Sometimes a Little Adversity Goes a Long Way, Thomco CEO Says A little more than 10 years ago Greg Thompson, CEO of the Georgia-based insurance services firm Thomco Inc., discovered his accounting manager was stealing from the company. One day …
The California Department of Insurance has approved rate increases for several workers’ compensation insurers. California Insurance Commissioner Steve Poizner had recommended a 5 percent increase in his rate advisory. However, several insurers requested increases in excess of 5 percent, including: …
For the moment the economic recession is driving the global stagecoach, while climate change is riding shotgun, but it’s not as bad as it could be. Reports from Europe point to the fact that the P/C industry’s exposure to the …
U.S. regulators have asked nine major insurance companies, including Allstate Corp. and Travelers Cos. Inc., to provide information about how they set prices for homeowners’ coverage. The Federal Trade Commission said it ordered the companies to provide data about credit-based …
West California Passed Agent-Broker Law The most notable bill affecting California agents was AB 2956, which clarifies the duties of an insurance agent versus a broker. Prior to the new law, confusion existed within the industry, with consumers, brokers, agents, …
Agents Wish for Firmer Pricing, Higher Commissions, Solid Client Retention, Unity on Legislation Ask agents and executives in the insurance industry about the coming year and they’ll say they expect that the market will harden, at least slightly. In fact, …
On Sept. 16, 2008, the Wall Street Journal announced “U.S. to Take Over AIG in $85 Billion Bailout.” An insurance holding company, internationally known and geographically diversified on a global basis, owning some of the largest insurers in the world …
2008 can be described as a year like no other in the property/casualty insurance world. This year, the industry witnessed the near death of the world’s largest and most successful insurance company, AIG. The soft market continued to hamper revenues …
Disaster insurance bonds are one of the few assets to make any money this year but new supply is on hold pending expected price rises in the underlying reinsurance market. Market players say demand remains buoyant for the bonds, which …
New York’s Department of Insurance has this advice for insurers in the Empire State: Stop canceling homeowners’ policies simply because a house in unoccupied. That announcement came in the form a circular letter – essentially, an advisory bulletin to insurers …
