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 …
Wisconsin Republicans have failed in an attempt to remove a budget provision they say will cause car insurance rates to increase in the state. The proposal, submitted by Gov. Jim Doyle, proposes to increase the minimum amounts of liability coverage …
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A-‘ (Excellent) from ‘B++’ (Good) and issuer credit rating (ICR) to “a-” from “bbb+” of New York-based Hermitage Insurance Company, and has revised its outlook on the ratings to …
California’s State Compensation Insurance Fund has filed a mid-year rate plan that reflects a 15 percent increase in collectible premium. The revised rates will apply to new and renewal workers’ compensation policies effective on or after July 1, 2009. “The …
Florida Gov. Charlie Crist has signed legislation that will increase property insurance rates by 10 percent annually on more than one million customers of the state-backed Citizens Property Insurance Corp. and gradually reduce the exposure of the state’s hurricane insurance …
American International Group Inc. said Thursday it will sell a part of its 59 percent stake in reinsurer Transatlantic Holdings Inc. to the public in a secondary offering, marking its latest divestiture. AIG, which is trying to pay back the …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Navigators Insurance Group, which is comprised of Navigators Insurance Company and its wholly owned and 100 percent reinsured subsidiary, Navigators …
The Insurance Bureau of Canada, which represents 95 percent of the Country’s P/C carriers, has reacted strongly to charges that they oppose reforms in the auto sector. The IBC stated: “An alliance of medical/ rehabilitation providers has issued another press …
