Reinsurers promised to stand firm on the prices they charge for covering big risks like hurricanes and plane crashes, even as the recession robs their insurance company customers of cash needed to pay for the service. Global reinsurers gathering for …
Standard & Poor’s Ratings Services has revised its outlook on Allianz Insurance JSC (Allianz Russia) to negative from stable and affirmed its ‘BBB-‘ long-term counterparty credit and insurer financial strength ratings on the Moscow-based insurer. S&P also affirmed the ‘ruAA+’ …
Insurance companies providing medical malpractice coverage in Missouri returned a profit in 2008, marking the fifth consecutive year of positive earnings, Missouri Department of Insurance says. The department said its annual report on the industry shows increased profits are due …
In a recent meeting of a task force considering privatizing Oklahoma’s state-backed workers’ compensation insurer, CompSource Oklahoma, Nevada insurance executives said workers’ comp rates have dropped in that state since the agency providing such insurance was privatized 10 years ago. …
Miami-based First Commercial Insurance Co. and its subsidiary have been declared insolvent and ordered liquidated about six weeks after being placed under state control. All policies written by FCIC and its subsidiary, First Commercial Transportation and Property Insurance Co., are …
Most consumers of auto and homeowners insurance seem to be happy with their insurers, says a new industry study. A new public opinion study by the Insurance Research Council (IRC) reported that 91 percent of respondents with auto insurance said …
Aon Benfield Fac, the broker’s facultative reinsurance division, announced the launch of a new online service, FAConnectSM, to expedite the placement of facultative risks. The service has already “been endorsed by both clients and markets,” said the bulletin. It will …
Florida officials announced that a new Miami-based insurance company will pick up the insurance for about 15,000 of the policyholders now with bankrupt First Commercial Insurance Co., which is in liquidation. Florida CFO Alex Sink said her office negotiated the …
Dennis J. Hayes has been appointed special deputy superintendent of the New York Liquidation Bureau (NYLB). Hayes has been a senior executive at NYLB since 1996, most recently serving as assistant special deputy superintendent. As special deputy superintendent, Hayes will …
Companies that sell private mortgage insurance in Missouri suffered their largest losses last year in three decades of record-keeping. The state insurance department says mortgage guaranty insurers had net losses in 2008 of $173 million — an amount equal to …
