American Re-Insurance Company, Munich Re’s U.S. subsidiary, has issued a statement underscoring its commitment to its U.S. casualty business. “We are in this business to stay and we want to assure our clients that we are,” stated Company Chairman John …
Rey Becker, the Property Casualty Insurers Association of America’s (PCI) vice president, personal lines, addressed insurance company CEOs, presidents, vice presidents and other senior executives about the ongoing fight against fraud at a recent summit in New York City. Becker’s …
A.M. Best Co. announced that it has affirmed the financial strength rating of A- (Excellent) of U.K.-based Sunderland Marine Mutual Insurance Company Ltd. (SMMI) with a stable outlook. “The rating reflects continuing improvement in the company’s risk-adjusted capital position, strong …
Bermuda-based AXIS Capital Holdings Limited announced that the underwriters of its secondary offering have exercised their option to purchase an additional 3,000,000 common shares, in full, at a price of $27.91 to cover over-allotments. In a separate announcement A.M. Best …
The Commerce Group, Inc. (NYSE:CGI ) reported 2004 first quarter results including et earnings of $51.0 million, or $1.56 per diluted share, compared to net earnings of $12.9 million or $0.40 per diluted share for 2003. During the first quarter …
Insurance companies and other underwriters in Pennsylvania reported paying less for malpractice claims against medical professionals last year, according to a federal agency, even though doctors complain that rising premiums are forcing them to leave the state, close their practices …
Illinois Acting Director of Insurance Deirdre K. Manna has denied the insurance producer license of Dennis L. Hartwig of Posen, Ill., effective April 5, 2004. Hartwig’s license was denied by director’s order from Hearing No. 4093, based on an insurance- …
Richard W. Peterson, 63, of San Francisco, a former insurance broker/agent, was arrested April 19th at Miami International Airport on federal fraud charges for allegedly selling approximately $4 million of fake insurance policies allegedly underwritten by Lloyd’s of London (Lloyd’s). …
Kenneth Sturm, a 28-year veteran of the insurance industry, has joined Pleasanton-based Tanner Insurance Brokers as chief operating officer. Tanner, one of the largest independent insurance organizations in California, was acquired by Union Bank of California in 2003. Sturm joins …
Texas Mutual Insurance Company reported that Enrique Rodriguez of Houston has pleaded guilty to workers’ compensation fraud-related charges. The 390th District Court of Travis County sentenced Rodriguez to two years deferred probation and 100 hours of community service. The court …
