Insurers for the company that ran the water taxi that capsized in the Inner Harbor, killing five people, sued the U.S. Coast Guard on Friday, claiming the military branch certified the taxi for too many passengers. The lawsuit was filed …
More than 90 percent of all claims related to Hurricane Wilma have been closed according to Bob Ricker, Citizens Property Insurance Corp. executive director. He also reported that more than 91 percent of all hurricane claims, including thousands from hurricanes …
Standard & Poor’s Ratings Services announced that it would keep both GE Insurance Solutions (GEIS) and Swiss Re on its CreditWatch list, as they continue to work on their agreement to sell GE’s insurance business.However, while GEIS CreditWatch placement is …
A.M. Best Co. has taken note of the apparent strengthening of the U.S. reinsurance market following the January renewal period. In a recent comment, the rating agency noted that the “renewals experienced by a number of European-based global insurers confirms …
Portugal’s Espirito Santo Financial Group S.A. (ESFG) and France’s Credit Agricole S.A. (CASA) announced that they have agreed that CASA will acquire 50 percent of the capital and have management control of the life and non-life bancassurance subsidiaries of ESFG …
Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada, both insurance subsidiaries of ING Canada Inc., announced their intention to amalgamate under the name of The Nordic Insurance Company of Canada. The transaction is subject to regulatory …
Fitch Ratings has upgraded the insurer financial strength ratings of the Encompass companies to ‘AA+’ from ‘A-‘. The Rating Outlook is Stable. The upgrade reflects Allstate’s acquisition of the Encompass companies from CNA Financial Corp. Allstate had been servicing and …
Producers should no longer expect contingent commissions from American International Group, according to the settlement with New York Attorney General Spitzer and what the company says is its own global policy now. Spitzer’s announcement stated that “AIG has agreed to …
Although no standard such as ISO exists for the yacht insurance industry assuring consistency from carrier to carrier, most policies offered by domestic carriers have become fairly consistent in their coverage offering. Common coverage such as hull, protection and indemnity, …
California’s Conservation and Liquidation Office (CLO) will distribute $530 million to policyholders and claimants from the liquidated estate of the Mission Insurance Companies, California Insurance Commissioner John Garamendi announced. The latest amount brings the total amount distributed since 2003 to …
