Florida-based insurance agency Brown & Brown, Inc. has purchased the assets of Gallagher Associates in Blackwood, New Jersey. Gallagher Associates, with annualized revenues of approximately $2.0 million, sells property/ casualty insurance in the southern New Jersey, Pennsylvania and Delaware region. …
FEMA has announced it will give more than $10 million for flood-recovery projects in eastern Iowa. Projects in Lake Delhi, Iowa City, Anamosa, Bluffton and Cedar Falls will split the FEMA dollars. Among those receiving funding are repairs to damaged …
A.M. Best Co. has assigned a financial strength rating of ‘A-‘ (Excellent) and an issuer credit rating of “a-” to Indiana-based Max America Insurance Company (MAIC) with a positive outlook on both. The formation of MAIC by its ultimate parent …
The Delaware Division of Motor Vehicles plans to save money by ending the mailing of renewal reminders. Officials say vehicle registration renewal reminders will now be communicated by telephone and e-mail. The change takes effect Jan. 1 and is expected …
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A+’ (Superior) from ‘A’ (Excellent) and the issuer credit ratings (ICR) to “aa” from “a” of Allianz Global Corporate & Specialty, North America, which consists of Allianz Global Risks …
A Delaware judge has approved a $115 million settlement in a shareholder lawsuit against former executives of insurance giant American International Group. The settlement approved this week was reached in September, just days before trial was to begin in a …
American International Group’s life insurance companies have sold residential mortgage-backed securities with a face value of $39.3 billion to the Federal Reserve Bank of New York (FRBNY) as part of its efforts to solve its liquidity problems. The troubled securities …
A.M. Best Co. has revised the outlook to positive from stable for all ratings of Bermuda-based Max Capital Group Ltd. (MXGL), and its subsidiaries. Best also affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) …
The National Association of Insurance Commissioners (NAIC) recently announced that two state departments — the Illinois Division of Insurance within the Department of Financial and Professional Regulation and the North Dakota Insurance Department — have chosen State Based Systems (SBS) …
Delaware’s Insurance Commissioner-elect says she’s chosen former New Castle County Executive Tom Gordon to serve on her transition team. Karen Weldin Stewart says she picked Gordon to evaluate the fraud unit in the insurance office. She says Gordon has executive …
