Personnel expenses remain the largest expense for any independent insurance agency today. Typically, personnel expenses account for about 50 percent to 70 percent of revenue. Therefore, smart agency owners should think through the agency’s compensation issues ahead of time. It …
Contingent commission payouts to insurance agencies are estimated to be 12 percent higher in 2012 than 2011, a new study said. The study by the Ward Group also found that carriers are continuing to increase their volume and premium requirements …
Dave Anderson, founder of wholesaler Anderson & Murison Inc. in Southern California, who served several insurance associations in numerous capacities, will be remembered for his contributions to the insurance industry. Anderson, a World War II veteran, died on Feb. 12 …
A California lawmaker on Friday introduced a bill to give greater control of claim information held by insolvent companies over to policyholders. Assemblyman Curt Hagman said he introduced Assembly Bill 1734 to provide choices to policyholders when an insurance company …
Catastrophe modeling firm AIR Worldwide has released a new report – “Understanding Earthquake Risk in Japan Following the Tohoku-Oki Earthquake of March 11, 2011.” The report stresses that the “M9.0 Tohoku earthquake changed the seismic risk landscape of Japan. In …
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a” of Germany’s HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.), the ultimate mutual parent company …
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a” of Germany’s HDI-Gerling Industrie Versicherung AG (HGI) and its rated subsidiary, HDI-Gerling Welt Service AG …
Penn State has filed a countersuit against its primary general liability insurer, Pennsylvania Manufacturers’ Association (PMA) Insurance Co. PMA had filed for declaratory judgment on Jan. 31, arguing that the Blue Bell, Penn.-based insurer should not have to pay for …
Five Star Healthcare, a division of Crump Insurance Services, has added an insurance facility to provide coverage for managed care service providers. The product consists of a single-policy solution providing multiple coverage options. Available coverages include miscellaneous E&O, directors & …
Fairfax Financial Holdings, the property and casualty insurer run by investment guru Prem Watsa, said on Thursday that its fourth-quarter loss widened by 56 percent due to catastrophe claims and losses on the company’s equity hedges. The Toronto-based company lost …
