In an annual statement filed Wednesday with the California Department of Insurance, State Compensation Insurance Fund documented that its policyholder surplus — assets minus claims reserves and other liabilities — increased by $776 million during the 31, 2004. Policyholder surplus …
Commercial and industrial property insurer FM Global has reported a third consecutive year of strong operating performance, with 2004 marking a period in which the company increased its policyholder surplus significantly; maintained a high client retention rate; returned US$316 million …
A federal grand jury, sparked by a Fort Lauderdale Sun-Sentinel investigation into fraud in Miami-Dade hurricane aid payments through the Federal Emergency Management Agency, indicted 14 people on a variety of fraud counts on Wednesday, the U.S. Attorney’s Office said. …
In 2003, the rate of arson offenses relative to population decreased by 6 percent from the previous year, according to the nonprofit National Fire Protection Association (NFPA). The number of intentionally set structure fires in 2003 dropped to 37,500, marking …
Poe Financial Group member company Atlantic Preferred Insurance Company has received regulatory approval to assume 5,258 property and casualty policies from Citizens Property Insurance Corp. under its depopulation program. Essentially, the depopulation program reduces the number of policies in Citizens …
Liberty Mutual Group reported net income of $565 million and $1.245 billion for the three and 12 months ended Dec. 31, 2004, respectively, representing a $130 million and $394 million increase over the same periods in 2003. “In 2004, we …
Assemblyman Ryan Scott Karben (D/I-Rockland), a majority member of the New York State Assembly’s Insurance Committee, has introduced a legislative package on agent and broker compensation that would require disclosure and impose a standard of “reasonable care” upon producers. Karben’s …
Following an initial three-state product launch two months ago, the Chubb Group of Insurance Companies is now also offering Signature Passport in Arizona, Colorado, Delaware, the District of Columbia, Maine, Michigan, Minnesota, Ohio, Oklahoma, Rhode Island, Tennessee and West Virginia. …
Bermuda-based Allied World Assurance Holdings Ltd. reported record net income of $103.0 million for the fourth quarter 2004, compared to $87.2 million for the fourth quarter last year. Net income for the twelve months ending Dec. 31, 2004, was $197.2 …
California Insurance Commissioner John Garamendi issued the following statement in response to the recent Court of Appeal’s ruling on the state’s authority to regulate homeowners’ insurance: “The ‘use it and lose it’ insurance syndrome is a very real problem with …
