Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on American Steamship Owners Mutual P&I Assn. Inc. (American Club) to “B+” from “BB+” and placed the ratings on CreditWatch with negative implications. …
Preliminary reports of claims following the passage of Tropical Cyclone Larry through Northern Australia (See IJ Website March 21) have put insured losses at around A$90 million (US$65.6 million). According to reports around 4000 claims have so far been received. …
Allianz Sachgruppe Deutschland, which incorporates all of the global insurer’s German P/C business, announced that total earnings after tax for 2005 were €1.79 billion ($2.14 billion), compared to the €1.25 billion ($1.5 billion) the unit earned in 2004. The announcement …
Aon Re Inc. has published the results of a study of companies that have implemented more sophisticated customer segmentation strategies over the past few years. The report concludes that overall returns for the personal lines property industry still lag behind …
Rusty Young of Lovestad-Worthington in Bothell, Wash., has died. Friends say Rusty was playing golf with his son, Dean, at Borrego Springs last Friday when he suffered a heart attack. “I first met Rusty in Hawaii in 1972 and have …
A survey of residents in Alabama’s two coastal counties found many expect this hurricane season will be as bad or worse than last year, and they are making preparations, including buying generators. Forty percent of the 400 adults responding to …
An engineering company altered a report to eliminate the significant role wind played in severely damaging the home of an elderly Gulfport, Mississippi couple during Hurricane Katrina on Aug. 29, a lawsuit claims. The suit, which represents only one side …
“Not Your Typical Bank,” the slogan used by Citizens Financial Group in its popular consumer-friendly ads, seems to apply to the bank’s latest move, the selling off of its respected insurance agencies. It is not a typical transaction. The bank …
The Rhode Island Department of Business Regulation will hold a public hearing on May 11, 2006 at 10:00 a.m. at the DBR regarding the proposed loss costs rate filing of Beacon Mutual Insurance Company, the state’s biggest workers compensation writer. …
Shareholders of Lincoln National Corp. have approved its $7.5 billion acquisition of rival Jefferson-Pilot Corp., with the transaction expected to close in early April. The Philadelphia-based insurance and investment products company, which markets itself under the name Lincoln Financial Group, …
