Another young Florida property insurance company is in trouble with state regulators and could lose its license if it does not cut back on business, boost its reinsurance and explain some if its accounting. Olympus Insurance Co. reported a surplus …
Proposed cuts in the agreement crop insurers have with the federal government would likely reduce reinsurers’ expected profit by 20 to 30 percent, which could lead to some companies withdrawing from the program or scaling back their capacity, according to …
Washington Insurance Commissioner Mike Kreidler has asked about 200 insurers to take part in a voluntary “market assistance plan” (MAP) to help businesses in the Green River Valley find adequate flood coverage. These plans work like a matchmaker, pairing companies …
The aging of Europe may open opportunities to sell savings products, but it also spells a real threat to parts of the financial services industry. Pensions experts call it the “toxic tail.” Like the subprime crisis faced by by banks …
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 American Summit Insurance Company (American Summit). Concurrently, Best affirmed the FSR of A (Excellent) …
New Jersey-based Western World Insurance Group has announced three management changes. Thomas F. Mulligan has been promoted to president and chief executive officer from executive vice president of underwriting and marketing. Mulligan replaces Andrew S. Frazier who retired at the …
Insurance broker Marsh has launched a service that enables clients worldwide to monitor the financial condition of their insurance companies at any time. Called Marsh Market Information (MMI), the service addresses what Marsh says is a top concern of clients …
The Arizona House Commerce Committee has unanimously endorsed newly proposed legislation to require State Compensation Fund of Arizona (SCF Arizona) to become a private mutual insurance company owned by its policyholders. The bill states that the successor mutual insurer corporation …
Tower Australia Ltd will be interested in buying the “well-run” Australian business of AIA if it comes up for sale, as it moves into the fast-growing group insurance sector, Tower’s chief executive said on Thursday. “It is something we will …
Florida insurance officials have moved to shut down Northern Capital Insurance Co. after concluding that the firm is insolvent. The Office of Insurance Regulation (OIR) made an official request to the state’s Department of Financial Services (DFS) to initiate delinquency …
