The commercial property/casualty industry is on the threshold of an “adapt or perish” decision when it comes to underwriting automation, according to a study from Conning Research & Consulting, Inc. The study, “Executing Commercial Underwriting Automation – It’s Only a …
Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on Worldwide Insurance Co. and its subsidiary, Worldwide Direct Auto Insurance Co. (collectively referred to as Worldwide), to ‘BB+’ from ‘A’ and has …
Technology provider InsureNet USA Inc. announced that Delaware has become the first state in the U.S. to adopt the company’s InsureNet System, an accurate vehicle insurance status system. The system, which operates in “real time” providing constantly updated information, “allows …
Pennsylvania’s Harleysville Insurance announced that it has again has been named by IDG’s Computerworld as one of the “Best Places to Work in IT” in the United States. The rating selects companies making the best use of information technology. Harleysville …
The National Association of Independent Insurers has issued a bulletin indicating that a New York Assembly bill that would prohibit insurers from using credit scores in underwriting would do a greater disservice to consumers by eliminating a useful underwriting tool. …
Standard & Poor’s Ratings Services announced that it has placed its ‘A’ counterparty credit and financial strength ratings on Cooperativa de Seguros Multiples of Puerto Rico (Cooperativa) on CreditWatch with negative implications and Royal & SunAlliance Insurance (Puerto Rico) Inc. …
A.M. Best Co. announced that it has affirmed the financial strength ratings of the operating subsidiaries of ACE Limited (Bermuda), but has concurrently downgraded the company’s debt securities and the securities guaranteed by ACE Limited. All of the ratings have …
As Bermuda-based Axis Capital Holdings Ltd. readies the launch of an initial public share offering (it originally filed a Registration Statement with the SEC last March), Standard & Poor’s Ratings Services provided some welcome news, affirming the group’s overall ‘A’ …
Former insurance broker An Khai (aka Annie) Lu, 54, of Monterey Park, Calif., was arraigned on three counts of grand theft. The California Department of Insurance (CDI) revoked Lu’s insurance license in Oct. 2002 for numerous violations. Victims sustained a …
Los Angeles-based Lemac & Associates has added another new market looking to quote residential subcontractors on an occurrence form. Requirements: Minimum premium is $250,000. Minimum SIR is $10,000. Limits can go as high as 1/2/2. Blanket Additional Insured using the …
