The potential of the Hispanic insurance market is one of the factors attracting Spanish insurer Mapfre to its acquisition of the Massachusetts-based personal lines writer Commerce Group. Mapfre officials calculate that about 14 percent, or some 22 million, of Commerce’s …
The Property Casualty Insurers Association of America (PCI) elected new officers during its annual meeting in Boston today. Robert Joyce, chairman and chief executive officer of Westfield Group, was elected as the association’s new chair; John Blackburn, CEO of Country …
Standard & Poor’s Ratings Services said today that it affirmed its ‘BBB’ counterparty credit rating on Commerce Group Inc. and its ‘A’ counterparty credit and financial strength ratings on CGI’s insurance operating companies: Commerce Insurance Co. and Citation Insurance Co. …
Spain’s largest insurer, Mapfre S.A., has agreed to buy the Massachusetts-based personal lines insurer The Commerce Group, Inc. for $2.21 billion in cash in a bold move to expand its presence in the U.S. market. Mapfre, which has more than …
Lawyers for the Roman Catholic Diocese of Springfield, Mass., clergy abuse victims and the insurance carriers confirm that the sides have agreed to enter nonbinding settlement talks in a two-year old lawsuit. More than three dozen people have sued the …
A key House leader says he will push for a 120-day extension of the federal terrorism reinsurance program that expires at year’s end rather than simply accept the Senate bill that is narrower in scope than the House bill. Rep. …
$68.6 million The amount of the dividend that malpractice insurer Medical Mutual Liability Insurance Society of Maryland should return to the state, instead of the $32.5 million it has proposed as part of its exit from a subsidy program designed …
USI, Armitage USI Holdings Corp. has completed the acquisition of Jericho, N.Y.-based Armitage & Co., which sells property/casualty and surety products in the New York metropolitan area. Armitage will be combined with USI’s existing Woodbury, N.Y. location and is expected …
A federal court in Boston sentenced a man to more than five years in prison for his role in a multi-state insurance fraud scheme. Ronald Evano and his wife ate glass fragments and collected more than $200,000 in compensation, according …
Mass. finalizes rules for managed competition in auto One week before she approved a final plan, Massachusetts Insurance Commissioner Nonnie Burnes told Insurance Journal that the public and industry should not expect big changes from the original proposal to implement …
