Insurers’ reserves were redundant at year-end 2011 by $11.7 billion — or 2 percent of total booked reserves – compared with $22.0 billion at the year-end of 2010, after the industry released $12.7 billion of reserves during 2011, according to …
Flexibility, Balance, Respect and Accessibility Are Important, Studies Find There’s a lot of talk in property/casualty insurance circles these days about how the industry is going to replace the huge wave of baby boomers that are beginning to retire and …
Umbrellas are apparently not as simple as many would like to believe because various issues involving umbrellas cause more than their fair share of errors and omissions claims. Due to the nature of umbrella coverage, the exposure can be significant …
Between 2006 and 2008, there were 7,461 claims involving falls resulting in $243 million-plus in reserves, according to Bradford S. Purcell, a partner at the Illinois-based law firm of Purcell & Wardrope. During that period, 23 percent of construction accident …
State regulators around the county are finally collecting their share of a multimillion dollar settlement reached with American International Group (AIG) in 2010 based on the company’s misreporting of workers’ compensation premiums for the years 1985 to 1996. In December …
Lou Savage, Oregon’s interim insurance commissioner for the past seven months, has been appointed to the position, replacing Teresa Miller, who left in November, 2011 to accept a position with the federal government. Savage initially planned to return to his …
Combined Agents of America LLC (CAA), based in Austin, Texas, has a newly elected 2012-13 Management Committee. The new committee includes: President Roger Luttrell, president of Benton-Luttrell-Brown in Van Alstyne, Texas; Executive Vice President Don B. Hudson, vice-president of JHC …
What would happen to the auto insurance industry if automobile safety improves to the point that vehicle collisions become relics of the past? That’s the question explored by global consulting and research firm, Celent, in a report that envisions a …
Eighteen coastal states permit insurers to use hurricane deductibles in their homeowners policies. But the Insurance Information Institute is concerned insureds may not see them even though they are clearly listed on their policies or understand them since they may …
Our clients sometimes ask why they should purchase side “A” directors and officers (D&O) liability coverage to protect their directors and officers from lawsuits when they are already providing broad indemnification for damages and defense through the corporate bylaws (or …
