Reports from several sources indicate that Silverstein Properties may use part of the proceeds from an imminent insurance settlement to buy out bondholders on the mortgage of 7 World Trade Center. The 47 story office building, which was home to …
U.S. District Court Judge John Martin Jr. ruled against Silverstein Properties’ motion for a summary judgment in its dispute with Swiss Re and 22 other insurers over the amount of coverage on the World Trade Center. The dispute centers on …
The Missouri Department of Insurance announced that its director, Scott B. Lakin, will hosed a public roundtable discussion on key issues facing consumers and regulators in Kansas City on May 23. Five state insurance directors and the National Association of …
Orlando – “We cannot afford to pay another loss like 9/11.” Just one of the thoughts of Frank Coyne, president and CEO of Insurance Services Office (ISO), during a general sessions panel on the final day of the 2002 ACORD …
Standard & Poor’s said it lowered its counterparty credit rating on Zenith National Insurance Corp. (ZNT) to double-‘B’-plus from triple-‘B’-minus and its ratings on ZNT’s affiliates, Zenith Insurance Co. and ZNAT Insurance Co. (Zenith), to triple-‘B’-plus from single-‘A’-minus due to …
After suffering its first ever net loss in 2001,an extraordinary and dismal year by anyone’s reckoning, the property/casualty industry finally received some good news as earnings reports for the first quarter of 2002 showed generally rising premiums, and earnings increases. …
Lawyers for Silverstein Properties have strongly denied Swiss Re’s assertions that the form provided by Willis, which bound the insurers to cover the destruction of the World Trade Center, specified that the loss of both towers would be one occurrence. …
U.S. District Judge Mary Ann Vial Lemmon ordered Jihad Razzaq, a 35-year old illegal immigrant from Palestine, to serve 15 months in federal prison for making a false claim to the New York Life Insurance Co. that his wife had …
After suffering its first ever net loss in 2001, an extraordinary and dismal year by anyone’s reckoning, the property/casualty industry finally received some good news as earnings reports for the first quarter of 2002 showed generally rising premiums, and earnings …
In the words of security consultant Brian Jenkins, “There will be further incidents of terrorism.” Jenkins, speaking at AIG’s “Terrorism: The Cost of Risk” meeting in Los Angeles, described the recent “erosion of self-imposed restraints” that security personnel have noted …
