Risk Management Solutions has issued a bulletin that presents several possibilities concerning the economic losses from the floods, which have caused extensive damage in northwest England [See IJ web site – https://www.insurancejournal.com/news/international/2009/11/23/105496.htm]. The catastrophe modeling firm notes that the floods …
Gov. Bill Ritter has appointed attorney Barbara J. Kelley of Denver to be the new executive director of the Colorado Department of Regulatory Agencies, effective Dec. 1. She replaces Rico Munn, who became the executive director of the Colorado Department …
International insurance broker Arthur J. Gallagher & Co. reported it has acquired Shuford Insurance Agency, Inc. in Concord, North Carolina. Terms of the transaction were not disclosed. Founded in 1938, Shuford Insurance Agency, Inc. is an independent insurance agency offering …
Florida Insurance Commissioner Kevin McCarty has approved rates hikes for about 330,000 of Citizens Property Insurance Corp.’s so-called high-risk coastal property accounts. The statewide average increases include a hike of 5.2 percent for more than 250,000 coastal homeowners, 11 percent …
A Florida jury Thursday ordered cigarette maker Philip Morris USA to pay $300 million in damages to a 61-year-old ex-smoker named Cindy Naugle who is wheelchair-bound by emphysema. The Broward Circuit Court jury assessed $56.6 million in past and future …
The state’s largest private property insurer may not leave Florida after all, Insurance Commissioner Kevin McCarty told Gov. Charlie Crist and other members of the Florida Cabinet. McCarty, repeating what he has told media outlets recently, told the Cabinet he …
A.M. Best Co. has assigned a debt rating of “bbb” to the recently issued $350 million 8.00 percent 30-year senior unsecured notes due 2039 of Transatlantic Holdings, Inc. (TRH) with a stable outlook. Standard & Poor’s Ratings Services assigned the …
The Missouri Department of Insurance reported that a leader in the U.S. foodservices market has become licensed as a captive insurance company, the result of a new state law making the captive formation process easier. The department said it has …
Two former auditors of Parmalat SpA agreed to pay $15 million to settle a class-action lawsuit by U.S. equity investors over their roles in the Italian dairy company’s 2003 collapse. Deloitte Touche Tohmatsu will pay $8.5 million and Grant Thornton …
A new intelligence report from Marsh concludes that “energy firms are set to enjoy a softening insurance market in 2010, as a result of increasing competitiveness among insurers and capacity being at its highest level since the capital influx at …
