The property/casualty insurance industry reported a statutory rate of return of 8.8 percent in the first quarter of 2003, up from a disappointing 1.0 percent in 2002 and the worst-ever negative 2.4 percent recorded in 2001. The results were released …
A.M. Best Co. upgraded the financial strength rating to “A” (Excellent) from “A-” (Excellent) of Endurance Specialty Insurance Ltd. and its operating affiliates. The rating outlook is stable. This action reflects the company’s superior operating results which stem from the …
Indianapolis-based Baldwin & Lyons Inc. reported that A.M. Best has upgraded its financial rating of the company’s subsidiary, Sagamore Insurance Co., from “A” to “A+” (Superior). Baldwin & Lyons said A.M. Best indicated the ratings upgrade is a reflection of …
A.M. Best Co. said the current financial strength and debt ratings of the Liberty Mutual Insurance Cos. remain unchanged following its announcement regarding the acquisition of Prudential Financial Inc.’s U.S. property/casualty operations in 47 states—excluding New Jersey, specialty auto and …
The U.S. property/casualty industry’s net income after taxes rose 20.6 percent to $6.4 billion in first-quarter 2003 from $5.3 billion in first-quarter 2002, driven by improved underwriting results and an increase in net investment gains, according to Insurance Services Office, …
A.M. Best Co. reaffirmed the “A-” (Excellent) rating for Majestic Insurance Co., a San Francisco, Calif.-based workers’ compensation insurance carrier. This rating category is assigned to companies that have, on balance, excellent financial strength, operating performance and market profile when …
If you find placing contractors insurance these days almost as daunting as building the house, condo, apartment or other facility itself, you are not alone. A restrictive market, high minimum premiums and tighter underwriting conditions are just a few ways …
Gyan Singh, 55, of Sacramento, Calif., was arrested on one count of insurance fraud. Singh was allegedly involved in an auto accident with his 1997 Ford truck on Dec. 7, 2001. Investigators claimed that Singh reported to insurance carrier CSE …
Brian Pelech, 33, of Ontario, Calif., was arrested and charged with two felony counts of insurance fraud. In Aug. 1999, Pelech allegedly slipped between scaffolds resulting in injury to his right knee requiring surgery, while working as a bricklayer. A …
Zenaida Buenaflor, 49, and Phillip White, 49, both of Stockton, Calif., pled guilty to insurance fraud. The couple surrendered to authorities on two felony counts of insurance fraud, grand theft and perjury. Buenaflor paid $2,500 restitution and was sentenced to …
