Merchants Mutual Insurance Co. announced that its recently formed subsidiary, Merchants Preferred Insurance Co., issued its first insurance policy, a commercial auto policy, in New Hampshire effective July 1, 2007. Merchants Preferred will target preferred property and casualty commercial and …
The legal battle between American International Group and Maurice “Hank” Greenberg, AIG’s former chairman and chief executive officer who now heads C.V Starr & Co., Inc., has heated up with the filing of another lawsuit over business between the two …
Officials of the Philadelphia Stock Exchange said they have settled a class-action lawsuit brought by shareholders who accused the exchange of diluting their ownership interest when it sold a major stake to six Wall Street firms. Terms of the settlement, …
Eastern Alliance Insurance Co. reports it has received regulatory approval to write workers’ compensation business in the four southeastern states of Virginia, North Carolina, South Carolina and Georgia. The company said it plans to open a full-service office in North …
Bank of Albuquerque The Bank of Albuquerque will be the custodian of more than $380 million in deposits from about 1,400 insurance companies doing business in New Mexico. The bank has been awarded a one-year contract, beginning July 1, to …
A judge this week denied a defense motion to add more current and former American International Group Inc. officials to a lawsuit challenging payments that the insurance giant made to an outside firm headed by former AIG Chairman Maurice “Hank” …
A.M. Best Co. has affirmed the financial strength rating of “A++” (Superior) and the issuer credit rating (ICR) of “aa+” of the UK-based HSB Engineering Insurance Limited (HSBEIL) with a stable outlook. Best’s analysis is based on its review of …
Steve White has been named director of the Bureau of Company Examination, Regulation and Guaranty (BERG) in the Delaware Department of Insurance, Insurance Commissioner Matt Denn announced. A 13-year employee of the department, White most recently held the post of …
American International Group Inc. has settled with a federal banking regulator allegations that it charged homeowners excessive mortgage fees and didn’t properly consider their credit ratings. AIG, an insurance giant that also runs a home mortgage business, said last Friday …
A.M. Best Co. has affirmed the financial strength rating (FSR) of “A+” (Superior) and the issuer credit ratings (ICR) of “aa-“of Philadelphia Insurance Companies and its members. Best also affirmed the FSR of “A-” (Excellent) and ICRs of “a-” of …
