Ohio-based Nationwide Mutual Insurance Company and its P/C affiliates have issued an estimate of the losses and loss adjustment expenses from Hurricanes Charley, Frances, Ivan, and Jeanne of approximately $850 million on a pre-tax basis ($550 million on a post-tax …
Fitch Ratings announced that it will hold a teleconference on Wednesday, Nov. 17 at 11:00 a.m. EST (4:00 p.m. GMT) to discuss its report on Finite Risk Reinsurance. The rating agency noted that it had issued a special report on …
After a very rough 2003, East Lansing, Mich.-based medical liability insurer American Physicians Capital Inc. seems to have righted the ship and is finally showing a profit, albeit small. The company reported net income of $4.5 million, or 52 cents …
Chicago-based commercial insurer CNA‘s woes continue as the company announced a net loss of $28 million for the third quarter, thanks in part to $174 million in losses due to the quadruple kick to the pants delivered by Hurricanes Charley, …
A disaster-restoration firm that has applied for membership in the Naperville, Ill.-based Independent Mitigation and Cleaning/Conservation network was featured on a recent episode ABC TV’s “Extreme Makeover: Home Edition.” Southfield, Mich.-based Statewide Disaster Restoration Inc. was featured on the two-hour …
In another sign of a possibly softening homeowners market, exclusive-agent carrier American Family Insurance has cut rates in Illinois by 2 percent effective Nov. 1. It is the company’s first homeowners reduction in at least seven years, according to a …
Darien, Ill.-based online life insurer Quotesmith.com Inc. announced that it has received a subpoena requesting documents and seeking information from the Illinois Division of Insurance. The company said it intends to cooperate fully with the department. “Quotesmith.com conducts its insurance …
Minnesota Attorney General Mike Hatch outlined several proposals designed to head off the abuses alleged by New York Attorney General Eliot spitzer in his suits against Marsh and Universal Life Resources. Hatch said he’s met with several dozen representatives of …
Standard & Poor’s Ratings Services announced that it has assigned its “BBB/A-2” counterparty credit and financial strength ratings to GuaranteedWeather Re Ltd. with a stable outlook. “The ratings on GuaranteedWeather Re reflect its very strong risk control, very strong market …
Germany’s Allianz AG continued to post significant profit increases. In its recently released 9-month report the German giant noted that net income for the period more than doubled to $1.8 billion euros ($2.33 billion), compared to 732 million ($946.5 million) …
