John Grinnell, a former insurance broker from Fall River, Mass., was sentenced by U.S. District Judge Mark L. Wolf to 5 years’ probation on charges of issuing almost 150 bogus insurance liability policies and taking more than $150,000 in premiums. …
The Alliance of American Insurers (AAI) is pressing Pennsylvania Gov. Mark Schweiker to sign a bill recently passed by the State Legislature that would implement producer licensing reform. If the governor signs the bill as expected, Pennsylvania would follow Massachusetts, …
Nuts & Bolts: Massachusetts Plate Glass Insurance Agency Inc. of Westchester, Ill. is offering Plate Glass Insurance for Commercial, Condos/Co-ops, and Hotels/Motels. The company also insures against earthquake, hurricane, windstorm and vandalism. Dollars: No deductible. Carrier: A.M. Best Rating “A-.” …
The American Insurance Associatin (AIA) announced the appointment of Paul Moran as regional vice president, northeast region. Moran will manage the seven-state region which includes New York and the New England states. He will oversee all state government affairs issues …
Independent agents and brokers are capturing an increasing share of both the personal lines and commercial lines markets, the Independent Insurance Agents & Brokers of America’s (IIABA) annual market share study confirmed. “The premium growth of the independent agency system …
The frequency of auto accidents since 1980 has dropped by 16 percent. During the same time period, however, the frequency of auto injury claims rose 26 percent. These findings are revealed in a study recently released by the Insurance Research …
A.M. Best Co. downgraded Worcester, Mass.-based Allmerica Financial Corporation’s (AFC) property/casualty operations from “A-” to “B++.” The company’s life and annuity operations were also downgraded to “C++” from “B+.” In addition, AFC’s senior debt ratings were downgraded from “bbb-” to …
Hub International Limited announced that it has reached an agreement in principle to purchase the stock of Hooper, Hayes & Associates Inc., a Los Angeles-based insurance brokerage firm founded in 1946. Included in the purchase is Hooper’s wholly-owned employee benefits …
The National Association of Independent Insurers (NAII) has decried a regulation proposed by the Massachusetts Office of Consumer and Business Affairs that would require all businesses engaging in telephone solicitation to register with the state and purchase a “do not …
Standard & Poor’s has lowered its financial strength rating on American Compensation Insurance Co. (ACIC) to single-‘Bpi’ from triple-‘Bpi’ because for year-end 2001 and 2000, ACIC had a total net after-tax loss of nearly $30 million. This loss weakened the …
