A California lawyer accused of scheming to sink a yacht off the coast of Italy was sentenced to 7 1/2 years in prison by U.S. District Judge Lourdes Baird, according to the Associated Press. Rex DeGeorge, of Beverly Hills, was …
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 …
Fitch Ratings placed the “AA” long-term issuer rating of GE Global Insurance Holdings Corp. (GE Global) and the “AAA” insurer financial strength rating of Employers Reinsurance Corp. (ERC), GE Global’s main operating subsidiary, on Rating Watch Negative. Fitch believes that …
A.M. Best Co. affirmed the financial strength rating of “A-” (Excellent) of the Kemper Insurance Companies, Long Grove, Ill., with a stable outlook and removed the rating from under review with negative implications. The action applies to the group’s three …
The nation’s property and casualty insurers reported a $9 billion loss in 2001, compared to a $27 billion profit in 2000, according to research by Weiss Ratings Inc. By year-end, claims surged to a record $381 billion, an increase of …
An extraordinary number of catastrophes, the high cost of home repairs and excessive jury awards due to the emergence of mold claims are pushing the cost of homeowners insurance upward an average of 8 percent nationwide in 2002 and a …
The ability to transfer risk is one of the cornerstones of our economy and helps create our extremely high standard of living. Without that ability, lenders won’t lend; builders won’t build. The current hard market threatens that risk transfer mechanism. …
Sam Sorich, vice president with the National Association of Independent Insurers (NAII), says that despite the challenges facing agents and companies in California, the industry is still moving along and meeting its challenges. The NAII is at a record-high with …
Insurance Journal’s Web site, www.insurancejournal.com, has come a long way since its inception back in 1998. Today’s site is an invaluable resource for independent agents and brokers, evident by the thousands of new visitors to the site each month. The …
The surplus lines’ marketplace should not miss Legion Indemnity Company too much. In 2001 Legion Indemnity wrote less than $90,000,000 of direct premium written. This was about 1 percent of the total of the top 24 domestic surplus lines writers. …
