Workers’ compensation insurers in New York can cease making payments into the state’s security fund for that coverage, now that the fund has amassed at least $74 million in assets, the Insurance Department said. By statute, the department can suspend …
Few 77-year-olds could hold thousands of people in rapt attention for five hours. Sean Connery, maybe; Clint Eastwood, perhaps. Warren Buffett? Definitely. Buffett will be the center of attention on Saturday (May 3) at the annual shareholder meeting for Berkshire …
Private property insurers will soon be more tightly regulated under a voluminous measure passed in the Florida House. The measure passed shortly before midnight on April 30. The 120-page bill provides incentives to attract new companies to enter the state’s …
Get ready for a flurry of new accounting rules. U.S. and foreign accounting rulemakers will soon debut a new plan to speed up the convergence of international and U.S. accounting rules, with the aim that all major capital markets would …
Dutch financial services group ING Groep NV announced it would buy CitiStreet, a retirement plan administrator, grabbing third place in the defined contribution business in the United States. ING said in a statement it would pay €578 million ($890 million) …
The rain-swollen St. John River crested early Thursday, May 1, after hitting a record high, forcing residents in Fort Kent, Maine to flee to higher ground as more than 100 homes flooded. Rain and melting snow raised the St. John …
A consumer group this week accused California Insurance Commissioner Steve Poizner of adopting emergency regulations that would lead to higher rates for auto, homeowner and most other types of insurance coverage. In a sternly worded letter, Consumer Watchdog founder Harvey …
In a forced self-review, the Chattanooga, Tenn.-based Unum Group agreed to fully or partly reverse 42 percent of previously denied disability claims and paid out $676 million in additional benefits. The Tennessee Department of Commerce and Insurance said the agreement …
Standard & Poor’s Ratings Services has revised its outlook on Netherlands-based AEGON N.V. and its core subsidiaries to negative from stable. Concurrently S&P affirmed its ‘A+/A-1’ counterparty credit rating on AEGON N.V. and its ‘AA’ long-term counterparty credit and insurer …
A report from Standard & Poor’s Ratings Services analyzes the catastrophe bond and reinsurance sidecar markets, which, S&P concludes, have “experienced sharp surges of activity after 2005.” However the “growth of these insurance-linked securities (ILS) has been slowing since the …
