Stephen L. Way, Chairman and Chief Executive Officer of HCC Insurance Holdings Inc., announced that the Company had closed its acquisition of American Contractors Indemnity Company (ACIC), headquartered in Los Angeles, California. HCC will immediately contribute additional funds to increase …
The Ohio Bureau of Workers’ Compensation (BWC) has announced a return on investment of 15.7 percent for 2003. BWC had an investment return assumption of 5.65 percent. The bureau’s rate of return for 2003 boosts the five-year average rate of …
Chicago-based brokerage giant Aon Corp. is looking to sell Cananwill Inc., a Philadelphia-based unit that loans money to businesses to purchase commercial insurance, according to Crain’s Chicago Business. Aon has moved aggressively to focus on its core operations of broking …
Michigan Office of Financial and Insurance Services (OFIS) Commissioner Linda A. Watters has launched the second phase of her investigation into rising home and auto rates in Michigan. Commissioner Watters issued a letter of inquiry to insurance companies writing auto …
Medical malpractice, electronic notification and surplus lines will be some of the hot property/casualty issues in the Illinois General Assembly spring session, according to a newsletter sent recently by the Professional Independent Insurance Agents of Illinois. According to PIIAI, the …
Senate Majority Leader Bill Frist will make a medical malpractice reform bill narrowly targeted toward limiting the liability of obstetricians and gynecologists the first order of business when the legislative body returns to session Feb. 23, according to the Associated …
Oklahoma Insurance Commissioner Carrol Fisher has been indicted, his lawyer told the Associated Press. What the indictment alleges is still unclear, though a grand jury has been investigating a Fisher-organized charity’s fundraising activities. Fisher will be arraigned in Oklahoma County …
Arkansas Insurance Commissioner Mike Pickens announced the disbursement of $.8 million to certified fire departments in Arkansas. The funds are distributed pursuant to Act 1326 and Act1583 of 2003. More than 900 fire departments will share in the funds. “We …
CNA Surety Corporation reported net income for the fourth quarter of 2003 of $10.6 million, or $0.25 per share, compared to net income of $4.0 million, or $0.09 per share, for the same period in 2002. The fourth quarter and …
Congress could help save thousands of lives by passing the National Highway Safety Act (S. 1993), according to the American Insurance Association (AIA). The legislation would require all states to pass a primary seat belt enforcement law or to increase …
