Most insurance professionals detest a soft market due to the increase in competition, unreasonably low pricing and increased market vulnerability. Some, however, may appreciate a softening precisely because of the change in underwriting and pricing philosophies. No soft market (or …
Chicago-based Specialty Underwriters’ Alliance Inc. reported that although net income was down in the first quarter of 2009 compared to the same period a year ago, gross written premiums rose to $29 million compared to $24.1 million for the first …
The Michigan Supreme Court has agreed to hear a case involving a ban on the use of credit scoring by insurance companies. In 2005, the Office of Financial and Insurance Regulation’s (OFIR) promulgated rules banning the use of insurance credit …
Syndicate 382 – Hardy Underwriting A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A ‘(Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 382, which is managed by Hardy (Underwriting Agencies) Ltd (HUA). Best also …
UK companies renewing insurance in the second quarter “could be paying equal or even less premium with just 50 percent of underwriters predicting an increase in property rates,” according to Aon’s Market Pulse. Aon described the finding as a “dramatic …
American International Group, the giant insurer bailed out by the U.S. government, reported its smallest loss in six quarters on Thursday, hurt once more by investment losses and write downs. AIG has lost more than $100 billion over those periods, …
Despite first-quarter profits being dragged dawn by winter storm claims, The Hanover Insurance Group Inc. earned its third ratings upgrade in 15 months, the Worcester, Mass.-based multi-regional insurer said. Hanover, which posted net income of $25.8 million — compared with …
A wildfire that began on May 5 in Santa Barbara County, Calif., continues to burn, increasing 448 percent from 500 acres burned yesterday to 2,739 acres burned and at least 20 homes destroyed as of this morning, according to the …
The Ohio Insurance Institute (OII) says the City of Toledo, and other cities and municipalities considering an additional revenue stream by charging insurers for fire department service runs to local residences should be aware that some personal lines insurers exclude …
Standard & Poor’s Ratings Services has said that its ratings and outlook on German global reinsurer Munich Reinsurance Co. (‘AA-‘/Stable/–) and core related entities) are unaffected by the Group’s first-quarter 2009 earnings announcement. “Munich Re’s net income for the first …
