Larry Silverstein has reportedly gone to court to try and recover an additional $420 million from Industrial Risk Insurers, a subsidiary of GE Capital, to complete the cost of rebuilding 7 World Trade Center. The building, which contained mostly government …
Bermuda’s ACE Limited announced that it has “agreed to sell in a public offering 20 million 7.80% Cumulative Redeemable Preferred Shares, Series C, in the form of depositary shares, for $25.00 per depositary share.” (See IJ Website May 6) ACE …
A.M. Best Co. announced that it would not change the A- (excellent) financial strength rating of Gerling-Konzern Allgemeine Versicherungs-AG (GKA) and its core subsidiary Gerling America Insurance Company, following yesterday’s announcement that Germany’s Deutsche Bank was transferring its 34.5 percent …
The Bermuda-based PXRE Group Ltd. announced significantly higher profits for the first quarter ended March 31, 2003 with net income for the quarter up by 30 percent to $23.6 million, compared to $18.2 million in the first quarter of 2002. …
A bill that would allow surplus lines insurers to enter pleadings without posting a bond advanced from the Louisiana House Insurance Committee, according to the National Association of Independent Insurers. “House Bill 1476’s passage is critical for the survival of …
South Carolina’s The Seibels Bruce Group Inc. announced financial results for the quarter that ended March 31, 2003, reporting that the company posted a net profit of $1.4 million, or $0.17 per share (basic and diluted). This is compared with …
Warrantech Corporation, based in Bedford, Texas, an independent provider of service contracts and after-market warranties, reported that an agreement has been reached with ACE Property and Casualty Insurance Company (ACE) to resolve all outstanding claims and disputes arising out of …
ACE USA appointed Edward Troy, president, ESIS, to the additional post of executive director, ACE USA Regional Executive Operations. In this expanded role, Troy will assume the executive leadership over the nine ACE USA regional executives who were appointed in …
Insurance reform in Texas is a step closer as the House Insurance Committee approved legislation that will address some of the root causes of the homeowners insurance crisis, however it is reportedly not likely to lead to an environment that …
Association Services and Insurance Brokers LLC (ASAIB), a wholesale division of Barney & Barney LLC specializing in custom tailored, reduced rate insurance programs for the lodging industry, now has the ability to offer its package insurance program to a greater …
