Insurers are expected to pay an estimated $120 million to home owners and businesses for insured-property losses from the Rodeo-Chediski Complex wildfire in Arizona, according to preliminary projections by the Insurance Services Office, Inc.’s (ISO) Property Claim Services (PCS) unit. …
A.M. Best Co. has assigned an initial financial strength rating of B+ (Very Good) to Bahrain-based Trust International Insurance Company E.C. (TIIC), a medium sized reinsurer. The rating reflects the company’s excellent risk-based capital and good business position. Offsetting factors …
FINEOS Corporation of Dublin, Ireland, has released FINEOS Claims Management for the property/casualty insurance sector. The system provides insurance companies with a central application for effectively managing personal injury, motor, property and commercial claims, and is specifically designed to streamline …
Bermuda-based reinsurer PartnerRe Ltd.has affirmed its loss estimate of $400 million from the destruction of the World Trade Center on Sept. 11. The company reported it was making the announcement in response to requests for information.
Bermuda-based XL Capital Ltd. will add $200 million to its reserves for Sept. 11 terrorism losses and will record an added $120 million second-quarter loss from investments in telecommunications and other companies. The $200 million reserve boost includes $135 million …
Swiss Re has obtained $255 million of four-year protection against a series of natural catastrophe risks. As part of the transaction, Swiss Re signed a financial contract with PIONEER 2002 Ltd. (PIONEER), a special purpose Cayman Islands exempted company and …
Five insurance regulators and one insurer have joined the NeighborWorks® National Insurance Task Force (NITF). Convened by the Neighborhood Reinvestment Corporation in 1994, NITF works to develop partnerships between the insurance industry and community-based organizations. The new NITF members are: …
Gulf Insurance Group, a subsidiary of Travelers Property Casualty, has created new executive positions, as well as acquired new staff. Kent Ziegler has been named Chief Administrative Officer. Ziegler has been with Gulf for 13 years, the last six of …
The Risk & Insurance Management Society Inc. has informed legislators reconciling a pair of bills that it supports the Senate-backed approach to providing government-supported terrorism insurance relief over the measure passed by the House of Representatives. In a letter, RIMS’ …
A survey by the Council of Insurance Agents & Brokers (CIAB) that was answered by more than 130 agents and brokers, notes that commercial insurance rates continued an upward climb for the second quarter of this year. CIAB adds that …
