Law Bars State from Regulating Insolvent PRI New York’s second-largest medical malpractice insurer is more than $43 million in the hole, according to new regulatory filings, but state regulators are legally forbidden from initiating the process to liquidate or otherwise …
Newly Reconstituted as Kingstone Insurance Co. DCAP Group Inc., an upstate New York franchiser of independent agencies, is ditching its franchise insurance business as part of a strategic move to exit the retail insurance business as it morphs into a …
On the first day of the official hurricane season for 2009, and on the last day of the Texas legislative session, Texas lawmakers passed a bill that would recapitalize the Texas Windstorm Insurance Association (TWIA). Legislators voted 31-0 on HB …
Based on the recently revised projected claims-paying capacity of the Florida Hurricane Catastrophe Fund (FHCF), rating agency A.M. Best has updated its treatment of reinsurance provided to rated entities from this structure. As it previously indicated, A.M. Best said it …
An Arkansas lawyer who rose to prominence in lucrative securities fraud class-action litigation pleaded guilty on Monday to charges of stealing more than $9 million of client money. Lawyer Steven Eugene Cauley told U.S. District Judge Paul Crotty at a …
A newly formed U.S. municipal bond insurer, ready to open its doors as soon as it gets credit ratings, expects to launch with about 50 employees and double that number as it ramps up, executives told Reuters. Municipal and Infrastructure …
The Supreme Court almost never takes up insurance related cases. Even so, President Obama’s recent nominee brings a long record of decisions favoring insurers, a possible plus for the insurance industry, said Philadelphia based insurance attorney Randy J. Maniloff. Maniloff, …
A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of Calif.-based GeoVera Insurance Group and its P/C members. “The ratings and …
A worker putting air in a retreaded tractor-trailer tire at a New Jersey business was killed when it exploded. State police say Bruce Coverdale of Commercial Township died instantly in Friday’s accident at Advance Treads in Pittsgrove. Another staffer working …
An insurer can deny liability coverage to a New Hampshire climbing gym because it failed to get a waiver from a climber who was later seriously hurt, the state’s Supreme Court has ruled. The decision centered on a lawsuit between …
