The property/casualty insurance industry is employing advancements in catastrophe modeling and considering the impact of the creation of a national catastrophe fund as it applies lessons learned from Hurricane Katrina. Experts on a panel moderated by Louisiana Insurance Commissioner Jim …
A.M. Best Co. has affirmed the financial strength ratings of ‘A’ (Excellent) and issuer credit ratings of “a” of Electric Insurance Group and its members – Electric Insurance Company (Beverly, MA), Electric Insurance Ireland Ltd, (Dublin, Ireland) and Electric Lloyd’s …
An insurer can’t cite the commonly used earth movement exclusion to deny coverage to an insured whose property was damaged by excavation to a neighboring lot, a New York Appeals Court has ruled. The case pitted the owner of condo …
Insurance giant Allstate Corp. is closing its claims office in South Portland, a move that affects 55 people. Company spokesman Mike Siemienas said Wednesday the shutdown will take place by July 31 and is part of a consolidation of claims …
As the 2009 hurricane season arrives, many homeowners are finding insurance is either more expensive, or harder to get. Homeowners from New York to Florida and in the Gulf Coast region are again seeing premiums rise and coverage change. And …
Michigan is dropping objections to the sale of Chrysler LLC after the buyer agreed to assume Chrysler’s workers’ compensation liabilities. The settlement announced last Friday averts a court fight. The state had opposed the sale of Chrysler assets to Italian …
Florida property/catastrophe reinsurance rates increased by 15 percent at the June 1, 2009, renewal, compared to a decline of 15 percent a year ago, according to reinsurance specialist Guy Carpenter & Co. In a new briefing on Florda reinsurance trends, …
A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of Calif.-based GeoVera Insurance Group and its P/C members. “The ratings and …
The Supreme Court almost never takes up insurance related cases. Even so, President Obama’s recent nominee brings a long record of decisions favoring insurers, a possible plus for the insurance industry, said Philadelphia based insurance attorney Randy J. Maniloff. Maniloff, …
A newly formed U.S. municipal bond insurer, ready to open its doors as soon as it gets credit ratings, expects to launch with about 50 employees and double that number as it ramps up, executives told Reuters. Municipal and Infrastructure …
