By year end, American International Group Inc. expects to have largely wound down a money-losing financial products unit that was the cause of its near-collapse last year, said Gerry Pasciucco, hired three months ago to oversee the closure. “2009 is …
London-based insurer and reinsurer Beazley Group is acquiring Boston-based First State Management Group, an underwriting manager specializing in excess and surplus lines commercial property insurance for $35.4 million in cash. First State is a subsidiary of The Hartford Financial Service …
The Montana Senate is supporting a plan to let insurance companies consider gender when setting rates on certain products. The chamber took health insurance out of the proposal after it became clear that failure to do so would crush the …
A federal judge in Utah has slashed tens of millions in punitive damages from a jury award to an insurance company last year. U.S. District Judge Tena Campbell said the $62,707,000 award to Farm Bureau Insurance Co., was excessive. Campbell …
Available to California agents, Union General has an “A+” rated carrier offering property coverage for all types of small- and medium-sized commercial risks. Coverage is also available for vacant dwellings and builders’ risks. Property is competitively priced and includes a …
Investors have pummeled insurance and financial stocks lately, but a University of Iowa finance professor is actually making money trading them. Ty Leverty, assistant professor of finance in the Tippie College of Business, has been experimenting since last fall with …
Wisconsin this year has adoped new rules that define auditor qualifications and auditor independence. The Wisconsin Office of the Commissioner of Insurance (OCI) adopted the new audit rules based on a model regulation adopted by the National Association of Insurance …
Norfolk, Virginia is losing 475 jobs as part of a broader consolidation by USAA, an insurance and financial services company that serves military members and their families. USAA employs nearly 900 workers in Norfolk. The San Antonio-based company said that …
Shenandoah Life Insurance Inc. has been placed into receivership following the cancellation of a merger with another company. State Commissioner of Insurance Alfred Gross said that the Virginia State Corporation Commission placed the Roanoke insurer in receivership “in an effort …
Jeff Grace has been named president of IMA of Wichita, officials for The IMA Financial Group Inc. announced. Grace joined IMA in 1997 in business development, focusing on the construction practice, and was promoted to sales manager for the Wichita …
