New York City spent almost $568 million to settle damage claims, and the biggest awards were attributed to city-owned hospitals and the police and transportation departments, the comptroller said Thursday. The latest dollar total, which covered fiscal 2008, was about …
Marsh announced the formation of “a nationwide community of independent mid-sized UK brokers who share a commitment to innovation on behalf of clients and are looking to protect and grow their businesses.” The bulletin described the initiative, called Marsh ProBroker, …
A.M. Best Co. has downgraded the issuer credit rating (ICR) to “a-” from “a” of the non-operating holding company, the UK’s AVIVA plc, and the financial strength rating (FSR) to’ A’ (Excellent) from ‘A+’ (Superior) and the ICRs to “a+” …
Warren Buffett’s Berkshire Hathaway was stripped of its ‘AAA’ credit rating by Fitch Ratings, barely hours after S&P cut General Electric Co’s top-tier rating, as the global financial crisis pummels America’s corporate titans. Citing concerns about Berkshire’s equity and derivatives …
Swiss Re has announced that the “main terms of the convertible perpetual capital instrument to be issued to Berkshire Hathaway have been finalized.” The funding agreement was announced at the same time as Swiss Re’s 2008 earnings results, which revealed …
Pay-as-you-drive legislation in Washington that proposes drivers should be able to pay insurance premiums based in part on the miles driven per year, was passed bythe Washington Senate by a 32-15 vote. Senate Bill 5708, sponsored by Sen. Tracey Eide, …
Robert M. Bryar, president of C.M.Meiers Co. Inc. and CMM Entertainment has begun expansion plans to the entertainment division’s Woodland Hills, Calif., headquarters. The company is adding 25 percent more floor space to accomodate projected growth of CMM Entertainment. Expansion …
The North Dakota House has defeated a change in how the state’s insurance laws affect people who rent cars. North Dakota law now says if someone has an accident in a rental car, the rental company’s insurance is responsible for …
AIG’s recent claims that its collapse could threaten not just banking counterparties but also decimate the broader U.S. life insurance industry are alarming but also largely unproven. The contention was made in a presentation to U.S. regulators in late February …
The Sierra Club, American Rivers and Taxpayers for Common Sense– all members of the Americans for Smart Natural Catastrophe Policy– are opposing legislation that would add wind insurance coverage to the National Flood Insurance Program (NFIP). According to these groups, …
