Modern-day ancient mariners
The reasons people become collector boat owners are as varied as the owners themselves. Is it for the love of the vessel itself, bragging rights as a participant in an expensive hobby or simply to net a little cash in …
Off-the-job worker injuries outpacing safety gains
Contrary to popular belief, today’s workers are safer on the job than they are at home or in their communities. According to the National Safety Council, recent gains in lowering workplace death rates, which are down 17 percent since 1992, …
Unusual circumstances surround dropped sale of Universal Underwriters
Most failed company mergers remain a secret, except to a handful of insiders.That was not the case with the collapsed attempt by Zurich Financial Services Group to sell its affiliate, Universal Underwriters Insurance Company. This failure was no secret because …
Liquidated Mission claimants to get $530 million
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 …
Record $1.6 billion deal ends litigation, creates ‘new path’ for giant AIG
State and federal regulators on Feb. 9 announced agreements that resolve litigation and investigations of securities fraud, account steering, bid-rigging, improper accounting and under-reporting of workers’ compensation premiums by giant insurer American International Group. Under the agreements, AIG will pay …
Growing Your Property Casualty Agency
Hiring a relative can be a terrific or a terrible move. Unfortunately, it isn’t always easy working with your relatives, day after day. Personal and professional problems frequently arise. Regardless, for years, agencies have been passed on from one generation …
WHAT E&S BROKERS PAY
More than three-quarters (77%) of wholesalers and brokers said that firm salaries increased in 2005 compared to 2004. Nearly half (49%) of all E & S firms answering Insurance Journal’s survey reported paying their producers a combination of salary plus …
A new turn for rent-a-car companies
Many car rental operators can save significant expenses and still protect their business by using non-traditional risk management methods. John Smith took his family on a long awaited sunny vacation. Being budget-conscious, John opted to rent a compact car from …
Broker acquisitions remain active; stock prices drop slightly
Stock Prices: After four straight months of gains in the brokerage sector, stock prices fell 1 percent during the December/January period. This is particularly notable since the sector traded up 6 percent in October/November and 10 percent in August/September. The …
Excess and surplus lines wholesalers see a steady wave of growth in 2006
Excess and surplus lines experts expect to see steady premium growth in 2006, with commercial property and contractors business leading the way, according to an exclusive Insurance Journal survey. Nearly 85% of survey respondents anticipate that their firm’s premium volume …
