Fraud Roundup
Everett man gets three years for arson A man who admitted torching a friend’s grocery store in Everett, Wash., in a plan by the two to collect insurance has been sentenced to three years in prison. Naveed Khan, 25, of …
Fugitive Arrested in $500,000 Auto Fraud Scam
A Sherman Oaks, Calif., man has been arrested for insurance fraud, grand theft, identity theft, and federal charges, the California Department of Insurance reported. Moshe “Sanny” Assoulin, 35, was arrested in Israel on Aug. 19, 2007 by Israeli National Police. …
Middle East Insurance Report from R&M
Dublin-based Research and Markets announced the addition of “Opportunities in Middle East Insurance Market” to their offering. The report is designed to “help clients to analyze the leading-edge opportunities critical to the success of the insurance industry in the region,” …
Gallagher (UK), MAP Launch Israeli War & Terrorism Coverage
Arthur J. Gallagher (UK) Limited in conjunction with MAP, a specialist insurer at Lloyd’s, has launched an insurance facility for terrorism liability. The new product aims to provide coverage for tourist and study programs in Israel and neighboring countries. Gallagher …
Commission Files Final Report on Holocaust Insurance Claims
The National Association of Insurance Commissioners has released a report on the activities of the International Commission on Holocaust Era Insurance Claims (ICHEIC). Authored by ICHEIC Chairman Lawrence S. Eagleburger and Vice Chairman Diane Koken, former Pennsylvania insurance commissioner, the …
House Bill Renews Federal Terrorism Reinsurance for 10 Years, Expands Definition
Congress officially has a new bill to reauthorize the federal terrorism reinsurance program. Two Democrats from Massachusetts — U.S. Rep. Mike Capuano and the Chairman of the House Financial Services Committee Barney Frank — have introduced H.R. 2761, the Terrorism …
Authorities Make Arrests in NYC Terror Plot at JFK Airport
Federal authorities announced they had broken up a suspected Muslim terrorist cell planning a “chilling” attack to destroy John F. Kennedy International Airport, kill thousands of people and trigger an economic catastrophe by blowing up a jet fuel artery that …
Ratings Roundup: GUARD; Toyota; Starbound Re
A.M. Best Co. has affirmed the financial strength ratings (FSR) of “A-” (Excellent) and assigned issuer credit ratings (ICR) of “a-” to GUARD Insurance Group (GUARD) and its members, which consist of AmGUARD Insurance Company (AmGUARD), EastGUARD Insurance Company (EastGUARD), …
Swiss Re Sponsors $100 Million Mediterranean Earthquake Risk Bond
Swiss Re announced that it has obtained $100 million of protection against earthquake risk in Turkey, Greece, Israel, Portugal and Cyprus through a securitization – the first time the capital markets have been tapped to cover this type of risk …
Report: U.S. Turned Away Foreign Aid Offered After Hurricane Katrina
In the wake of Hurricane Katrina’s devastation, the U.S. government failed to take advantage of millions of dollars in foreign aid from its allies, The Washington Post reported. The U.S. has collected about $126 million and used just $40 million …
