Chicago-based CNA announced a new approach to providing non-medical group insurance benefits to businesses of any size. The “Flexible Protection Plan(SM) enables Massachusetts employers to provide benefit funds in the event of total disability, terminal illness or death – three …
The New York State Insurance Department has approved a 1.7% average workers’ compensation rate increase. The move follows its initial decision to deny the New York Compensation Insurance Rating Board’s (NYCIRB) rate increase request of 11.3% because “it was not …
Pennsylvania Insurance Commissioner Diane Koken, in her capacity as the state regulator for the insurance industry, has released enforcement actions and market conduct examinations taken in July against insurance producers and companies licensed to conduct business in the Commonwealth. “Enforcement …
New York’s Superintendent of Insurance Gregory V. Serio announced that the State Insurance Department has licensed Sammarnick Insurance Corporation, a new vehicle that will insure the risks of Viacom Inc., as a captive insurance company idomiciled in New York. The …
Alternative Re Limited, a subsidiary of Arch Capital Group Ltd., announced that as of September 1 Gavin P. Collery will join the company as President and Chief Operating Officer, based in the company’s Bermuda offices. Prior to joining Alternative Re, …
American International Group, Inc. announced that “the acquisition of the GE Edison Life Insurance Company in Japan and GE’s U.S.-based auto and home insurance business has been completed, effective today.” The bulletin indicated that the “Japanese life insurance company will …
A.M. Best Co. issued a bulletin stating that “the financial strength ratings of A+ (Superior) of American Re-Insurance Company (American Re) (Princeton, NJ) and its direct insurance subsidiaries could potentially be impacted by the recent downgrade of its parent’s–Muenchener Rueckversicherungs …
Two days after Standard & Poor’s lowered its ratings on Munich Re (See IJ Website August 28), and previous article), A.M. Best Co. announced that it has downgraded the group’s financial strength ratings to A+ (Superior) from A++ (Superior). Debt …
In contrast to its Swiss rival (see previous article) Germany’s Munich Re can’t seem to buy a break. Despite good gains in operating profit, 777 million euros ($845 million) in the first six months of 2003, the world’s biggest reinsurer …
Unlike its German rival (see following story) Swiss Re posted a significant first half-earnings increase to CHF 691 million ($490 million), compared to CHF 118 million ($83.6 million) in the same period of 2002. Total premiums earned increased to CHF …
