Delaware Valley Underwriting Agency Inc. (DVUA) is expanding into the New England area with the purchase of the assets of Zimmerman Specialty Insurance Brokerage Inc. of Natick, Mass., by its parent, PIC Holdings. Zimmerman Specialty is an excess and surplus …
A flurry of special dividends and a series of rate reductions from auto insurers, along with increased competition and new regulations adopted by the New Jersey insurance department, are helping to reshape the state’s long-plagued auto insurance market, according to …
Gov. James McGreevey signed legislation removing “inaccurate and ineffectual” provisions from the Contractor’s Registration Act, one day before the act was set to go into effect on Nov. 9. The move changes provisions that required written notice of cancellation or …
New York officials are hailing the arrest of 24 individuals alleged to have been involved in an auto insurance fraud operation they say has ties to organized crime. New York City Police Commissioner Raymond W. Kelly, Kings County District Attorney …
New York Governor George E. Pataki revealed that $2.3 million in offers have been made to Holocaust survivors and their heirs for insurance policies held with companies that were either liquidated or nationalized after World War II. The offers went …
In the wake of the ongoing insurance brokerage probe involving bid rigging and incentive payments, Rhode Island Secretary of State Matt Brown is proposing legislation to prohibit insurance industry “incentive fees” and require full disclosure of all fee arrangements with …
Connecticut Attorney General Richard Blumenthal has expanded his investigation into allegations that insurance bids were rigged by examining whether unlawful practices have affected municipalities in the state. In a letter to each of Connecticut’s mayors and first selectmen, Blumenthal has …
The Connecticut Insurance Department has approved a slight decrease of 0.3 percent in workers’ compensation loss costs beginning Jan. 1, 2005. The department has also rejected a proposed hike in assigned risk rates, approving instead an overall 6.2 percent reduction …
A.M. Best Co. downgraded the financial strength rating of Transatlantic Reinsurance Company and Putnam Reinsurance Company to “A+” (superior) from “A++” (superior). Concurrently, Best assigned the group members an issuer credit rating of “aa” and Transatlantic an issuer credit rating …
A.M. Best Co. placed the financial strength rating “A-” (excellent) of Omaha Property and Casualty Insurance Co. (OPAC) under review with developing implications. The under review status reflects the announcement of a definitive agreement between Beazley Group and Mutual of …
