Standard & Poor’s has affirmed its ‘Bpi’ counterparty credit and financial strength ratings on Minnesota-based American Compensation Insurance Co. (American Compensation). The ratings reflect its weak operating performance and liquidity, good capitalization, and high geographic and product line concentration. Major …
Florida’s Chief Financial Officer Tom Gallagher is warning consumers to be wary about buying insurance over the Internet. In recent months, the Department of Financial Services has reportedly received an increasing number of complaints from consumers who bought insurance online …
A.M. Best Co. has downgraded the financial strength ratings of the Royal & SunAlliance USA Insurance Pool (Royal USA) (Charlotte, N.C.) and the Royal Surplus Lines Insurance Company (Charlotte) to B (Fair) from B+ (Very Good). The surplus lines company …
Actuaries reportedly face difficult challenges in accurately pricing commercial property insurance coverage under the Terrorism Risk Insurance Act of 2002 (TRIA), the temporary federal financial backstop for insuring against terrorist attacks approved by Congress last November. Reinsurance and exposure modeling …
NCMIC Group, Inc. and Brown & Brown, Inc. announced that NCMIC Insurance Company will become the new carrier for the Lawyer’s Protector Plan® (LPP)® insurance program, effective as soon as new filings can be approved by the appropriate state insurance …
Oklahoma Insurance Commissioner Carroll Fisher cut the rate increase requested by Physicians Liability Insurance Co. (PLICO) for its medical malpractice policies, but the company still received the okay to potentially raise its rates by 68.5 percent over a span of …
Sierra Health Services Inc. announced that it has reached a definitive agreement to sell its workers’ compensation subsidiary, California Indemnity Insurance Co. Inc. (CIIC) to Folksamerica Holdings Co. Inc. Folksamerica is a subsidiary of White Mountains Insurance Group, Ltd., a …
Negotiations between the U.S. Attorney in L.A. and representatives of Credit Lyonnais, the French government and other parties aimed at settling the criminal charges in the Executive Life case are reportedly stalled. They were scheduled to be completed by last …
The Independent Insurance Agents & Brokers of New York has urged regulators to drop consideration of proposals that would expand coverage by the New York Property Insurance Underwriting Association into commercial general liability. The IABNY said that doing so would …
PMA’s financial troubles have not only resulted in ratings downgrades (see previous article), but have also triggered the perhaps inevitable shareholder suit. The law firm of Berman DeValerio Pease Tabacco Burt & Pucillo announced that “an investor has sued PMA …
