North Carolina Insurance Commissioner Jim Long has announced the conclusion of an insurance fraud case against Eugenie H. Johnson of Fayetteville, who was accused of embezzling more than $220,000 from an insurance agency where she worked. Johnson was sentenced to …
The New York State Workers Compensation Security Fund, which officials last month predicted would run out of money by the end of this month, could go on paying claims until the end of March, thanks to early access to funds …
March 1 is the deadline for Florida homeowners who paid multiple hurricane deductibles to apply for relief from the state according to Tom Gallagher, Chief Financial Officer. The program was created to avoid the terrible economic consequences Florida faced if …
The shareholders’ equity of many insurers and reinsurers is coming under greater pressure than anticipated as P/C losses from the 2004 hurricane season continue to rise with new estimates, according to a report by Standard & Poor’s Ratings Services. The …
Swiss-based Converium has issued a bulletin describing a successful January renewal season. It said it expects total gross premiums written for 2005 to exceed $2 billion, which is in line with its expectations. Beginning in July 2004 Converium underwent what …
Standard & Poor’s Ratings Services announced that it has removed from CreditWatch and affirmed its “A+” counterparty credit and financial strength ratings on ACE Ltd.’s active operating insurance companies as well as its “BBB+” counterparty credit rating on ACE. The …
Guy Carpenter & Company, Inc., Marsh & McLennan’s risk and reinsurance specialist, has released an update to its 2004 report, “Silica – A Litigation Sandstorm.” According to the report, two recent developments in silica litigation, although limited in scope, allow …
In a separate bulletin Standard & Poor’s Ratings Services announced that it has placed its ‘A’ counterparty credit and insurer financial strength ratings on Zurich Australian Insurance Ltd. and Zurich Australia Ltd. on CreditWatch with negative implications. S&P took similar …
A.M. Best Co. announced that it has downgraded the financial strength rating to “A” (Excellent) from “A+” (Superior) of American Re Corporation Group’s member companies, which include American Re-Insurance Company, American Alternative Insurance Corporation and The Princeton Excess & Surplus …
Swiss-based Zurich Financial Services (ZFS) reported strong financial results for 2004, tempered by increased loss reserves in the U.S. A.M. Best Co. saw no reason to change the Group’s “A” (Excellent) rating, indicating that the results were in line with …
