An organization controlled by Oklahoma attorneys who specialize in workers’ compensation cases has raised almost $1 million for political purposes mostly from injured workers who sometimes do not know they have donated, according to a published report. Many of the …
The first read on insurance companies’ second-quarter earnings shows they’re taking hits from the same kinds of mortgage-backed investments as other financial firms, but so far, most companies haven’t had the severe losses that banks and investment firms have seen. …
Massachusetts personal lines insurer Safety Insurance Group, Inc.’s second quarter results show the insurer remains profitable under the new managed competition pricing system for private passenger auto even though premiums have declined. Net income for the second quarter was $20.9 …
New York-based insurer Tower Group, Inc. has agreed to acquire Bermuda reinsurer CastlePoint in a transaction valued at approximately $490 million. The deal will allow Tower to shift some of its reinsurance to other carriers at more favorable terms and …
Lexington Insurance Company, a unit of AIG Commercial Insurance, announced the launch of “Lex P-3 Solutions SM,” which it described as offering “tailored risk management and insurance products that respond to risks associated with public private partnerships throughout the life …
A.M. Best Co. reported that it is “seeing a growing interest in financial strength ratings (FSR) for captives and other alternative market vehicles in the European market.” The vehicles are already “one of the fastest growing rating segments for A.M. …
In a rather timely announcement, Oakland Calif.-based EQECAT, Inc., a subsidiary of ABSG Consulting, announced that Catlin Underwriting Agencies Limited, a wholly owned subsidiary of Catlin Group Limited, specializing in P/C insurance and reinsurance, has licensed its Gulf of Mexico …
Risk Management Solutions announced that a $200 million Multi-Peril Securitization has become the first catastrophe bond issued using RMS Paradex Europe WiNdstorm index for risk analysis. RMS said it has “performed the risk analysis for a catastrophe bond covering four …
Bermuda-based PartnerRe Ltd. announced that William Babcock has been appointed as the Group’s Finance Director. He will report to CFO Albert Benchimol, and will have overall responsibility for Group finance functions, including Group Finance and Reporting, Treasury and Group Tax. …
AIR Worldwide Corporation announced that Bermuda-based reinsurer Tokio Millennium Re Ltd. has licensed the use of AIR’s Multiple Peril Crop Insurance (MPCI) model for use in AIR’s CATRADER® system, which analyzes catastrophe reinsurance and insurance-linked securities. “We have been using …
