In an open letter addressed to Barney Frank, the Chairman of the House of Representatives Committee on Financial Services, the largest U.S. insurance trade associations expressed their concerns over the recently passed Financial Stability Act’s possible implications. The letter, signed …
Munich Reinsurance America, Inc. announced that it now offers a reinsurance product for insurance companies impacted by rising insured losses from ‘local’ natural catastrophes. “The Nat Cat Frequency Cover is designed to protect insurers against the accumulation of losses resulting …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of South Korea’s Dongbu Insurance Company, Ltd., both with stable outlooks. “The ratings reflect Dongbu’s solid market profile, sound underwriting performance and …
Ratings firm A.M. Best Co. has assigned a financial strength rating of B++ (Good) and an issuer credit rating of “bbb” to both Florida-based Lakeview Insurance Co., and its affiliate, Florida Family Insurance Co. The outlook assigned to all of …
Healthcare provider UniCare will effectively no longer be providing healthcare coverage to commercial groups and individuals in Illinois and Texas as of the end of the year. UniCare’s parent company, Wellpoint Inc., noted in its Oct. 28 report on financial …
“Economic downturns are often linked to increases in fraud and crime,” notes an article on the Lloyd’s web site (www.lloyds.com). “In desperate times people are said to be more likely to turn to fraud, and scams are more likely to …
The New Jersey-based Arch Reinsurance Company announced that Tim Olson has been promoted to the position of President and Chief Executive Officer of Arch Reinsurance Company. He will assume responsibility for the overall management of Arch Reinsurance Company. Arch Re …
Torus, has appointed David Whiting as Senior Casualty Reinsurance Underwriter, with immediate effect. He is based in Bermuda, and takes over responsibility for all of Torus Re’s casualty underwriting. Whiting reports directly to Tim Mardon, Torus Re’s President and Chief …
Maryland-based insurance and risk management firm HMS Insurance Associates Inc. has made several executive-level promotions. Nancey Bohlen has been promoted to chief financial officer and vice president of operations. She will oversee financial aspects of insurance and non-insurance related business. …
A Chancery Court Judge in Cook County Illinois has halted a state insurance department order that prohibited a medical liability insurer from writing new business in the state. On Oct. 22, Illinois Director of Insurance Michael McRaith suspended the operations …
