At its Insurance 2002 conference in New York recently, Standard and Poor’s offered little consolation to insurance agents and brokers who are looking for quick relief from the pressures of the current hard market. The consensus emerging from the discussion …
Lloyd’s of London is perhaps the most well- known insurer in the U.S., not only due to its 300 years of existence, but also because this country is the London market’s biggest customer, accounting for over 35 percent of its …
A.M. Best Co. has assigned a “B++” financial strength rating to Louisiana Retailers Mutual Insurance Co. (LRMIC), a Baton Rouge, La.-based workers’ compensation insurance provider. The outlook is stable. LRMIC’s solid capitalization, operating performance, investment portfolio, and policyholder retention were …
Standard & Poor’s cut to double-“Bpi” from triple-“Bpi” its counterparty credit and financial strength ratings on Casualty Reciprocal Exchange’s interaffiliate pool members Equity Mutual Insurance Co. (EMI) and Casualty Reciprocal Exchange. The action was taken because of a decline in …
“Golden Eagle Insurance will non-renew the company’s small book of workers’ compensation policies, starting with policies that have an effective date of August 1, 2002,” wrote Golden Eagle Insurance Company’s general counsel Tim Lickness in a recent release. The release …
The next chairman of the Lloyd’s of London insurance market was named as Lord Levene of Portsoken. He is presently vice chairman of Deutsche Bank London. Lord Levene will be the first chairman of Lloyd’s in its 314-year history to …
Insured-property losses from the Sept. 11 terrorism attack are now estimated at $20.3 billion, up from the $16.6 billion that Insurance Services Office Inc.’s (ISO) Property Claim Services (PCS) unit had reported immediately following the event. The Sept. 11 terrorism …
State Farm Insurance Company announced it would stop writing new homeowners insurance in 17 states in efforts to boost profitability, according to reports by the Dow Jones Newswire and the Associated Press. The move comes after the Bloomington, Ill.-based insurer …
For the past 25 years, our Directory of Excess, Surplus and Specialty Markets has been published each January and July. Beginning in 1998, we put that Directory online at www.insurancejournal.com. Agents and brokers can access the online directory 7 days …
Insureds and cedants have sued their insurance agents, insurance brokers, reinsurance intermediaries or reinsurance brokers when their insurance carrier or reinsurer faced financial difficulty and could not respond to a meritorious claim. From my perspective, the various legal precedents and …
