State Farm Fire and Casualty Co. wants a federal judge to sanction two sisters who secretly copied Hurricane Katrina claims documents and gave them to a Mississippi lawyer whose clients were suing the company. Cori and Kerri Rigsby copied thousands …
Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit rating on four U.S. Mortgage insurers as follows: MGIC Investment Corp. to ‘BBB’ from ‘A-‘ and its counterparty credit and financial strength ratings on the mortgage insurance …
Standard & Poor’s Ratings Services Tuesday downgraded four U.S. mortgage insurers, including MGIC Investment Corp’s arm, citing a worse-than-expected housing slump. The credit agency said most companies would not generate an underwriting profit until 2010, putting pressure on their capital. …
Progressive Corp., one of the largest U.S. auto insurers, Wednesday said first-quarter profit fell 34 percent, as premiums declined. Net income for the Mayfield Village, Ohio-based company dropped to $239.4 million, or 35 cents per share, from $363.5 million, or …
The U.S. commercial lines property/casualty insurance “soft” pricing cycle will likely mean outlooks on some commercial lines insurers will be revised to negative in the second half of 2008, according to Standard & Poor’s Ratings Services. In a new article, …
The Colorado Legislature is considering a bill that would add bureaucratic red tape and costs to the state’s automobile insurance system, claims the Property Casualty Insurers Association of America (PCI), which is opposing the bill. House Bill 1389, the Fair …
The Massachusetts state pension fund cannot and should not start a bond insurer, executive director Michael Travaglini said Monday. Travaglini, who oversees the $52 billion Pension Reserves Investment Management Board, said pension funds should not be in the business of …
The University of Kansas men’s basketball team may have been the big winner at last night’s NCAA championship — but when it comes to the NCAA’s bonanza of sponsorship benefits from basketball and other sports, some insurers say they’re big …
The New York Insurance Association is criticizing the state legislature’s passage of the portion of the 2008 budget which hikes assessments on insurers by $40 million – a 20 percent increase over last year, the group said. The agency budgets …
Dozens of New Jersey doctors could soon be personally liable for settlement payouts now that state officials have declared insolvent what once was the state’s largest malpractice insurance company. The insurer, Medical Inter-Insurance Exchange, has been in bankruptcy for six …
