The insurance industry plays a significant role in California’s economy, employing hundreds of thousands of workers, investing billions of dollars in state and local governments and paying the fourth largest amount in taxes to the state’s General Fund, according to …
Arizona Governor Jan Brewer has named Judith A. Patrick chair of the Board of Directors of SCF Arizona, the state’s largest provider of workers’ compensation insurance. Patrick becomes the first woman appointed to the post, and the Tucson, Ariz., resident …
Standard & Poor’s Ratings Services said that its ratings on Hong Kong-based American International Assurance Co. Ltd. (AIA; A+/Developing/–) and American International Assurance Co. (Bermuda) Ltd. (AIAB; local currency A+/Developing/–) “were not affected by the announcement of an accelerated separation …
The 2009 Minnesota legislative session has wrapped up with lawmakers taking action on a number of insurance bills. One in particular has insurer trade groups questioning whether litigation will follow after the measure becomes law on Aug. 1. Lawmakers debated …
The current economic environment has produced several influences that in combination are negatively affecting, or at least stressing, property casualty insurance carriers in unique ways, according to one experienced industry analyst. Investments in financial services providers, such as banks, Fannie …
A.M. Best Co. has revised the outlook to positive from stable for the issuer credit ratings (ICR) of Travelers Group, its P/C members and affiliate, Travelers Casualty and Surety Company of America (TCSA) and TCSA’s affiliate, the UK-based Travelers Casualty …
The state of Ohio has joined Michigan in its objection to the pending sale of Chrysler LLC because of workers’ compensation issues. Ohio Attorney General Richard Cordray said his office filed a limited objection to the pending Chrysler sale in …
A.M. Best Co. has downgraded the financial strength rating to B++ (Good) from A- (Excellent) and issuer credit ratings to ‘bbb+’ from ‘a-‘ of Oklahoma Farm Bureau Group and its members, Oklahoma Farm Bureau Mutual Insurance Company and AgSecurity Insurance …
Dutch financial group ING made clear this week it was not in any particular rush to complete its planned €8 billion [$10.8 billion] of asset sales — but to hear analysts and bankers tell it, Chief Executive Jan Hommen may …
Government approval for billions of dollars in taxpayer bailout funds for life insurers is dividing the industry into haves and have-nots, with Ameriprise Financial Incand possibly others rejecting the government’s helping hand. The sector’s finances have improved during months of …
