Many surety bonds are tailored for particular relationships or statutory requirements—one such example is the motor vehicle dealers bond required by Section 503.033 of the Texas Transportation Code. While there are few recent Texas cases discussing fidelity or surety bonds …
In late December 2001, the Texas Department of Insurance proposed rules that would allow auto insurers to voluntarily offer mile-based insurance rates to those consumers who drive less often than others. The proposed rules, published in the Dec. 21 edition …
Like millions of Americans, I’ve had the privilege of having a fulfilling, lucrative career in the insurance industry—one which, like many other individuals, I landed into by chance. Yet it’s still very difficult for me to accept how many bright …
Standard & Poor’s assigned “AA” counterparty credit and financial strength ratings to Mercury Casualty Co., Mercury Insurance Co., and California Automobile Insurance Co. (collectively referred to as Mercury), which are the insurance operations of Mercury General Corp. The outlook is …
A.M. Best Co. affirmed the “A+” FSR of The St. Paul Companies’ property/casualty subsidiaries and lowered the company’s long-term debt ratings. Senior debt has been lowered from “a+” to “a;” subordinated debt from “a” to “a,” and preferred securities from …
Standard & Poor’s lowered its senior debt and preferred stock ratings on Travelers Property Casualty Corp. from “A+” and “A-” to “A-“and “BBB,” respectively. At the same time, S&P affirmed its “AA-” counterparty credit rating and financial strength rating (FSR) …
A.M. Best Co. affirmed the “A-” rating of the Lloyd’s market and has removed the “under review” status of the rating, which was applied in the aftermath of the terrorist attacks in the U.S. on Sept. 11, collectively referred to …
Louise C. Canter, senior vice president and partner of Patterson//Smith Associates, was elected vice president of the Independent Insurance Agents of America, becoming the first woman in IIAA’s 105-year history to be voted to its top leadership panel. Canter has …
Arkansas Insurance Commissioner Mike Pickens and Pulaski County Prosecuting Attorney Larry Jegley announced three insurance agents have been charged in connection with Martin Frankel’s alleged theft of $200 million from several insurance companies in the South. Tennessee residents Gary Atnip, …
The Allstate Corporation has expressed its displeasure with the Equal Opportunity Commission’s (EEOC’s) lawsuit against its Allstate Insurance Company subsidiary over an agency system reorganization. The EEOC sued Northbrook, Ill. based Allstate because of its use of a release that …
