Oklahoma Insurance Commissioner Kim Holland has fined National Home Protection Inc., which the state insurance department said has failed to respond to a previously issued emergency cease and desist order directing the company to stop selling insurance products in the …
The U.S. property/casualty industry’s net income fell 87 percent to $1.2 billion in the first three months of 2009 according to A.M. Best. “The year-over-year decline in earnings was due primarily to the severe and prolonged turmoil in the financial …
A Rhode Island court has ruled that a commercial general liability insurance policy held by the owners of the Station nightclub does not require the insurance company to defend them against criminal charges. The case arose from the February, 2003, …
While Standard & Poor’s Ratings Services is positive in its outlook for PARIS RE (See related article), it is less so when it comes to the acquiring company, Bermuda-based PartnerRe. S&P said it has revised its outlook on the company …
Both A.M. Best Co. and Standard & Poor’s Ratings Services have taken a positive outlook for their ratings on PARIS RE and its operating companies, following the announcement that the group would be acquired by PartnerRe. Best said it has …
Bermuda-based PartnerRe announced that it has entered into definitive agreements to acquire PARIS RE, a French-listed, Swiss-based diversified reinsurer. PartnerRe will exchange 0.30 of its common shares for each PARIS RE common share outstanding in a stock-for-stock transaction. The announcement …
Validus Holdings Ltd. reiterated its unsolicited offer for reinsurer IPC Re Thursday, one day after Flagstone Reinsurance Limited made a higher competing bid [See related article]. Validus’ bid of 1.1234 of its shares plus $3.75 in cash for each IPC …
The Louisiana Supreme Court recently reversed the decision of trial and appeals courts, which had ruled in favor of an insurer in a case involving an uninsured/underinsured motorist. In Marco Demma, III v. Automobile Club Inter-Insurance Exchange (2008-C -2810), the …
The Oregon Legislature adjourned the 2009 legislative session ended with a mixed bag of results on insurance issues, according to the American Insurance Association (AIA). “A number of costly and unnecessary bills were stopped, but unfortunately others made it to …
Florida Insurance Commissioner Kevin McCarty said the 54 property insurers backed by nearly $5 billion in capital that have been admitted to the state since 2006 can’t be expected to absorb all of the policies left behind when State Farm …
