morgan—in an alleged $10.3-million …
