The Property Casualty Insurers Association of America (PCI) says the Michigan Board of State Canvassers’ approval of a petition for a ballot initiative to overhaul auto and homeowners insurance laws in the state represents an attack on insurance companies. “This …
American International Group Inc. has made tangible progress on its restructuring plan and will likely be able to repay the government’s loan and much of its preferred equity stake, Moody’s Investors Service said on Monday. The restructuring plan still relies …
Bermuda-based Validus Holdings reported net income of $499.2 million, or $5.21 per diluted common share for the three months ended September 30, 2009, compared with a net (loss) of ($126.3) million, or ($1.71) per diluted common share, for the three …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Bahamas-based Royal Star Assurance Limited (RSA), both with stable outlooks. The ratings reflect” RSA’s solid risk-adjusted capitalization, favorable operating results and …
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 …
Allstate Corp., the largest publicly traded U.S. home and auto insurer, reported a third qarter profit Wednesday, the improvement from a year ago loss made possible by lower catastrophe and investment losses. Net income was $221 million compared to a …
American International Group may be a shadow of its former self but for the second straight quarter it has posted a profit. AIG reported net income of $455 million. Third quarter 2009 adjusted net income was $1.9 billion, compared to …
Military insurance company USAA is expanding its customer base by nearly 35 million prospects by opening up eligibility for its products to all veterans who have honorably served in the U.S. Armed Forces anytime. More than 18 million U.S. military …
The Central Oklahoma Chapter of the CPCU Society presented its Insurance Industry Service Award to Larry W. Fitch at the recent Insurance All Industry Day in Oklahoma City. Fitch currently is the general manager for the Oklahoma Property and Casualty …
No-fault payments for medical claims by auto accident victims in New York have seen a dramatic increase over the last several years, one industry group says, and the state and insurance companies need to redouble efforts to root out fraud, …
