Xchanging, the U.K.-based global business processing services company, has announced a 3-year, £7.5 million ($13 million) investment program and a partnership with Microsoft in the continuing development of Genius, its general insurance business processing solution. “The pressure on insurers is …
A.M. Best Co. announced that it has downgraded the financial strength rating to “B+” (Very Good) from “B++” (Very Good) and the issuer credit ratings (ICR) to “bbb-” from “bbb” for the reinsurance subsidiaries of the Bermuda-based PXRE Group Ltd. …
They’re throwing Mardi Gras beads again, so many strands, they’re landing in tree branches and getting snagged on the trellised balconies of the French Quarter. They’re adorning the arms of Spanish statues. Tourists are wearing them, but these days so …
New Hampshire towns damaged by last October’s floods would have their disaster relief expenses capped at $5,000 under a bill approved by the House last week. The bill would allocate $2.9 million to pay the state’s portion of a federal …
Hurricane losses and loss adjustment expenses totaling $6.3 billion (after reinsurance) contributed to a reduction in State Farm’s 2005 net income. The company is reporting an after-tax net income from all sources of $3.24 billion, down 39 percent from the …
Trading on snowfall futures has begun. Chicago Mercantile Exchange, which bills itself as the world’s largest and most diverse financial exchange, began Feb. 26 listing and trading snowfall futures and options on futures. CME Snowfall futures will be based on …
Worried about stricter regulations, the chromium industry withheld key data from the government involving the health risks of workers exposed to the carcinogenic metal, according to a study released Feb. 23. The paper by George Washington University and the group …
The director of one of Masachusetts’ largest regional transit authorities has been placed on paid administrative leave as federal agents investigate his handling of contracts and bids, including ones for insurance. Gary Shepard, whose leadership role at the Pioneer Valley …
New Yorkers this fiscal year are expected to recover about $150 million from lost bank accounts, insurance policies and other funds, state Comptroller Alan Hevesi said last week. The abandoned funds include old bank accounts, telephone or utility deposits, uncashed …
Regulators in three states are investigating whether companies in London and Miami sold a fraudulent insurance policy to the owner of a tour boat that capsized on a New York lake and killed 20 elderly tourists, a Detroit newspaper reported. …
