Standard & Poor’s Ratings Services said that its ratings on American International Group Inc. (AIG; A-/Negative/A-1) and its insurance subsidiaries (A+/Negative/–) are not affected by AIG’s announcement that it will transfer AIU Holdings Inc. to a special purpose vehicle and …
Barry County Circuit Judge James Fisher issued an injunction April 10 preventing Michigan insurance regulators from challenging insurers’ home and auto insurance rate filings that use credit scoring in determining their premiums. The injunction against the Office of Financial and …
The Texas Supreme Court has ruled that an insurance company must pay a family’s claim over a child critically injured by a truck that was fleeing from police. The child’s parents, Greg and Maribel Tanner, sued the speeder, who was …
Pirates have stepped up their attacks on shipping in the Gulf of Aden and the Indian Ocean. In three days (April 6-8) the marine marauders, based in Somalia, seized four cargo ships and a French yacht (See IJ Web site …
Like just about any company anywhere on earth, medical liability insurers lost money on their equity investments in 2008 due to the meltdown in the U.S. and worldwide economies in the latter half of the year. However, for the first …
Property/casualty insurers remained profitable in 2008 despite taking hits from several catastrophes, the recession and the ongoing financial crisis. P/C insurers earned $2.4 billion in net income after taxes in 2008, but profits and profitability both tumbled as catastrophe losses, …
A year-long investigation by the Maryland Insurance Administration has found that 67 of the state’s 119 car insurers underpaid claims, Commissioner Ralph S. Tyler said State regulators have fined the companies a collective $235,000 and ordered an additional $442,590 in …
Standard & Poor’s Ratings Services has affirmed its ‘BBB+’ global scale long-term counterparty credit and financial strength ratings on AXA Seguros S.A. de C.V. (AXA Seguros; formerly known as Seguros ING S.A. de C.V.). S&P also affirmed its ‘mxAAA’ national …
An insurance company in Michigan is holding a contest to name a steer it saved from someone’s dinner table because of its unique hide. The pattern on one of its sides resembles Michigan’s Lower Peninsula’s mitten shape, while the pattern …
The Colorado Senate has backed two measures aimed at taking $500 million from a state-created workers compensation insurance company to balance next year’s budget over the objections of Pinnacol Assurance and the businesses that rely on it. The bills, along …
