In a twist to a scandal that has rocked the insurance industry over the last several years, a New York appeals court has ruled that contingent commissions paid out by Boston-based Liberty Mutual Group Inc. are not illegal. The ruling …
In a twist to a scandal that has rocked the insurance industry over the last several years, a New York appeals court has ruled that contingent commissions paid out by Boston-based Liberty Mutual Group Inc. are not illegal. The ruling …
New Chief Sees ‘No Sacred Cows’ in Turnaround Plan; Ready to Divest of Non-Insurance Holdings American International Group, the world’s biggest insurer [by capitalization], replaced CEO Martin Sullivan on June 15, after it suffered two quarters of record losses from …
Combined Firm Doubles Employee Benefits Business Willis Group Holdings Chairman and CEO Joe Plumeri holds a reputation for taking on challenges. On June 8 his company gave him one. Willis announced it has agreed to buy Virginia-based rival Hilb Rogal …
Quarterly earnings from bank insurance brokerage hit their second-highest level in first quarter 2008. Bank insurance brokerage earnings in the first three months of 2008 were $1.078 billion, up 8.6 percent from $993.3 million in the first quarter of 2007 …
A.M. Best Co. has assigned a financial strength rating of ‘A’ (Excellent) and an issuer credit rating of “a+” to Bermuda-based MS Frontier Reinsurance Ltd. (MS Frontier) with stable outlooks. MS Frontier is a wholly owned subsidiary of Mitsui Sumitomo …
Standard & Poor’s Ratings Services has affirmed its insurer financial strength and counterparty credit ratings on holding company QBE Insurance Group Ltd. (currently rated ‘A-‘) and QBE’s core operating entities (all rated A+). The rating outlooks on the holding company …
Standard & Poor’s Ratings Services has placed its ‘BBB’ counterparty credit rating on Bermuda-based Allied World Assurance Co. Holdings Ltd. (AWH) on CreditWatch with negative implications. S&P also placed its ‘A-‘ counterparty credit and financial strength ratings on AWH’s operating …
A West Virginia man who says his association with the failed First National Bank of Keystone cost him his banking career should be stripped of a $2.4 million damage award, a federal appeals court has ruled. The 4th U.S. Circuit …
Standard & Poor’s Ratings Services has raised its counterparty credit rating on Markel Corp. to ‘BBB’ from ‘BBB-‘ and affirmed a stable. S&P said: “The upgrade is based on Markel’s strong competitive position in excess and surplus (E&S) and specialty …
