As wholesalers and managing general agents (MGA’s), we often serve our insurance retailers by offering contract programs where we have been “given the pen” and are allowed to underwrite and bind business on behalf of a carrier. We also serve …
Four Bay Area residents have been arrested on multiple counts of grand theft and insurance fraud among other charges. Investigators allege that Elisa Guillermo, a billing clerk for Fremont Compensation Insurance Company, allegedly issued more than $700,000 in claim checks …
A Grays Harbor County, Wash. man has pled guilty to a felony charge of first- degree theft and for fraudulently receiving workers’ compensation benefits. Sherwin D. Phillips, 31, was allegedly receiving workers’ comp disability benefits for an injury he sustained …
Alfred Galoustian, 34, was arrested on a felony warrant charging six counts of grand theft. CDI investigators revealed that Galoustian allegedly worked as an insurance broker/agent in Tarzana, collected more than $7,500 in insurance premiums and failed to remit premium …
A Sacramento man was arrested by the CDI’s Organized Auto Fraud Interdiction Task Force on charges of auto insurance fraud. An Oregon man who allegedly acted as an accomplice is expected to surrender to authorities on the same charges. Lance …
Monique E. Henriquez, 37, of Elk Grove, Calif., surrendered to authorities in Sacramento County on four counts of insurance fraud. According to an investigation by the CDI, Henriquez’s State Farm automobile policy for her 2001 Toyota Corolla was cancelled on …
A San Bernardino Valley Community College student was arrested by California Department of Insurance (CDI) Fraud Investigators and campus police officers as he was on his way to one of his classes. Terry Mcgee, 38, of San Bernardino, was booked …
S&P’s raised its counterparty credit rating on Willis Group Holdings Ltd. (Willis) to “BB+” from “BB” due to the company’s continued debt reduction and improved operating fundamentals. It also said it raised related ratings and revised the outlook to stable …
A.M. Best Co. placed the “B+” (Very Good) financial strength rating on a subsidiary of State Farm Mutual Automobile Insurance Company—State Farm General Insurance Company (Bloomington, Ill.)—under review with negative implications. Weakened stand-alone capitalization of the company, expectations that near …
Standard & Poor’s said the outlook for Hartford Fire Insurance Co. and related property/casualty entities remains negative despite the trend toward improved earnings throughout the remainder of 2002. The negative outlook was established after the World Trade Center disaster. It …
