Oakland, Calif.’s city attorney said Friday he will file a lawsuit claiming municipal bond insurers duped the city into buying bond insurance despite risks the guarantors faced to their triple-A ratings from insuring subprime mortgage-related securities. Oakland will file its …
Insurance brokerages who lost billions of dollars in revenue under a ban imposed by former New York Attorney General Eliot Spitzer told state regulators on Friday that the rules were never applied universally, and should either be lifted or imposed …
A handful of Bermuda insurers see an opportunity to expand their horizons by entering the Lloyd’s of London insurance market, but their interest of late has waned as prices of potential target companies have risen. The dearth of activity is …
Insurance companies say a major hurricane could lead them to pass billions of dollars in charges to homeowners across North Carolina because a state-created coastal insurance plan is underfunded. The News & Observer of Raleigh reports that North Carolina’s Beach …
Massachusetts insurers and business owners have one question for Gov. Deval Patrick: Why us? Patrick is looking to tap insurers, businesses and hospitals to help close a looming $130 million budget hole in the state’s landmark 2006 health insurance law, …
U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $6.025 billion for second quarter property losses resulting from a total of 16 catastrophes in 27 states, which is nearly double the number of catastrophes in the first …
Two of California’s biggest health insurers have agreed to collectively pay $13 million and reinstate more than 2,000 insurance policies to settle claims with the state that they illegally dropped policyholders from coverage. Anthem Blue Cross, a unit of Indianapolis-based …
Declarations “While Allstate publicly touts its ‘good hands’ approach, it has instead privately instructed its agents to employ a ‘boxing gloves’ strategy against its policyholders.” — Washington, D.C.-based American Association for Justice CEO Jon Haber comments on his organization’s ranking …
Zurich Financial Services Group reported that its Brazilian subsidiary Zurich Participações e Representações Ltda., has agreed to acquire 87.35 percent of shares in Companhia de Seguros Minas Brasil, a BOVESPA-listed company, from Banco Mercantil do Brasil S.A. and two private …
The New York Civil Liberties Union is suing a western New York health insurer accused of refusing to cover the same-sex spouse of a policy holder. A suit filed in state Supreme Court in Buffalo says Blue Cross and Blue …
