Eliot Spitzer, New York’s Attorney General, and State Insurance Department Superintendent Gregory V. Serio jointly announced the arrest of three men, Michael Colon, Rafael Feliz and Fermin Gonell, named as defendants in a 44-count indictment voted by a Bronx grand …
A.M. Best Co. announced that it has assigned indicative ratings of “bbb” to senior unsecured debt, “bbb-” to subordinated debt and “bb” to preferred stock for the PXRE Group Ltd.’s recently filed $150 million shelf registration. (See IJ Website May …
A.M. Best Co. announced that it has affirmed the financial strength ratings of ‘A’ (Excellent) for the Zurich Financial Services Group (ZFS), Switzerland, and its core subsidiaries. “The outlook remains positive following the company’s release of first quarter results for …
Chicago-based CNA Financial Corp. announced that its specialty lines segment expects to record an after-tax charge of approximately $49 million in the second quarter of 2003 in connection with a recent adverse arbitration decision involving a single large property and …
In a letter from State Compensation Insurance Fund to its brokers, president Diane Oki reiterated the solvency of workers’ comp carrier, writing “To set the record straight, State Fund is solvent.” In efforts to assure brokers that State Fund is …
Standard & Poor’s has revised its outlook on GE Property & Casualty Insurance Co., GE Casualty Insurance Co., GE Auto & Home Assurance Co., and GE Indemnity Insurance Co. (collectively referred to as GE PC) to negative from stable because …
The Alliance of American Insurers praised the passage of two bills in both houses the Texas Legislature that it believes will achieve meaningful reform of the troubled Texas workers’ compensation system. The bills were sent to the governor. “These bills …
State Insurance Commissioner Alice A. Molasky-Arman has approved State Farm Fire and Casualty Company’s request for an overall statewide average increase of 5.2 percent, or $2.5 million. This is part of a total increase of 24.9 percent requested by State …
The Alliance of American Insurers is urging Oklahoma Gov. Brad Henry to sign into law a bill that would limit insurer exposure under the Standard Fire Policy Act, thereby helping to stabilize the state’s commercial insurance market. “HB 1273, which …
Florida Gov. Jeb Bush’s proposed medical liability reform package, would solve the state’s insurance crisis by implementing major legal and insurance reforms, changing the physician discipline system, and establishing insurance rate rollbacks of 20 percent, according to the National Association …
