U.S. Risk Insurance Group announced the opening of a new office in Avon, Connecticut, of its subsidiary, Alternative Insurance Xchange, an alternative risk transfer company that will develop captives and self insurance programs, in addition to offering managing general agent …
The New Jersey Hospital Association (HJHA) announced that a survey of premiums for medical malpractice coverage determined that the average quote for 2003 is around $1.9 million, compared to $1.1 million in 2002. The survey reported that New Jersey hospitals …
East Lansing, Mich.-based American Physicians Capital Inc. announced today that its “A-” (Excellent) rating has been reaffirmed by A.M. Best Co., the insurance industry rating organization. The rating applies to the APCapital group and its insurance subsidiaries, American Physicians Assurance …
Illinois Gov. Rod Blagojevich has signed into law two bills dealing with taxation on surplus lines insurers and motor vehicle records fees. S.B. 1634 will require surplus line producers to file reports twice a year with the director of insurance …
California Insurance Commissioner John Garamendi released a statement regarding bogus workers’ compensation insurance: “Bogus workers’ compensation insurance is a serious and growing threat to employers in the State of California. An alarming number of reports indicate that unscrupulous firms are …
Standard & Poor’s has lowered its counterparty credit and financial strength ratings on Atlantic Mutual Insurance Co. (AMIC), Centennial Insurance Co., Atlantic Specialty Insurance Co., and Atlantic Lloyds Insurance Co. of Texas (collectively referred to as Atlantic Mutual) to ‘BBB’ …
Gwendolyn Henson, 40, of Montclair, Calif. pled guilty last week to insurance fraud charges and was sentenced to 180 days in jail and three years of formal probation. California Department of Insurance (CDI) fraud investigators arrested Henson for the felony …
A.M. Best Co. has downgraded the financial strength rating to A (Excellent) from A+ (Superior) of the Gulf Insurance Group (Hartford, Conn.). The rating outlook is stable. This rating action reflects the group’s underwriting deterioration, increased earnings volatility over the …
The Florida legislature’s reported inability to agree on a compromise bill dealing with medical liability caused its Special Session B to expire without any action taken on the issue. “Both the House and Senate had two very different proposals on …
Workers currently receiving Washington workers’ compensation time-loss or pension benefits will receive a 1.9 percent cost-of-living increase on July 1, 2003. The new maximum monthly benefit will be $3,794, which is 120 percent of the state’s average monthly wage for …
