S&P Lowers Western Mutual Rating
Standard & Poor’s has lowered its financial strength rating on Western Mutual Insurance Co. to triple-‘Cpi’ from double-‘Bpi.’ This rating action reflects continued deterioration in the company’s claims experience, leading to net losses in 1999 through to the third quarter …
Montana Proposes Bill to Allow Captives Into State
n an attempt to promote economic development in Montana, State Auditor John Morrison has proposed a bill to allow the formation and operation of captive insurance companies in the state.
Fiserv Buys Boerne Insurance Administrator
Fiserv Insurance Offerings has acquired Benefit Planners, a third-party provider of administrative services for employee benefit programs. Terms of the agreement were not disclosed. Benefit Planners will continue operations under the same management team, operating philosophy and corporate culture as …
Installment Sales Fix Reinstated
President Clinton signed legislation last week reinstating the installment sales method for accrual-basis taxpayers. Congress approved the measure Dec. 15, the last day of the legislative session. It was successfully navigated through the end-of-session legislative pitfalls by lead sponsors Rep. …
Six Insurance Commissioners Elected; Incumbents Maintain Seats
Six insurance commissioner seats were up for grabs during the Nov. 7 election, with only two incumbents seeking reelection. Twelve states elect commissioners rather than appoint them. In Delaware, two-term incumbent Donna Lee Williams defeated Karen Weldin Stewart. Williams has …
Incumbents Maintain Seats in Commissioner Races
Six insurance commissioner seats were up for grabs Nov. 7, with only two incumbents seeking reelection. At press time, all official tabulations were not completed, so the percentage by which some of the winners were elected was not available. In …
Incumbents Maintain Seats in Insurance Commissioner Races
Six insurance commissioner seats were up for grabs Tuesday, with only two incumbents seeking reelection. At the time of this writing, all official tabulations were not completed, so the percentage by which some of the winners were elected was not …
Montana Adopts In-State Adjuster Requirement
The Montana Department of Labor and Industry has adopted a proposal to use only in-state adjusters for workers’ compensation cases, a move that industry insurer groups believe could delay claim settlements and increase costs for insurers and employers. The department …
S&P Affirms ‘BBBpi’ Rating on Crusader
Standard & Poor’s (S&P) affirmed its triple-‘Bpi’ financial strength rating on Woodland Hills, Calif.-based Crusader Insurance Company. Key rating factors include the company’s extremely strong capitalization and operating performance, partially offset by its high geographic concentration, which exposes it to …
