Erie Indemnity Company announced that the shareholders at their annual meeting had elected as directors all of the nominees recommended by the nominating committee, expanding the board from 12 to 15 members. It listed the persons elected to the board …
Representatives of the New York State Insurance Department and the Lower Manhattan Development Corp. recently briefed members and guests of the Insurance Brokers’ Association of New on the development of captives to ease market constraints and on efforts to rebuild …
A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) of Branchville, NJ-based Selective Insurance Group. “The rating applies to the group’s five intercompany pool members led by Selective Insurance Company of America,” said Best. “Concurrently, A.M. Best …
Bermuda’s PartnerRe Ltd. announced that it has received a notice of exercise of rights from Swiss Re under the terms of the Registration Rights Agreements between PartnerRe Ltd. and Swiss Re. PartnerRe said it “intends to file promptly a Registration …
Swiss Re announced that Jacques Aigrain, who currently heads the company’s Financial Services Business Group will also assume responsibility as Chief Investment Officer, replacing Giuseppe Benelli, who is leaving the company. The announcement said the change “follows the mutually agreed …
Bermuda’s ACE Limited reported that its net income (including realized losses) for the quarter ended March 31, 2003 totaled $247 million, compared with net income of $198 million for the comparable period a year ago. Other highlights for the quarter …
Allianz AG’s Annual General Meeting (AGM) formalized a number of management changes. Michael Diekmann officially takes over today as the new Allianz Group CEO. His predecessor, Henning Schulte-Noelle, who agreed to step down last December, will succeed Klaus Liesen as …
Nevada Insurance Commissioner Alice Molasky-Arman has denied the request of Farmers Insurance Company for an average increase of 2.8 percent for private passenger automobile insurance. Molasky-Arman denied the request, because of her concern that the proposed premium modifications differed too …
Investigators with the California Department of Insurance (CDI) Investigations Division arrested Robert Derrick Franklin, 35, of Los Angeles, a licensed agent and owner of First Class Insurance Agency for selling bogus insurance policies and issuing phony ID cards. Franklin was …
Duplication of existing law and additional exorbitant costs to homeowners in California are two of the main reasons the Personal Insurance Federation of California opposes AB 1191 by Assemblymember Patricia Wiggins. AB 1191, as amended, requires an insurer to inform …
