It Figures
$38.5 Million Amount a jury in Stamford, Conn. ordered a city obstetrician to pay to the family of a boy born with cerebral palsy in 2003. The jury ruled Dr. Corinne De Cholnoky should have performed a Caesarean section more …
Conn. Frees Up Rating on Complex Commercial Lines
The Connecticut Insurance Department has launched a year-long pilot program that will exempt some complicated commercial rate and form filings from being initially reviewed by the state — although insurers using those forms will still be subject to an audit. …
Proposed Tax Change Concerns Captive Insurance Industry
U.S. Rep. Peter Welch, D-Vt., is asking the U.S. Treasury to block a tax code change seen by some as a threat to Vermont’s captive insurance industry. Welch and three Democratic colleagues from states that also have captives say the …
Business Moves
USI, Webster Insurance USI Holdings Corp. has acquired Webster Insurance, Inc., from Webster Financial Corp., the holding company for Webster Bank, N.A. The parties also signed marketing agreement to provide expanded products and services to their respective clients. Webster Insurance, …
NYC High-Rise Accidents Prompt Calls for Better Safety Oversight
A spate of accidents at under-construction high rises in New York City has some city officials clamoring to require additional safety managers on some project sites. The city buildings department wants to require site safety managers at construction sites for …
N.Y. Junkyard Owner Charged in Illegal Alien Scam
A New York junkyard owner has been charged with scheming to sell vehicles to illegal aliens and then insuring the vehicles through his own firm’s garage policy. Officials said 61-year-old William Hrazanek of Fleischmanns, N.Y. provided insurance as well as …
State Farm to Stop Writing New Homeowner Policies in Florida
Florida’s largest private insurer, State Farm, has decided to cease writing new policies for homes. The move is not expected to affect most of the company’s 1 million current policyholders. But it will likely place greater pressure on the state-run …
Ex-Marsh & McLennan CEO Cherkasky to Get $7.15M Severance
Marsh & McLennan Cos. Inc. will pay Michael Cherkasky, the executive they brought in to broker a costly legal settlement in 2005, $7.15 million as part of a severance package reached after he was forced out earlier this year. MMC, …
Okla. May Require Day Care Centers to Have Liability Insurance
Measures that would require day care centers in Oklahoma to carry liability insurance and contribute to a fund to compensate parents and children for day-care injuries was approved by a state House subcommittee this week. Members of the House Social …
Ratings Roundup: Empyrean Re, Storebrand, Ballantyne Re
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of Bermuda-based Empyrean Re Ltd. with a stable outlook. “The ratings are based on the company’s excellent capitalization, experienced management team …
