Industry representatives say insurance companies likely will pay out more than $1 billion for property damage sustained during a stormy month of May in Oklahoma. An estimate by ISO’s Property Claims Services unit, which tracks catastrophic insured losses, is that …
California lawmakers are bringing a version of health care reform to your pets. A bill that passed this week in the state Assembly would require greater disclosure from health insurance companies that cover animals. The bill by Democratic Assemblyman Dave …
Reinsurers have bumped up prices for offshore energy-related insurance premiums by 50 percent following insurance industry losses of up to $3.5 billion from the BP plc oil spill in the Gulf of Mexico, Moody’s Investor Service said in a report …
When large deals fail, heads often roll. In the case of Prudential Plc’s failed attempt to buy American International Group Inc.’s Asian life insurance unit for $35.5 billion, the British insurer’s management has more to worry about than AIG’s. Prudential …
Property/casualty (P/C) insurers have turned to releasing significant amounts of reserves in the past couple of years, even as the underlying business conditions have deteriorated, but may have to slow this practice, according to Standard & Poor’s Ratings Services. “We …
UK insurer Prudential Plc is pulling out of its bold $35.5 billion takeover of AIG’s Asian life insurance arm, ending a 3-month battle with shareholders who had argued the deal was over-priced. The widely expected move on Wednesday came after …
Florida Gov. Charlie Crist has signed into law a bill exempting certain commercial and professional liability insurance rates from state review prior to use. Current state law exempts only those policies with annual premiums above $500,000 in addition to other …
Maryland Gov. Martin O’Malley has a new proposal aimed at boosting the amount of venture capital for businesses like bioscience companies. The governor rolled out the proposal on Tuesday during a speech to academic, business and government officials in Rockville. …
As he hinted he would do, Florida Gov. Charlie Crist has vetoed an omnibus property insurance bill (SB2044) that the industry and even the state’s insurance commissioner had urged him to sign. Crist, who was elected governor as a Republican …
Hawaii’s 2010 Legislature has passed a bill, HB 1985, that will double all insurance licensing fees in Hawaii effective July 1, 2010, to June 30, 2014, including issuance, service, and renewal fees for insurers, producers, adjusters, surplus lines brokers, service …
