The New York Insurance Association (NYIA) cautioned state lawmakers in Albany against “a knee-jerk public policy reaction” to allegations of improper business practices by brokers, agents and insurers that could inadvertently disrupt the insurance marketplace. In a December 2 letter …
The members who attended the Insurance Bureau of Canada’s annual general meeting yesterday, Dec.1, heard President and CEO Stan Griffin describe a difficult year for the country’s insurers, followed by outgoing Chairman Bob Cooke’s insights on what challenges the industry …
The chairman and chief executive officer if AIG said he thinks the ongoing broker investigations will cost large insurance brokers some of their top people and eventually make brokers leaner and more responsive to customers. Speaking at Lehman Brothers Global …
According to a recent e-mail survey, conducted by the Federation of European Risk Management Associations (FERMA), risk managers and their associations have long questioned how brokers are compensated. FERMA queried the members of its Forum 2005 committee to find out …
Despite charges of bid-rigging and conflicts of interest against the insurance industry, Connecticut Insurance Commissioner Susan F. Cogswell said she has not found corruption in Connecticut. Cogswell said she isn’t looking for wrongdoing because she has not received any complaints …
The insurance industry, entrenched in controversy and hampered by a disjointed regulatory system, needs serious reforms in order to remain an effective risk-transfer mechanism for the U.S. economy, according to Ernie Csiszar, president and CEO of the Property Casualty Insurers …
A report from the Financial Times indicates that France’s Axa Group is in serious discussions with Credit Suisse to acquire Winterthur, the banking group’s insurance division. Credit Suisse had dropped hints earlier this month that it would be interested in …
A report from Standard & Poor’s Ratings Services indicates that its ratings on Europe’s insurers have continued to stabilize during 2004. “Only five out of the 20 groups covered in this report continue with a negative outlook, compared with just …
Standard & Poor’s Ratings Services announced that it has revised its outlook on Hartford Financial Services Group (HIG) Inc.’s P/C subsidiaries in the Hartford Fire Intercompany Pool (collectively referred to as Hartford PC) to negative from stable. S&P also said …
California Attorney General Bill Lockyer subpoenaed Seattle-based property/casualty insurer Safeco Corp. in connection with his investigation into bid rigging and price fixing in the insurance industry, according to Reuters. Safeco said it would cooperate with the subpoena, which was received …
