Executives at Florida-based lender BankAtlantic Bancorp Inc. failed to alert investors about risks in its real estate loan portfolio as the U.S. housing market collapsed, a Miami federal jury ruled Thursday in a rare securities fraud class action verdict. The …
Wyoming has the unfortunate record of having the highest rates of motor vehicle fatalities per 100,000 people, with a rate of 24.6, according the U.S. Department of Transportation’s Fatality Analysis. According to the recent report, there were 30,797 fatal motor …
New York’s highest court Wednesday said it was legal for residents of the state to take out life insurance on themselves and immediately sell the policy, a ruling seen as having substantial implications in the so-called “life settlement” market. A …
The New York Insurance Association elected new officers and directors at its annual meeting last week. Richard Zick, president and CEO of Utica First Insurance Co., will serve as chairman. Other officers will be First Vice Chair Jeffrey Rice, president …
Today’s soft insurance market, reduced commissions and a tough economy for agency owners and their clients might be adding to agency errors and omissions (E&O) exposures. But agency owners are not the only ones in an agency who should be …
The U.S. Securities and Exchange Commission is asking for better disclosure from companies on potential costs of lawsuits and other contingencies, an official of the agency said on Tuesday. “We see companies having pages and pages of information but saying …
Ace USA, the U.S.-based retail operating division of the ACE Group, announced a new structure and senior leadership appointments. The structure consists of two zonal operations and a centralized complex risk unit for global property programs. Kelley Kinsella and Brian …
General Star has expanded its architects and engineers professional liability program on an admitted basis to New York and New Jersey. This new feature is part of General Star’s nationwide A & E program, launched in January 2009. The sole …
With organic growth difficult in the current economy and soft market, there could be an increase in insurance industry merger and acquisition activity over the next 12 to 18 months, according to mergers and acquisitions experts. But the experts at …
Connecticut-based managing general agency Business Risk Partners has named Mark Bradway as director of broker relations. He has worked in specialty liability for over a decade. He began his career at wholesale broker Swett & Crawford in Los Angeles specializing …
