Massachusetts Gov. Mitt Romney unveiled an ambitious proposal on Sunday for expanding health care coverage to 460,000 uninsured Massachusetts residents, while extending an invitation to Democrats to join in the effort. Romney laid out his “Commonwealth Care” plan in a …
Newly released information ranks all four of this season’s hurricanes among the top 10 costliest U.S. hurricanes in the past 25 years. And, taken together, the cost of this season’s storms edges out the cost of Andrew by about $100 …
Florida’s moratorium prohibiting insurers from canceling or non-renewing policies ends Nov. 30, and homeowners are bracing for notification letters. Tom Gallagher, Florida Chief Financial Officer, said his department will monitor non-renewals and cancellations. After Hurricane Andrew in 1992, insurance companies …
Swiss Re announced that it has received subpoenas from New York State Attorney General Eliot Spitzer and the Securities and Exchange Commission in connection with their investigations into the use of finite, or non-traditional, reinsurance. The new subpoenas evince the …
Standard & Poor’s Ratings Services announced that it has revised its outlook on White Mountains Insurance Group Ltd. (WTM), Fund American Cos. Inc., Folksamerica Reinsurance Co. and Sirius International Insurance Corp. to positive from stable. S&P also affirmed its “BBB”‘ …
Standard & Poor’s Ratings Services announced that it has assigned its “A-” issue rating to the A$500 million (U.S. $392 million) issue of Reset Exchangeable Securities (RES) by the New Zealand branch of IAG Finance (New Zealand) Ltd., a wholly …
The National Association of Insurance Commissioners (NAIC) last week advanced its proposed 2005 budget during a public hearing and subsequent meeting of the NAIC Internal Administration (EX1) Subcommittee, both conducted via teleconference. The budget now awaits full membership approval when …
The Property Casualty Insurers Association of America (PCI) urged regulators to show budget discipline and responsibility by capping the National Association of Insurance Commissioners’ (NAIC) budget reserve at a stated dollar amount. The NAIC has been criticized in recent years …
The Professional Liability Underwriting Society (PLUS) has appointed new officers and trustees. Newly elected officers to the PLUS board were: * President – Sean Fitzpatrick, senior vice president, Chubb & Son, Simsbury, Conn. * President-Elect – Jeffrey Klenk, senior vice …
To assist P/C insurers on improving speed-to-market, the Property Casualty Insurers Association of America (PCI), the National Association of Insurance Commissioners (NAIC) and InSystems are sponsoring a free seminar for property/casualty insurers to build awareness of NAIC’s initiatives, current P/C …
