Attacks by President Obama and Congressional Democrats against private health insurers will have a “spillover effect” on other segments of the private insurance marketplace, a property/casualty insurance trade group executive has warned. David A. Sampson, president and CEO of the …
The House Financial Services Committee has adopted an amendment ensuring that all lines of property/casualty insurance would be exempted from the jurisdiction of the new proposed federal Consumer Financial Protection Agency. Proposed by Rep. Gwen Moore, D-Wisc., and Erik Paulsen, …
The Chubb Corp. reported that net income in the third quarter of 2009 was $596 million or $1.69 per share, compared to $264 million or $0.73 per share in the third quarter of 2008. Operating income increased 63% to $552 …
Illinois Director of Insurance Michael McRaith has suspended the operations of medical liability insurer Professional Liability Insurance Company of America (PLICA). Under the Department of Insurance order dated Oct. 22, 2009, PLICA is prohibited from writing new policies or renewing …
If the stock market and weather are any indication, third-quarter earnings reports from insurers will look a lot better than they did a year ago. The big companies, which began their reporting season today with Travelers Cos.’ results, are expected …
Columbus, Ohio-based State Auto Financial Corporation reported third quarter 2009 net income of $13.0 million, or $0.33 per diluted share, versus a net loss of $14.7 million, or $0.37 per diluted share, for the third quarter of 2008. State Auto’s …
Economists have declared the Great Recession over, but its lingering effects will continue to chip away at commercial property/ casualty premiums through 2010, according to insurance experts. A new Advisen Ltd. briefing says that the damaged economy will keep rates …
The United Arab Emirates National Health Insurance Company, Daman, and Munich Re have extended their strategic alliance and partnership. The bulletin noted that the “initial five-year agreement between both firms was signed in 2005 when Daman was set up. Due …
Marsh’s London office announced that it has launched a new Directors’ and Officers’ (D&O) liability diagnostic tool for private companies domiciled in the UK. “The service is free to clients with assets below £250 million ($413 million). The tool measures …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of Flagstone Reassurance Suisse SA and the ICR of “bbb-” of Bermuda-based Flagstone Reinsurance Holdings Limited (collectively referred to as Flagstone …
