Following sharp reserve strengthening on the California contractors business of First Financial Insurance Co. (FFIC), its financial strength rating (FSR) was lowered from “Api” to “BBBpi” by Standard & Poor’s (S&P). The rating action is also applicable to The Burlington …
Following the American Agents Alliance’s recent announcement that the organization was disaffiliating from the National Auto Agents Alliance, NAAA Past President Mark Schmoekel sent out a letter to California agents expressing his “disappointment” with the Alliance’s actions. Schmoekel also gave …
Calabasas-based Amwest Insurance Group has reached an agreement with Union Bank of California, N.A. to restructure its outstanding $13,633,077 term note. The agreement is contingent on receiving approval from the Nebraska Department of Insurance. In exchange for the bank’s forgiveness …
The Utah State Legislature has passed HB 59, allowing subsidiaries of the state workers’ compensation fund to sell insurance to employers outside Utah, in direct competition with private insurance companies. If signed by the Governor, it will allow the Utah …
The NAII testified Feb. 14 in favor of Senate Bill 4 before the Nevada Senate Committee on Commerce and Labor. Under SB 4, an auto or homeowners insurer must file its rates with the insurance commissioner, but the company may …
AIG gave further evidence of its confidence in Japan’s economy on Feb. 6, with the announcement that the U.S. giant had agreed to acquire a 7.3-percent stake in H.I.S. Securities Co. Ltd. for $2.61 million. While it’s a small investment …
The property/casualty industry could return capital to its stakeholders without risking rating downgrades or insolvency, according to A.M. Best Company, which is conducting an ongoing analysis of risk-adjusted capitalization in the industry. However, this “decapitalization” would do little to boost …
The California Department of Insurance (CDI) insists the goal of a proposed emergency regulation is to make sure that insurers use plain English on all posted market conduct exams, but according to the NAII, the use of “eighth-grade English” would …
The Young Brokers and Agents Committee (YBAC) has been hard at work planning the 26th Annual Young Brokers & Agents Conference. Named “Best in the Nation” for the past four years by the Independent Insurance Agents of America, this year’s …
Financier Carl Icahn has purchased $10.5 million of the defaulted notes and $20 million of the secured bank debt of Reliance Group Holdings Inc. In a press release, Icahn also said he plans to end the tender offer of High …
