The long-awaited hardening of reinsurance rates may finally be occurring, as companies reassess their capacity commitments and take a more critical look at their risk exposures, particularly concerning natural catastrophes. “Where there’s loss activity, you’ll certainly see rate raises,” said …
Three construction company owners from Arizona and a California attorney have been accused of insurance fraud and employment tax evasion by California insurance officials. Jay Neal Wright, 48; his son, Jay Neal Wright II, 27, of Phoenix; Don Jay Wright, …
California Insurance Commissioner Harry Low revoked the license of former insurance agent Raymond Michael Graney, who did business as Team Concepts Insurance Services. An administrative hearing on Graney’s licensing rights revealed various misrepresentations toward several clients, most of whom were …
A joint investigation by the CDI Criminal Investigations Branch, the Los Angeles District Attorney’s Office, the Insurance Fraud Unit and HIH Insurance Company led to the conviction of Jesus Evaristo Gonzalez of Palmdale. The 39-year-old man pled guilty to workers’ …
Johnny Brocktune Lew of Stockton, Calif., was sentenced to seven years and four months in state prison for plotting an insurance fraud scheme to sink his luxury yacht. The sentence was handed down by San Joaquin County Superior Court Judge …
The “AApi” FSR on Sentry Insurance, a Mutual Co. (SIAMCO) was affirmed by S&P. The rating action also applies to related pool members Dairyland Ins. Co. and Middlesex Ins. Co., and fully reinsured affiliates Dairyland County Mutual Ins. Co. of …
The “A” rating of Phoenix Home Life Mutual Insurance Co., Hartford, Conn., was affirmed by A.M. Best, which indicated that despite competition from larger companies, Phoenix had made significant progress with a new strategy focused on the total wealth optimization …
Subsequent to continued deterioration in American Community Mutual Insurance Co.’s surplus position, the FSR on the company was downgraded from “B-” to “C++” by A.M. Best Co. American Community recently entered into a series of modified coinsurance reinsurance transactions in …
Following an annual review of the ratings on St. Paul Cos. Inc., S&P affirmed its ratings on the organization and related entities. Outstanding ratings affirmed for SPC: counterparty credit, “A+”/Stable; senior debt, “A+”; commercial paper, “A-1”. For USF&G Corp.: counterparty …
The “BBB+” long-term counterparty credit rating and insurer FSR on Hiscox Insurance Company Ltd. (HISCO) were withdrawn from CreditWatch with positive implications by S&P. The action placing the HISCO ratings on Watch Positive took place on Jan. 24, following an …
