Operations News

States Allow Aon Brokers to Phase-Out Contingents

Insurance broker Aon Corp. reported that the five government agencies to its 2005 settlement have agreed to an amendment that will permit companies it acquires to continue to accept contingent commissions on existing business for three years following their acquisition …

Push on for National Safety Standards for Cranes

In the wake of construction crane accidents in the past three months that claimed 11 lives, industry groups have called for nationwide safety standards. An industry council agreed on a set of standards in July 2004 but the proposal has …

Insurance Agency Joins Missouri Auto Dealer

First-Time Partnership Offers Agents in Small or Medium Agencies Wider Choices of Companies to Represent When buying a new or used car, cost is always an issue and car insurance shopping is always a stressful task. Just as some banks …

New Score Rates Insurers’ Hurricane Risk Assessment

The first of a new mark that rates how well insurance companies have assessed their potential catastrophe losses has been issued to HomeWise Insurance Companies by Karen Clark & Co. HomeWise earned an IMARC Data Score of 675 (Excellent), which …

South Carolina Medical Association Launches Medical Liability Company

The South Carolina Medical Association launched its new subsidiary, the South Carolina Physician Assurance Co. The new insurance company will provide medical malpractice coverage to qualifying physicians who are members of the SCMA and to their extenders and the entities …

S&P Lowers Willis Ratings to ‘BBB-‘; Outlook Negative

Standard & Poor’s Ratings Services has lowered its counterparty credit rating on Willis Group Holdings Ltd. to ‘BBB-‘ from ‘BBB’ following the recent announcement that it will acquire Richmond, Va.-based insurance broker Hilb Rogal & Hobbs (HRH) for a total …

Crane Industry Groups Push for National Standards

In the wake of three construction crane accidents in the past three months that claimed 11 lives, industry groups on Thursday called for nationwide safety standards. An industry council agreed on a set of standards in July 2004 and recommended …

Willis Sees Deal to Buy HRH Raising U.S. Revenue

Willis Group Holdings, the third largest global insurance broker, said Monday it sees its $2.1 billion deal for a rival broker boosting growth, especially in the United States. Willis said late Sunday it would buy Richmond, Virginia-based Hilb Rogal & …

States Allow Firms Purchased by Aon to Phase-Out Contingent Commissions

Insurance broker Aon Corp. reported today that the five government agencies to its 2005 regulatory settlement agreement have agreed to an amendment that will permit companies it acquires to continue to accept contingent commissions for three years following their acquisition …

The Hartford, Allianz, Aflac Named Among World’s ‘Most Ethical’ Firms

Three insurance industry giants now boast the title as “one of the world’s most ethical companies,” according to a Ethisphere, a think-tank dedicated to the research and promotion of profitable best practices in global governance, business ethics, compliance and corporate …