Austin, Texas-based medical professional liability insurer, Medicus Insurance Company (Medicus) has announced an overall 11 percent rate decrease for its insureds in Texas. The Texas Department of Insurance approved the reduction effective May 15, 2009. Medicus is in its third …
Insurers are still seeking a universal solution to weaknesses in catastrophe bonds exposed by Lehman Brothers’ collapse, though structural improvements have helped push sales past $1 billion this year. This year’s nine catastrophe bonds have employed innovative structures to neutralize …
North Carolina legislators started grappling last week with how to beef up the state-created but underfunded insurance program for coastal property, and immediately confronted the possibility that all of the state’s insured property owners could pay more after a catastrophic …
The property/casualty insurance industry suffered a $1.3 billion net loss after taxes for first-quarter 2009, which constitutes a $9.8 billion adverse swing from the industry’s $8.5 billion in net income after taxes in first-quarter 2008. And reflecting the swing to …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa” of Japan’s Mitsui Sumitomo Insurance Company Limited (MSI). Best also affirmed the FSR of ‘A+’ (Superior) and assigned an ICR …
Lockton Companies (Hong Kong) Ltd. announced the launch of the first “After-the-Event Insurance product (ATE) in Hong Kong.” Lockton HK is working in partnership with UK broker TheJudge, a long established broker in Litigation Risk Transfer Solutions. “ATE Insurance is …
Legislation aimed at streamlining and reducing barriers in state regulation of surplus lines insurance and reinsurance has been introduced in the U.S. Senate. The Nonadmitted and Reinsurance Reform Act (NRRA) of 2009, or S 1363, would create a uniform regulatory …
The Louisiana Legislature passed SB 303, workers’ compensation medical treatment legislation, just before it adjourned on June 25. According to the American Insurance Association (AIA), SB 303 requires that medical treatments adhere to a new treatment schedule and that such …
There is no need for a federal consumer protection agency for property/casualty insurance products, state insurance regulators and insurers told Congress. In testimony before the House Committee of Financial Services on a proposed federal Consumer Financial Protection Agency, the industry …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Bermuda-based Wind River Reinsurance Company, Ltd. and its U.S. subsidiaries. Best also affirmed the ICR of “bbb” of the …
