U.S. Reps. Judy Biggert, R-Ill., and Barney Frank, D-Mass., introduced bipartisan legislation to revamp the National Flood Insurance Program that boosts the program’s borrowing authority to $21.5 billion, increases the maximum coverage limits and provides for business interruption coverage. Backers …
Seventeen U.S. insurance companies became financially impaired in 2006, despite a respite for property/casualty insurers from two consecutive turbulent hurricane seasons and more diversified asset portfolios among life/health insurers. That is according to two new A.M. Best Co. special reports, …
The Hartford Financial Services Group, Inc. reportted that it has awarded more than $7 million in community support to nonprofit organizations across the country in 2006. In Connecticut, where The Hartford’s headquarters has stood since 1810, the company provided $4.6 …
A new federal rule allowing increased penalties for mine safety violations could be meaningless if inspectors feel they cannot impose them, skeptics say. The changes, which take effect in late April, were required by the federal Mine Improvement and New …
Lloyd’s and the London markets are about to launch a new campaign “to encourage the brightest young talent in the marine market to play a role in shaping its future.” The Lloyd’s Market Association (LMA) and the International Underwriting Association …
Bermuda-based Max Re Capital Ltd. announced that it has received regulatory approval from the Delaware Department of Insurance to acquire a U.S.-based excess and surplus lines company. Max Re (which is also in the process of changing its name to …
A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb-” of New Zealand’s Tower Limited, as well as the financial strength rating of “A-” (Excellent) and the ICR of “a-” of Tower Insurance Limited, a wholly owned subsidiary …
A.M. Best Co. has affirmed the financial strength rating of “A+” (Superior) and the issuer credit rating (ICR) of “aa-” of Hong Kong’s Hang Seng Insurance Company Limited with a stable outlook. “The ratings reflect Hang Seng Insurance’s strong risk-adjusted …
A.M. Best Co. has assigned a financial strength rating of “B++” (Good) and an issuer credit rating of “bbb” to UK-based Interglobal Insurance Company Limited (IIC) with a stable outlook. “The ratings reflect the strong risk-adjusted capitalization, low loss ratio …
Specialty Underwriters’ Alliance, Inc., through its subsidiary SUA Insurance Co., today announced a new Partner Agent agreement with Flying Eagle Insurance Services, Inc. (“Flying Eagle”) to market and underwrite commercial general liability programs to the underserved construction segment, including the …
