Europe Greets the Euro
The long wait is finally over, as more than 300 million people in 12 member countries of the European Union finally said goodbye to their francs, marks and liras and began using Euros. The conversion is the culmination of a …
Silverstein Seeks to Broaden WTC Claims Suit
Silverstein Properties, the master leaseholder on the destroyed World Trade Center, has opened a new front in its ongoing battle with its insurers to recover for the loss on both of the twin towers by seeking court approval to bring …
Lemac and Associates Unveils New Earthquake Facility
California-based Lemac & Associates has unveiled a new earthquake facility. Highlights of the program include $5,000,000 limit per building, $7,500,000 per location; a deductible that can be as low as 2 percent in selected areas and there is no minimum …
Universal Insurance Facilities, CIC Form Relationship
Arizona-based Universal Insurance Facilities has formed a new relationship with Connecticut Indemnity Insurance Company (CIC). Universal is having CIC underwrite its self-storage insurance program, having entered the self-storage insurance marketplace seven years ago. Universal presently insures thousands of self-storage facilities …
Builders Issue an Alarm on Insurance Premiums
The California home-building industry is issuing warning signs, stating that the unavailability and high cost of insurance is undertaking crisis portions. According to a report in the Los Angeles Times, Mick Pattinson, head of the group and president of San …
Hammond Elected Insurance Co-Chair for Advocates for Highway and Auto Safety
Advocates for Highway and Auto Safety (Advocates), elected a pair of co-chairs to lead the organization in 2002, including Dale Hammond, executive vice president, personal lines group, Kemper Insurance Companies. Its two co-chairs are selected, one from the insurance community, …
NAMIC Announces 2002 National State Legislative Agenda
Passage of rate modernization laws and opposition to proposals that would prohibit the use of consumer credit histories to develop insurance scoring models, are on the national state legislative agenda for The National Association of Mutual Insurance Companies (NAMIC) in …
Allstate Disappointed with EEOC Decision to Sue
The Allstate Corporation announced in a company release it was displeased with the Equal Opportunity Commission’s decision to file a lawsuit against its Allstate Insurance Company subsidiary, which recently reorganized its agency system. “Allstate values its positive relationship with the …
P/C Industry Registers Nine-Month Net Loss in Wake of 9/11
The U.S. property/casualty industry registered a $3.1 billion net loss following taxes through nine-months 2001– its first-ever net loss following taxes through nine months. Reflecting the net loss and unrealized capital losses on investments, the industry’s surplus fell $35.5 billion, …
Teamsters Sue Sun Country for Not Continuing Insurance
The Teamsters Union has filed a federal lawsuit against Sun Country Airlines for not continuing insurance coverage for furloughed workers. According to the Pioneer Press of St. Paul, Minn., the union, representing 340 furloughed flight attendants, has asked for an …
