NEW YORK – Two years into the hardest market in decades, the insurance business is still paying the price for the “irrational exuberance” of its recent years, in the words of Robert Partridge, a Managing Director at Standard & Poor’s. …
NEW YORK — Prominent insurance leaders were bullish on the prospects for improved industry performance and for tort system reform here earlier this month, but not so with respect to a federal initiative to cap soaring asbestos liabilities. “The insurance …
With the iffy economy and a plague of insurance problems, building contractors may feel like they’re being persecuted. Fortunately, interest rates have been hovering at historically low rates keeping residential building starts from tanking completely, despite high unemployment in the …
The property/casualty industry’s combined ratio improved about 2.6 points to 99.7 for the first quarter in 2003, the industry’s strongest first-quarter underwriting performance in the most recent five-year period, according to a special report released by A.M. Best Co. The …
State Compensation Insurance Fund has won a final decision in the largest and longest-running class action lawsuit in the 89-year history of California’s workers’ compensation system. San Francisco Superior Court Judge John Munter’s final ruling rejects all claims sought by …
The U.S. Supreme Court today defeated a California law that required insurance companies to provide information about all of their Holocaust-era policies. In a 5-4 vote, the high court decided that California’s Holocaust Victim Insurance Relief Act of 1999, which …
The Professional Insurance Agents of New York has issued a bulletin commenting on the effects of legislation passed by the state’s Senate as it ended its spring session last week. The Assembly remains in session to act on several bills …
A.M. Best Co. announced that it has affirmed the financial strength rating of A+ (Superior) of the Bermuda-based Everest Re Group, Ltd’s core reinsurance and insurance subsidiaries. Best also said it had “affirmed the debt rating of “a” relative to …
Zurich Financial Services is reportedly considering the sale of its personal lines Japanese life and P/C operations to American International Group for around 20 billion yen ($169 million). An article, which originally appeared in the Asahi Shimbun, as reported by …
Lloyd’s has released the results of a survey, which shows that the demand for specialist insurance cover is expected to rise significantly over the next two years as a direct result of European weather and liability exposures. Lloyd’s conducted the …
