David Farmer, senior vice president of federal affairs for the Alliance of American Insurers, issued the following letter to the editor published in the Oct. 27 edition of the Washington (DC) Times newspaper. In it, he refutes the paper’s editorial …
SAFECO reported continued earnings growth as third-quarter net income increased to $75.2 million, or $0.59 per diluted share. Income before charges and realized gains increased to $86.4 million, or $0.68 per diluted share. This compares favorably with a net loss …
Fitch Ratings has placed all ratings of The Chubb Corporation (Chubb) on Rating Watch-Negative. The ratings include the ‘AA+’ insurer financial strength (IFS) rating of Chubb’s property/casualty insurance subsidiaries, led by Federal Insurance Company, as well as Chubb’s ‘AA-‘ senior …
A.M. Best Co. has affirmed the financial strength ratings of A+ (Superior) for the Mercury Casualty Group (Los Angeles). Also, the financial strength ratings of A- (Excellent) of American Mercury Insurance Group (Oklahoma City), subsidiaries of Mercury General Corporation, have …
Lincoln National Corporation of Philadelphia, parent company of the Lincoln Financial Group, announced plans to increase reserves related to reinsurance business sold to Swiss Re in 2001 by $270 million, or $175.5 million after-tax in the third quarter. However, $110.5 …
The New Jersey Hospital Association is pressing legislators to approve legislation to alleviate the state’s medical malpractice liability crisis. Two measures, S-1902 and S-1977, are on the Committee’s meeting agenda. S-1902, sponsored by Sens. Joe Kyrillos (R-Middletown) and Bill Gormley …
Fitch Ratings has lowered its long-term and senior debt ratings on The St. Paul Companies, Inc. (SPC) to ‘BBB+’ from ‘A-‘and its ratings on SPC’s trust preferred securities to ‘BBB’ from ‘BBB+’. Fitch has concurrently affirmed its ‘F2′ rating on …
The Florida Department of Insurance ordered Roy Gutierrez, of State No-Fault Insurance Agency in Kissimmee, to stop selling insurance without a valid insurance agent license. The department alleged that Gutierrez also charged at least two consumers for unwanted coverages. In …
Insurance Management Solutions Group Inc. (INMG.OB), a St. Petersburg, Fla.-based provider of business process outsourcing solutions serving insurance companies and financial institutions, announced it has been contacted by a third party potentially interested in acquiring the company or its business. …
Austin, Texas-based Combined Agents of America LLC (CAA) announced two of its member agencies, Bigham-Kliewer-Chapman-Watts and Crockett Insurance Services, were selected to participate in the Independent Insurance Agents and Brokers of America (IIABA) “Best Practices” Study Group. Over 800 independent …
