They were young, they were hungry and they didn’t mind the heat. More than 290 young agents converged on Rancho Mirage for the 26th Annual Young Brokers and Agents Conference June 7-10. The hard work of YBA staff and the …
Most of the funds, around $255 million, will be remitted to Fairfax, which retains 73.7 percent of ORH’s shares. Underwriters have a 30-day option to purchase an additional 2,571,429 shares. Trading in the shares began today on the New York …
The 29-state NARAB requirement for licensing reciprocity has been surpassed, the National Association of Insurance Commissioners (NAIC) announced at the Summer National Meeting in New Orleans. To date, 35 state legislatures have passed laws designed to satisfy the Gramm-Leach-Bliley Act …
State Farm Indemnity announced on June 12 that it intends to stop writing automobile business in New Jersey. The announcement was immediately followed by A.M. Best Co. downgrading the financial strength rating of the Wayne, N.J.-based insurer, from “A-” to …
Reliance Group Holdings Inc. went to court to file for Chapter 11 bankruptcy protection on June 12. According to the Wall Street Journal, the filing in the Southern District of New York’s U.S. Bankruptcy Court listed assets of $12.59 billion …
Ohio’s Director of Insurance Lee Covington, acting in his capacity as liquidator of property and casualty insurer of Credit General Insurance Company, sued the previous owner and officers of Credit General, alleging that a civil conspiracy took place and looking …
Charles D. Troiano, Chairman and CEO of Gerling Global Reinsurance Corporation of America, “will be leaving the company to pursue other interests,” said a company announcement. “For the present, Mr. Thomas Tartaro, president and COO of GGRCA, will be responsible …
The Belgo-Dutch financial services group Fortis announced the sale of its Australian property insurance unit to the U.K.’s CGNU for € 205 million ($379 million) in cash. Fortis indicated that, while profitable, Fortis Australia Ltd.’s market share was too small, …
The International Insurance Society’s “Insurance Hall of Fame” will have three new members following the annual meeting on July 9 in Vienna, Austria. Nippon Life’s Chairman Josei Itoh, Tillinghast Consulting’s former President James C.H. Anderson and GEICO’s Founder Leo Goodwin …
The ongoing crisis at the U.K.’s Independent Insurance Group deepened yesterday with the announcement that a proposed rights issue, designed to build up the insurer’s diminished capital reserves, failed to materialize. Today the company announced that it was “temporarily” closing …
