California Insurance Commissioner John Garamendi announced a settlement in long running litigation between descendants of the victims of the Armenian Genocide and the New York Life Insurance Company. “During the late 1800s and early 1900s New York Life sold thousands …
Marsh & McLennan Companies, Inc. (MMC) reported financial results for the quarter and year ended Dec. 31, 2003. Consolidated revenues in the fourth quarter increased 15 percent to $3 billion. Net income grew 21 percent to $378 million, and earnings …
New York-based U.S.I. Holdings Corporation, a leading distributor of insurance and financial products and services, announced that Philip E. Larson III has been appointed to the position of Vice President of Operations. He will be based in USI’s corporate office …
ACE Surety, a division of ACE Diversified Risk, announced the appointment of Stephen Haney as Vice President with overall responsibility for managing the ACE USA and ACE Canada Surety Operations. “ACE Surety is the division within ACE Diversified Risk that …
New York State Insurance Department Superintendent Gregory V. Serio announced the arrest of Lon T. Horton, who has been charged with 43 counts of issuing fraudulent certificates of insurance, two counts of insurance fraud, four counts of petit larceny and …
The Professional Insurance Agents of New York State Inc.’s MetroRAP 2004 shattered attendance records for the fifth year in a row, with more than 500 industry representatives gathering in Brooklyn. (See IJ Website Jan.26) “Before the doors opened, we had …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A++” (Superior) and assigned a negative outlook to the reinsurance subsidiaries of Transatlantic Holdings, Inc. American International Group holds a majority of the company’s shares. The ratings …
A new report, compiled by the International Maritime Board, found a 20 percent rise in the number of attacks by pirates in 2003. Violence involved in the incidents is on the rise as well. As reported by the BBC, the …
International reinsurer Swiss Re announced the opening of a new branch office in Washington D.C., establishing a closer physical presence to policymakers and associations in the nation’s capitol. Cosette R. Simon, a Swiss Re Vice president for Government and Industry …
With the Alabama Insurance Guaranty Association (AIGA) facing unprecedented budgetary shortfalls, the state’s employers and injured workers could reportedly be left with unpaid claims in the event of insurer insolvencies unless the fund can increase assessments on insurers writing comp …
