Calabasas, Calif.-based Western General Insurance Co.’s issuer credit rating has been downgraded by A.M. Best Co. to “bbb” from “bbb+” A.M. Best also affirmed the financial strength rating (FSR) of B++ (Good). The outlook for the ICR is negative, while …
The California Earthquake Authority (CEA) has completed what it called a “first-of-its-kind transaction,” taking reinsurance out of the equation and opening “a more direct path” to transfer financial risks posed by earthquakes, the authority said. Embarcadero Re, a Bermuda-based special …
Tropical Storm Irene has generated an estimated 28,500 claims, totaling over $90 million in Massachusetts, according to latest estimates by the state’s insurance division. The totals include 4,800 claims of $15.6 million in western and central Massachusetts. In western and …
Washington Metropolitan Area Transit Authority has recently filed a lawsuit against its insurer Lexington Insurance Co. of Boston charging that that the insurer failed to indemnify for the revenue losses in the train system’s ridership following the 2009 crash that …
Delaware Insurance Commissioner Karen Weldin Stewart has fined Allstate Insurance Co. and its subsidiary Encompass Insurance Co. a total of $50,000 for violations of Delaware insurance law. The fines are contained in two separate consent orders, signed by Stewart this …
Millennium Brokerage Group (MBG) has launched a new long term care (LTC) program that will be available to physicians and their families through AMA Insurance Agency’s Physician Financial Partners program. Physicians Financial Partners LTC program will have discounts specific to …
The Department of Consumer and Business Services announced the pure premium rate for workers’ compensation will increase 1.9 percent starting in 2012, the first rate hike in Oregon in more than 20 years. The decision on the rate hike, based …
The House of Representatives yesterday approved a temporary continuing resolution that funds the government through next Tuesday, Oct. 4, which is when Congress is expected to consider another short-term resolution funding the government through Nov. 18. The latest bill includes …
The insurance unit of Wells Fargo & Co. has purchased ISU Stetson-Beemer Insurance, an insurance brokerage and consulting firm in Reno, Nev. The purchase closed on Sept. 1. Terms of the deal were not disclosed. Stetson-Beemer, founded in 1923, provides …
Berkshire Hathaway’s medical professional liability insurance unit, Medical Protective Co., is purchasing New Jersey-based Princeton Insurance Co., a professional liability insurer for healthcare providers. Princeton Insurance was previously owned by Medical Liability Mutual Insurance Co., a New York-based professional liability …
