The New York State Insurance Department has ordered insurers Homesite Insurance Co. and Security Mutual Insurance Co. to offer to reinstate at total of 260 homeowners’ policies across the state. Regulators say the insurers improperly cancelled or non-renewed the policies. …
Virginia-based specialty insurer Markel Corp. announced that its president and chief operating officer, Paul W. Springman, has resigned. Springman had been on a leave of absence since late October, Alan I. Kirshner, chairman and chief executive officer, said: “We appreciate …
Property owners insured in the Mississippi wind pool may soon find some relief from rising premium costs with the transfer of $19 million from the Mississippi Insurance Department to the Mississippi Windstorm Underwriting Association, the official name for the wind …
Massachusetts Attorney General Martha Coakley’s Office has filed a lawsuit against the owners and agents of a Bay State insurance agency, alleging the business pocketed $3.4 million in fees it disguised as insurance premiums. The lawsuit names Peabody-based Kilgore Insurance …
North Dakota Insurance Commissioner Adam Hamm has issued a cease and desist order against Patricia Howard, a Dunn Center insurance agent, who is alleged to have engaged in deceitful and dishonest practices against her insurance clients. The order bars Howard …
More Cedar Rapids homeowners are accepting buyout offers for their flood-damaged properties. Officials say 17 more homeowners have signed offers to have the city buy their properties, which were heavily damaged in the flood of 2008. That brings to 45 …
Louisiana insurance regulators are suing a company accused of selling worthless construction bonds for bids on hundreds of millions of dollars in government projects, Insurance Commissioner Jim Donelon said last week. Infinity Surety of Louisiana Inc. wasn’t licensed to operate …
A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and the issuer credit rating (ICR) of “aa” of South Korea’s Samsung Fire & Marine Insurance Co., Ltd. The …
The deregulation of the Massachusetts auto insurance market has driven up prices, boosted insurer profits, reduced consumer protections and generally created confusion in the marketplace, according to a new report by the state’s attorney general. The report, which comes roughly …
The Zurich Financial Services Group announced that it has obtained, through its subsidiaries, Zurich American Insurance Company and Zurich Insurance Company Ltd, a 3-year $225 million catastrophe excess of loss reinsurance protection from Lakeside Re II Ltd. to cover the …
