Western National Insurance Group, headquartered in Edina, Minn., has hired Daniel E. Stein to lead the group’s upcoming entry into surety business. Stein joins Western National with more than a decade of surety-related underwriting and leadership experience. He began his …
The blame game for the recent British Petroleum (BP) oil rig accident and subsequent oil spill is just getting started as are the insurance implications of this disastrous event, according to underwriters and other observers. “It’s going to take several …
A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of Hallmark Insurance Group (Hallmark Group) of Fort Worth, Texas, and its operating members. Additionally, A.M. Best affirmed the ICR …
Bermuda announced that it has signed a bilateral agreement with the Portuguese Republic that “provides for a full exchange of information on criminal and civil tax matters between Bermuda and the Portuguese Republic. “The signing of the Tax Information Exchange …
The payment per claim for prescription drugs used to treat injured workers in Texas was nearly one-third higher than in most study states, according to a new study by the Workers Compensation Research Institute (WCRI). The 16-state study by the …
Risk Management Solutions (RMS) announced that China Reinsurance (Group) Corporation, the largest reinsurer in Asia, will “license its catastrophe modeling software to support the expansion of China Re’s property and casualty reinsurance business. “China Re will use RMS’ models for …
Bermuda-based Ironshore Inc. has completed a private offering of $250 million of 8.50 percent senior notes due 2020. The notes were issued by Ironshore Holdings (U.S.) Inc., a wholly owned subsidiary of Ironshore, and are fully and unconditionally guaranteed by …
A new report from A.M. Best notes that mutual insurance companies “have generally entered and emerged from the economic downturn in a strong position, but any advantage they currently have over conventional insurers could be short-lived.” Best’s research states that, …
PURE Risk Management LLC, based in White Plains, N.Y., is expanding its Privilege Underwriters Reciprocal Exchange (PURE), a member-owned reciprocal insurer, to offer comprehensive, customized property and casualty insurance coverage to responsible owners of well-built, high-value homes in Texas. The …
Europe’s travel industry is counting the cost of air traffic disruption caused by a volcanic ash cloud which forced thousands of flights to be cancelled and is braced for more stoppages this month. British travel company TUI Travel and low-cost …
