The Bermuda-based Everest Re Group has issued a bulletin indicating that it now expects fourth quarter 2004 net income and after-tax operating earnings of approximately $1.65 per diluted share. The company had earlier indicated that its fourth quarter results would …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) of Japan’s NIPPONKOA Insurance Company Ltd. with a stable outlook. “The rating reflects the company’s strong business profile, moderate risk-adjusted capitalization and improved operating results,” …
A bill supported by North Dakota Insurance Commissioner Jim Poolman would limit insurers’ use of credit scoring by expanding the definition of the prohibited “adverse actions” they can take based on the information. The proposal, HB 1335, was debated in …
Columbus, Ohio-based excess and surplus lines insurer ProCentury Corp. announced that its chief operating officer, John Marazza, will be leaving the company and resigning from its board “to pursue a variety of business and personal interests.” Marazza will serve as …
Illinois’ top court has ruled that the stacking of underinsured-motorist coverage (UIM) was clearly prohibited by two companies’ insurance policies at issue in the case it decided. The Supreme Court’s ruling came in the consolidated cases of Hobbs v. Hartford …
The Nebraska Banking, Commerce, and Insurance Committee recently approved a personal-lines deregulation bill, according to the Des Plaines, Ill.-based Property Casualty Insurers Association of America. The bill, LB 119, is similar to a statute passed two years regarding commercial lines …
Old Republic Takes $25.5 Million Charge Against 2004 Results Chicago-based insurer Old Republic International Corp. announced that it would record special post tax charges of about $25.5 million, or 14 cents per share, in its fourth quarter and year-end 2004 …
Stevens Point, Wis.-based mutual Sentry Insurance has purchased ALF Insurance Agency of Michigan Inc. from Dennis Hoyes. ALF has consistently ranked as one of Sentry’s largest agencies for specialty auto policies. The agency has been named a Sentry “Preferred Partner” …
With the economy continuing to strengthen, the number of insurance companies that failed in 2004 declined 48 percent to 13, compared to 25 insurer insolvencies in 2003, according to Weiss Ratings Inc., an independent provider of ratings and analyses of …
Commercial auto underwriting results took a U-turn in the right direction from 1999 to 2003, according to a new study by Conning Research and Consulting Inc. The study, Commercial Automobile Markets: Solid Sectors, Worthy Gambles, and Risky Business, reveals that …
