New accounting rules intended to align U.S. insurers’ varied approaches to accounting for deferred acquisition costs (DAC) will negatively affect insurers’ reported equity and some of the financial metrics that the companies report, but will have no direct effect on …
New York’s highest court has ruled that a motorist from Syracuse who struck and killed a pedestrian while being distracted by sun glare cannot invoke “emergency doctrine.” An attentive driver would have anticipated occasional sun glares considering the time of …
Most states in the northeastern region reported deteriorating workers’ compensation underwriting results last year, according to latest data from A.M. Best. Pennsylvania, New Jersey, Delaware, Maine and Rhode Island were especially hard-hit. Pennsylvania’s direct premiums written fell 8.6 percent last …
Willis Group Holdings plc in London has named Tim Wright as chief executive officer of Willis International, the company’s business unit serving all of Willis’ retail clients around the globe outside North America, the United Kingdom and Ireland. The company …
Insurance entrepreneur Mark Byrne pulled ahead in the race to buy Lloyd’s of London insurer Omega after Omega and its top shareholder backed his offer, prompting his main rival to withdraw. Omega, at the centre of a three-way takeover battle …
Allstate Corp. suffered nearly $1.1 billion in catastrophe losses in the third quarter, the country’s largest publicly traded home and auto insurer said Thursday. That is half of what Allstate lost in the second quarter, when parts of the United …
Kentucky Republican state Rep. Bill Farmer of Lexington is planning to push a legislative measure that would impose new rules regarding the sale of scrap copper to try to cut down on thefts. Farmer said businesses and even churches have …
Florida’s top highway safety official wants to put more troopers who specialize in investigating highway fatalities out on the road. Highway Safety and Motor Vehicles Director Julie Jones told members of the Florida Cabinet this week that she wants to …
Florida’s hurricane fund is confronting a potential $3.2 billion shortfall, financial experts said in a new estimate of the money available to the pool intended to help insurers make disaster payments. The fund was created after Hurricane Andrew devastated South …
Praised by consumer advocates and denounced by manufacturers, a new federal database for safety complaints about everything from baby gear to household appliances is facing its first legal challenge. A motion has been filed in federal district court in Maryland …
