California’s State Compensation Insurance Fund has issued its audited statutory-basis financial statements as of Dec. 31, 2002. Net premium written for 2002 was $5.3 billion, an increase of 49 percent from $3.6 billion in 2001. State Fund’s cash and invested …
Marsh & McLennan Companies, Inc. (MMC) reported financial results for the quarter and six months ended June 30, 2003. Consolidated revenues for the quarter increased 10 percent to $2.9 billion from $2.6 billion in the second quarter of 2002. Net …
The American Insurance Association (AIA) praised the “Commonsense Consumption Act” (S. 1428), introduced recently by U.S. Sen. Mitch McConnell (R-KY), as a much-needed proposal to help reform America’s litigation system. The legislation would bar lawsuits against food manufacturers and sellers …
New York-based Arch Insurance Group, a division of Arch Capital Group Ltd., announced the formation of a Captive Agents Unit, which will specialize in addressing the professional liability exposures of Company Sponsored Life and Property/Casualty Insurance Agents. “Arch’s entry into …
The Long Grove, Ill.-based Kemper Insurance Cos. today announced the sale of its service platform, Kemper Services, to Platinum Equity LLC. The acquisition was closed today following approval by the Illinois Department of Insurance. Financial terms were not disclosed. As …
Irvine, Calif.-based Superior Access Insurance Services Inc. has announced the availability of its new Commercial Auto Comparative Rater for California agents. The current carriers participating in this exclusive on-line program are rated “A” by A.M. Best and are admitted in …
A Foresthill, Calif. man surrendered to authorities on three felony counts of insurance fraud after an investigation by the California Department of Insurance (CDI) Fraud Division. Arley John Ronsonet, 29, was booked into the Placer County Jail on June 27 …
A woman and her son are facing insurance fraud charges after the two allegedly faked injuries from an automobile accident, according to the Florida Department of Financial Services. AIG Insurance Co. reported the suspicious claims after being billed more than …
An insurance industry spokesperson said today that preliminary insured losses from Hurricane Claudette are starting at $17 million. “It is still far too early to estimate precisely what total insured losses will be. These numbers could increase very significantly over …
Two more insurance industry groups came out in opposition to a Senate bill that would create a U.S. Commerce Department insurance regulatory commission. The National Association of Professional Insurance Agents (PIA) will actively oppose legislation introduced by Sen. Ernest “Fritz” …
