State Farm made another big investment in the reinsurance market, when it agreed to provide an additional £100 Million ($142.5 million) in capital to Lloyd’s Amlin syndicate in which it is a major shareholder. The commitment follows an agreement with …
Bermuda’s XL Capital Ltd. announced that it was posting a net loss for the 3rd quarter ended Sept. 30 of $840 million, or a loss of $6.57 per share, compared with net income of $139.5 million, or income of $1.10 …
Lloyd’s confirmed an earlier report from Standard & Poor’s that gross losses from the events of September 11 will be around £5.4 billion ($7.7 billion). The net loss estimate of £1.3 billion ($1.85 billion) after reinsurance recoveries remains unchanged. “The …
ING DIRECT, the U.S. banking subsidiary of the Dutch financial and insurance giant ING Group, has opened a Banking/Café facility in Philadelphia, hoping to combine a Starbuck’s atmosphere while making its banking services more available to Philly residents. The café …
The New York State Court of Appeals recently ruled that insurance companies must treat settlements that “are not linked by a common origin” separately, and cannot combine them in order to tap into reinsurance policies. The National Association of Independent …
Investigators from the California Department of Insurance (CDI) arrested a convicted sex offender this month for insurance fraud. Jairo Richard Alonso Espana, a co-conspirator in the fraud, was arrested at his probation officer’s office without incident and booked at the …
Sunday’s Opening Ceremonies for the CPCU Society’s 57th Annual Meeting and Seminars in Seattle paid homage to the many victims of the Sept. 11 terrorist attacks with a candlelight ceremony and moment of silence. The conference, with the theme “CPCU …
In the aftermath of Sept. 11, many insurance companies made announcements that they would forego consideration of their policies’ “war risk” exclusion to World Trade Center-related claims. The insurers decisions were rightly applauded as the recognition of the need to …
SAFECO reported third-quarter income, before charges, of $7.8 million or $0.06 per diluted share. Including $240 million in reserve strengthening and previously announced restructuring charges, SAFECO posted a net quarterly loss of $100.6 million, or $0.79 per share. “We’ve now …
The National Association of Mutual Insurance Companies (NAMIC) will donate $476,000 in fees from its cancelled international convention to relief efforts for the victims and their families of last month’s terrorist attacks. NAMIC will donate $119,000 each to: The American …
