Standard & Poor’s Ratings Services has assigned its ‘AA-‘ counterparty credit and financial strength ratings to Philadelphia Indemnity Insurance Co. and its sister company, Philadelphia Insurance Co. (collectively referred to as PHLY). S&P also said that the outlook on both …
An influential U.S. congressman, concerned that American International Group Inc’s $150 billion federal bailout could be undermining the broader U.S. insurance market, is digging into claims that the insurer is driving down prices to win business. Rep. Paul Kanjorski, chairman …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of Harleysville Insurance and its P/C pooling members. Best also affirmed the FSR of B++ (Good) and ICR of “bbb+” …
Michigan’s insurance consumer advocate is charging that drivers are paying a high cost for years of state deregulation of insurance and record insurance company profits. Gov. Jennifer Granholm has threatened penalties for any insurance carriers that do not go along …
The Connecticut Insurance Department says its market conduct division collected over $4.1 million in fines from insurance companies and agents in 2008 — more than three times the amount collected in 2007. In 2007, the department collected $1.3 million for …
New York City set more than 40 new rules for the struggling construction industry to make high-risk sites safer and correct problems such as those that led to two deadly crane collapses last year. The Department of Buildings said it …
The right coverage at the right price could cost more in New Jersey. Allstate New Jersey Insurance Co. is asking the state for permission to raise rates by 15.4 percent on average. The insurer says the higher premiums are needed …
The dismissals of four employees who questioned how North Dakota’s workers compensation agency was being run showed a state law intended to guard against such firings is almost useless, a state senator believes. Sen. Tracy Potter, D-Bismarck, asked the Senate …
A top aide says Gov. Kathleen Sebelius remains focused on serving Kansas, amid new speculation about a federal Cabinet appointment. But spokeswoman Beth Martino also declined to say the governor wouldn’t be interested in serving as President Barack Obama’s health …
Drivers in Indiana could not use handheld cell phones or texting devices under legislation endorsed by a state House committee. The House Public Policy Committee approved the bill by Democratic Rep. Vanessa Summers of Indianapolis on an 8-3 vote this …
