Workers’ compensation insurer BrickStreet Mutual Insurance Co. says it has completed an early payoff on a $200 million startup loan from West Virginia. President and Chief Executive Officer Greg Burton says the Charleston-based company submitted the final $85 million Tuesday …
The Rhode Island Senate has declined to take up auto body legislation opposed by the insurance industry. The bill would have required consumers to have an independent appraisal for car repair work that exceeded $2,000. The legislation had been supported …
Bermuda-based Flagstone Reinsurance Holdings Limited has tossed its hat into the ring of potential merger partners for IPC Re. The company announced that it has made an offer to the Board of IPC Re to acquire all of the company’s …
A.M. Best Co. has upgraded the financial strength rating to ‘B++’ (Good) from ‘B+’ (Good) and the issuer credit rating to “bbb” from “bbb-” of Guam-based Pacific Indemnity Insurance Company (PI), and has revised the outlook to stable from positive. …
A report from Willis Re indicates that “despite predictions of dramatic rate increases to offset reinsurer losses over the preceding 12 months, July 1 reinsurance renewals saw sufficient capacity in virtually all areas and a reasonably orderly rating environment.” The …
The Property Casualty Insurers Association of America (PCI) has asked Gov. Bobby Jindal to veto House Bill 658, workers’ compensation legislation that PCI believes would increase the likelihood of fraudulent claims, an insurer’s exposure to lawsuits, and the need for …
The North Carolina House Insurance Committee has unanimously approved legislation that attempts to spread the pain should a major storm cause losses that exceed existing private and public insurance funds. The legislation (HB 1305) would cap the liability of private …
Mississippi Gov. Haley Barbour has signed legislation to help control insurance costs for coastal property owners. Business supporters of the bill contend it will also serve as an economic stimulus. The bill appropriates a total of $40 million for the …
Upward pressure on property/catastrophe reinsurance rates in the U.S. eased at the July 1, 2009 renewal, as capacity in the market remained sufficient without being abundant, according to a briefing published today by Guy Carpenter & Co., LLC. Consistent with …
California Insurance Commissioner Steve Poizner announced that he will launch an effort to probe insurance company investments for ties to Iran and immediately direct California-based insurance companies to divest any direct holdings in the Iranian government. “State law prohibits California …
