Bermuda’s ACE Ltd. reported a net loss for the quarter ended Sept. 30 of $442.6 million compared with net income of $140.8 million in 2000 and said that “the loss per share, after deducting preferred dividends, was $1.88 for the …
On Tuesday The National Association of Insurance Commissioners reversed its previous decision to permit Lloyd’s to deposit 60 percent, rather than 100 percent, of the amount normally required into its U.S. Reinsurance trust fund based on estimates of its gross …
Windsor Conn.-based TowerStreet, a division of AMS Services Inc., which provides rating and underwriting services via the Internet, announced that it has added two new marketing partners, idNET and WAMMAC. “idNET Provides agency-branded service applications, enabling policyholders to access agency …
Sandy Spring Bank, a subsidiary of Sandy Spring Bancorp, Inc., announced that it has reached an agreement to acquire the assets and liabilities of general agency Chesapeake Insurance Group (CIG) of Annapolis Maryland. Financial terms of the acquisition were not …
ConfirmNet Corporation announced the release of a new seamless interface between CertificatesNow, a web-based certificate of insurance process, and Infinity, ebix.com’s agency management system. Developed jointly with Agency Information Management Services Inc. (AIM), a company supporting current Infinity customers on …
Philadelphia-based Ace USA is seeking permission from the Washington State Insurance Commissioner to exclude acts of terrorism from the policies it issues to businesses. According to a report in The Seattle Times, the first-of-its-kind filing in Washington was made recently …
The St. Paul Companies announced a 2001 third-quarter after-tax operating loss from continuing operations of $545 million, or $2.62 per share. In the year earlier period, the company reported after-tax operating earnings from continuing operations of $157.5 million, or $0.67 …
Six weeks following the attacks on New York and Washington, insurance companies and regulators are still working on a plan to make sure future terrorist strikes are covered. According to a report in the South Florida Sun-Sentinel, while the administration …
Wholesale withdrawal from terrorism coverage is shielding the U.S. insurance industry from widespread rating actions following the September attacks, but it leaves U.S. commerce highly vulnerable to any future acts of a similar magnitude, Standard & Poor’s stated. “In the …
Cincinnati, Ohio-based The Midland Company, a highly focused provider of specialty insurance products and services, reported third quarter 2001 results ahead of its previous announcement. For the quarter ended Sept. 30, 2001, net operating income (net income exclusive of net …
