Standard & Poor’s Ratings Services lowered its counterparty credit and financial strength ratings on Harbor Insurance Co. (Harbor) to “Bpi” from “Bbpi.” According to an S&P’s analyst, “Harbor’s decline in capitalization and increasing leverage in 2002, weaker liquidity, and limited …
Fort Worth, Texas-based Summit Bank formed two insurance agencies to provide property, casualty, life and employee benefits insurance services. According to the company, Summit Property & Casualty will operate in association with The Wm. Rigg Co. and Summit Life & …
Chattem Inc. a marketer and manufacturer of brand consumer products based in Chattanooga, Tenn., recently retained Atlanta’s Crawford & Company to manage certain of its product liability exposures. “We are pleased to have been chosen by Chattem,” said Grover L. …
The Alliance of American Insurers (AAI) reports it is pleased with the U.S. Treasury Department’s third set of guidelines to help insurers comply with the Federal Terrorism Risk Insurance Act of 2002. Issued Jan. 22, the guidance addresses disclosure issues, …
An insurance adjuster faces a maximum sentence of five years and a $250,000 fine after pleading guilty to mail fraud in U.S. District Court in Lexington, Ky. According to the Lexington Herald-Leader, Wail J. Lodhi of Bradenton, Fla., promised to …
The South Carolina Insurance News Service announced the appointment of Cheryl Watts as the new president of its board of directors. Watts is the southeast division underwriting manager for Liberty Mutual Insurance Company. She succeeds Bill Tucker, vice president and …
In a lawsuit filed in the Los Angeles Superior Court recently, Irvine-based Caliber Collision Centers asked the court to compel the Bureau of Automotive Repair to stop engaging in a regulatory practice that is “unlawful” and denies Caliber and other …
The Credit Scoring Working Group of the National Association of Insurance Commissioners (NAIC) has adopted a list of options for states to consider when reviewing insurance credit scoring proposals as well as a consumer brochure that will be distributed to …
During the first three weeks of the 2003 session, Indiana legislators have introduced five bills that would reportedly restrict the use of credit information in underwriting and rating policies, continuing a major debate on the issue that began in 2002. …
Guy Carpenter &. Company Inc. announced that Robert Bentley has been named regional manager of Broking Operations for the US Western Region at Guy Carpenter, which includes offices in Seattle, San Francisco, and Los Angeles. Reporting to Bentley in his …
