Standard & Poor’s Ratings Services has assigned its ‘BBB+’ insurer financial strength rating to Dongbu Insurance Co. Ltd. (Hawaii Branch) with a stable outlook. “The rating reflects Dongbu Insurance’s good competitive position in Korea, strong capitalization, and solid operating performance,” …
Senator Chris Dodd, D-Conn., chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has asked President Bush to back the Securities and Exchange Commission in its support of plaintiffs in a so-called securities “scheme liability” case. The SEC …
The Hanover Insurance Group has appointed Kristen Albright to chief actuary. In this role, she will be responsible for all actuarial functions company-wide and serve as a member of the company’s operating committee. Albright joins The Hanover from Liberty Mutual, …
Massachusetts lawmakers are anxious about the Patrick Administration’s decision to try competitive rating in auto insurance in 2008 but have stopped short of asking Insurance Commissioner Nonnie Burnes to halt her transition plan. At a hearing in Boston, several senators …
The Chubb Group of Insurance Companies announced it has introduced its admitted excess flood insurance policy in Texas. With the inclusion of Texas, Chubb has launched its flood insurance products in 27 states and the District of Columbia as part …
Massachusetts state offices have been overwhelmed with applications for state-subsidized health insurance, leaving thousands of people to wait months for coverage needed to comply with a new state law that requires every adult to be insured. Health care advocates say …
The Commerce Group, Inc., a property/casualty insurer based in Webster, Mass., and Commerce Banc Insurance Services of Cherry Hill, New Jersey, report they have reached an agreement to explore partnership opportunities in various states and to resolve the trademark suit …
Giant direct auto insurance seller Geico has been airing ads on Boston Red Sox radio broadcasts even though it does not do business in Massachusetts. The radio games are broadcast across New England and the Northeast so Geico is gaining …
Two years later, the “overwhelming majority of claims” in Gulf Coast states from Hurricane Katrina have been settled in what has been the single largest loss — $40.6 billion — in the history of the insurance industry. The magnitude of …
An insurer of a so-called “follow form” excess policy is not bound by the decision of a primary insurer to settle a claim, the Massachusetts Supreme Judicial Court has ruled. The state’s highest court ruled that an excess insurer is …
