Colorado court decisions that allowed retroactive mental anguish damages in private contract disputes are unconstitutional and should be overruled, the National Association of Independent Insurers (NAII) maintains. “Any government mandate that retroactively imposes additional responsibilities on parties to a contract …
XL Capital Ltd. announced that director Michael A. Butt is resigning from its Board. Butt is expected to be appointed as Chairman of the Board of Axis Specialty Limited in Sept. 2002. Butt, who will continue to be based in …
Bermuda-based Allied World Assurance Holdings, Ltd, has reported net income of $26.2 million for the second quarter and $44.0 million for the six months ended June 30, 2002. Gross premiums written were $278.5 million in the second quarter of 2002. …
The Superintendent of Financial Services at the Financial Services Commission of Ontario, Canada has issued an order under the Insurance Act, taking possession and control of the assets of Markham General Insurance Company. As permitted under Section 58 of the …
Norvax Inc., a Web services company for the insurance industry, has unveiled a set of tools and services to enable insurance agents and providers to make money on the Internet. Norvax’s products allow insurance carriers to generate more sales through …
The Independent Insurance Agents & Brokers of America (IIABA) is ratcheting up its work and grassroots advocacy on the growing asbestos-litigation problem that has insurance companies and business inexorably in the crosshairs, according to president Thomas B. Ahart. “The litigation …
With Maine on board, insurance regulators in 44 states and Washington, D.C., have approved Insurance Services Office Inc.’s (ISO) LOCATION™ database of Public Protection Classifications (PPC™), the ISO program that grades the fire- suppression capabilities of more than 45,000 municipalities …
Meadowbrook Insurance Group Inc.’s group rating of its insurance company subsidiaries has been upgraded to “B+” (Very Good), with a positive outlook, by A.M. Best Company. The upgrade reflects Meadowbrook’s improved financial condition as a result of its recent successful …
A.M. Best Co. placed the “A” (Excellent) financial strength rating of PMA Capital Insurance Company and the “A-” (Excellent) rating of PMA Insurance Group under review with negative implications. Additionally, the “A” (Excellent) financial strength rating of Caliber One Indemnity …
Louisiana’s largest workers’ compensation insurance company, Louisiana Workers’ Compensation Corporation (LWCC) announced that A.M. Best has upgraded LWCC’s financial strength rating from an “A-” to an “A” (Excellent), Financial Size Category IX ($250 million – $500 million in surplus). The …
