Standard & Poor’s Ratings Services has announced various ratings actions (see list below) on six financial guaranty insurance companies. “The rating actions were prompted by worsening expectations for the performance of insured nonprime residential mortgage backed securities and CDOs of …
Toronto-based Kingsway Financial Services Inc. (KFSI) announced that it would report a reserve increase at its Lincoln General subsidiary in the fourth quarter. After reviewing claims trends, Kingsway said the increases would be between $95 million and $125 million. “This …
Ann Callis knows Madison County’s court system has taken mighty public knocks, from President Bush branding it an example of medical malpractice litigation run amok to a special-interest group calling the venue a “judicial hellhole.” As the county’s chief judge, …
Atlantic County, N.J. has earned a dubious ranking: It’s one of six “judicial hellholes” nationwide, according to one tort reform group. “Personal injury lawyers seem to have gained a monopoly in Atlantic County,” declares the American Tort Reform Association in …
A new National Association of Insurance Commissioners’ (NAIC) report shows Ohio homeowners and most Midwestern states pay some of the lowest homeowners insurance rates in the nation. The Ohio Department of Insurance announced that new figures from the NAIC show …
Peoria, Ill.-based RLI Marine announced today that it has entered into an agreement with National Equipment Register (NER) to help RLI clients reduce the expense associated with construction equipment theft. RLI contractors’ equipment policyholders may have policy deductibles of up …
Bermuda-based ACE Limited and Germany’s Munich Re have both signed deals with Aon to purchase part of the international broker’s insurance activities. ACE is buying accident and health provider Combined Insurance Corp. for $2.4 billion in cash. Munich Re is …
A.M. Best Co. has assigned a financial strength rating of ‘B’ (Fair) and an issuer credit rating (ICR) of “bb” to Chicago-based Unique Insurance Company with a stable outlook. “The ratings reflect Unique’s elevated underwriting leverage and expense ratios and …
Northbrook, Ill.-based Allstate Insurance has given notice to Des Plaines, Ill.-based Property Casualty Insurers Association of America (PCI) that it intends to drop it membership effective December 2008. By-laws of PCI require members provide one year’s notification prior to withdrawal …
The 2007 update on U.S. Tort Cost Trends from the Tillinghast insurance consulting practice of Towers Perrin said U.S. tort costs totaled $247 billion in 2006, which is $57 less per person than in 2005 at approximately $825 per person. …
