A Massachusetts man has been arraigned in Suffolk Superior Court in connection with allegedly submitting false dental injury reports to insurance companies in order to receive cash settlements. Tod Schaffer, 42, is charged with 19 counts of insurance fraud, 10 …
An independent holding company owned by an insurance industry veteran has purchased Harbor Insurance Agency and Florida Consolidated Agency, both former wholly owned subsidiaries of National City Bank. The new owner, Tom Cook, has extensive insurance industry experience. Prior to …
A group of Florida homeowners sued German drywall maker Knauf Gips KG, its Chinese plasterboard units and several U.S. homebuilders on Monday, alleging contaminated drywall is sickening U.S. homeowners. The lawsuit said defective Chinese-made drywall was used during a building …
U.S. Federal Reserve Chairman Ben Bernanke Tuesday defended the government’s latest bailout of embattled insurer AIG, telling irate lawmakers that he was also angry, but that the failure to act could have triggered an economic disaster. Bernanke, in testimony to …
A.M. Best Co. said it is “maintaining a stable outlook in 2009 for the global reinsurance sector for the third consecutive year. This current outlook implies that the majority of 2009 reinsurer rating actions are likely to be affirmations with …
The UK’s Prudential Plc and Canada’s Manulife Financial Corp made preliminary offers for American International Group Inc.’s Asian unit, but Prudential’s offer fell short of what AIG wants for the business, sources familiar with the matter said. Chinese insurer China …
Marsh, and its MMC risk consulting affiliate Kroll, have warned that UK firms are exposed to heightened fraud and corruption risks this year as a result of the global recession. “In addition, many insurance policies that address fraud risk are …
Wichita, Kan.-based IMA has formed a new subsidiary, Signature Select LLC. This new entity, a retail insurance broker, will provide personal insurance services and business insurance solutions for small to mid-sized organizations. “As we studied the best practices of insurance …
City officials in Edmond, Okla., are challenging court rulings in favor of a firefighter who claims his colon cancer is a work-related injury because of the smoke, hazardous materials and chemicals he was exposed to on the job. Tim Vernon, …
The Texas Supreme Court has affirmed an appeals court ruling that a 15 mile-per-hour speed limit sign posted near a pothole on a rural unpaved road was not sufficient warning of the danger of the pothole. In court documents in …
