The California Court of Appeal has ruled that an insured can recover full defense costs, when an insurer fails to respond with timely defense. According to court documents in Intergulf Development v. Superior Court of San Diego County (Interstate Fire …
The recession may be over, but recovery is not happening quickly enough for insurers and brokers. From unemployment rates hovering at about 10 percent to still rising business bankruptcies, the lingering effects of the recession continue to whittle away at …
Hartford Financial Services Group Inc. will restructure itself under a plan to reignite growth by courting small- and medium-sized businesses as clients and reining in risk. The announcement of the plan comes a day after the insurer, the 10th-oldest company …
Standard & Poor’s Ratings Services has affirmed its ‘A-/A-1’ counterparty credit ratings on American International Group Inc, as well as its ‘A+’ counterparty credit and financial strength ratings on its insurance subsidiaries, Chartis and SunAmerica Financial Group. The outlook for …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of the New York-based Tower Group Companies and its pooled and reinsured members. Best also affirmed the FSR of ‘A-‘ …
New Jersey-based insurer Selective Insurance Group Inc. says it has begun outsourcing its investment operations to third party managers and as a result, its executive vice president and chief investment officer, Kerry A. Guthrie, has left the company. The company …
Woodruff-Sawyer & Co. has crafted a new personal protection solution called Wealth Security Policy for independent board members through a collaboration with an A+ XV rated Insurer. Independent directors of corporations are subject to unlimited, personal liability. They can be …
The Federation of European Risk Management Associations (FERMA) announced that it is presently conducting, “a wide-ranging, risk management benchmarking survey,” aimed at compiling data to let insurers know “what their major commercial insurance customers in the UK and across Europe …
A.M. Best Co. has affirmed the financial strength rating of ‘B++’ (Good) and issuer credit rating of “bbb” of VICTORE Insurance Company (VIC) of Oklahoma City, both with stable outlooks. The ratings reflect VICTORE’s current “modest underwriting leverage, sound balance …
The European Insurance Forum, held in Dublin Monday and Tuesday, was dominated by the fiscal crisis that has hit Ireland particularly hard. Although the country’s insurance industry remains a bright spot in an otherwise fairly bleak landscape, even it is …
