The California Supreme Court has ruled that a statute authorizing limited discovery of a defendant’s insurance coverage does not include authorization to look into reinsurance agreements as part of facilitating a pretrial settlement. In Catholic Mutual Relief Society et al. …
Australian banking and insurance group Suncorp-Metway reported a 16.2 percent increase in net profit after tax to a record A$1.064 billion (US$877 million), which includes 15 weeks’ contribution from Promina, the insurer that Suncorp acquired through a merger agreement last …
U.S. consumers want insurance companies to more effectively communicate new products and services available to them, provide tailored policies and services to better meet their needs, and bring their customer experience up to par with other industries, according to a …
Courts in Louisiana already inundated by a wave of litigation against insurance companies over damage from Hurricane Katrina are bracing for a last-minute barrage of lawsuit filings as a deadline nears. Thousands of Louisiana home and business owners are expected …
Oklahoma-based Physicians Liability Insurance Company (PLICO) announced that in just over two years it has overcome a $143 million surplus deficit. Carl Hook, M.D., president and CEO of PLICO, said the company met the goal 1.5 years in advance of …
A.M. Best Co. has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and issuer credit rating (ICR) to “a” from “a-” of CRC (Bermuda) Reinsurance Limited (CRC), a direct wholly-owned subsidiary of Canada’s Fairfax Financial Holdings …
The London office of Moody’s Investors Service has issued a new “Special Comment” analyzing the current crisis in the US sub-prime mortgage market and “the related uncertainty surrounding structured vehicles.” The rating agency concludes that it “will not have a …
Medical malpractice insurer PMSLIC Insurance Co. has filed for an overall 11 percent rate reduction in Pennsylvania. If approved by the Pennsylvania Department of Insurance, the revised rates will go into effect Jan. 1, 2008. The decision to file for …
Insurance Australia Group Limited (IAG) announced a net profit after-tax of A$552 million (US$452 million) or the full year ended June 2007, compared to the A$759 million (US$622 million) it reported last year. The Group’s insurance margin slipped to 11.4 …
A.M. Best Co. has upgraded the financial strength ratings (FSR) to “A” (Excellent) from “A-” (Excellent) and issuer credit ratings (ICR) to “a” from “a-” of Markel Insurance Company of Canada, Federated Insurance Company of Canada, Commonwealth Insurance Company, Seattle-based …
