A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Zenith National Insurance Group and its members, Zenith Insurance Company (Zenith) and ZNAT Insurance Company (ZNAT), a wholly owned subsidiary …
Colorado lawmakers voted down SB 103, the unfair claims practices act. The legislation was killed in the House Health and Human Services Committee in a 6-5 vote. The bill, if it had passed, would have “defined as an unfair claim …
U.S. life insurers, already weakened by the global financial crisis, are expected to report their worst-ever quarterly results in the coming weeks, stoking expectations that federal funds will be needed to prevent the sector from becoming the next casualty of …
“Recent insurer downgrades and financial woes have raised the level of counterparty risk to buyers who are becoming increasingly concerned that their insurers may not pay out on their insurance contract when they are supposed to,” notes Willis Group Holdings …
Trade credit insurer Coface notes that the current “credit crisis, which entered its second phase in the fourth quarter of 2008, is worsening in all regions. After observing a decline in the average financial strength of companies in 22 countries …
The financial strength rating of Manchester, New Hampshire-based MEMIC Indemnity Co. as well as its Maine-based parent company have been upgraded by A.M. Best Co. MEMIC Indemnity is now rated “A” (Excellent), up from a previous rating of “A-” (Excellent). …
In the midst of the financial turbulence, it’s easy to lose sight of longer-term trends. The economic downturn doesn’t necessarily mean the end of certain industries, but it does imply that there are some changes ahead. The global property/casualty (P/C) …
Barry County Circuit Judge James Fisher issued an injunction on Friday, April 10, preventing Michigan insurance regulators from challenging insurance companies’ home and auto insurance rate filings that use credit scoring in determining their premiums. The injunction against the Office …
The Netherlands ING Group said on Thursday that it plans to divest operations worth up to €8 billion ($10.6 billion) to reduce risk and will focus its banking activities on Europe. ING, which was loss-making in 2008 and got a …
Arkansas Governor Mike Beebe has signed legislation that bans local governments from billing motorists for accident response services performed by police departments, according to the Property Casualty Insurers Association of America (PCI). HB 1895, sponsored by Rep. Allen Kerr (R-Little …
