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    • Deposits grow 6.6% as investors seek safety

      As investors fled stocks and money-market mutual funds for CDs, bank deposits in Hampton Roads grew 6.6 percent in the 12 months through June, according to the Federal Deposit Insurance Corp. Deposits, the raw material for many loans, tend...

    • PICC P&C Reinsured Hijacked Cargo Ship

      The Chinese cargo ship that was hijacked in the India Ocean belongs to Qingdao Ocean Shipping Co., a unit of China Ocean Shipping (Group) Co. (COSCO), and is underwritten by the Qingdao Branch of PICC Property and Casualty Co., Ltd. (SEHK:...

    • P/C Insurers Look to Avoid Federal Consumer Protection Agency

      The House Financial Services Committee has adopted an amendment ensuring that all lines of property/casualty insurance would be exempted from the jurisdiction of the new proposed federal Consumer Financial Protection Agency. Proposed by Rep...

    • Georgia's Supreme Court ruled 5-2 in favor of State Farm Mutual Auto Insurance Co., deciding that pol

      Georgia's Supreme Court ruled 5-2 in favor of State Farm Mutual Auto Insurance Co., deciding that policyholders cannot engage in so-called stacking of uninsured motorist coverage from several commercial policies to maximize coverage of one...

    • American Integrity, Florida Peninsula Ready to Take Dropped Nationwide Policies

      Florida domestic insurers, American Integrity Insurance Group and Florida Peninsula Insurance Co., each say they are ready to offer homeowners insurance coverage to Nationwide Insurance policyholders slated to be dropped by the insurer next...

    • County may face cash flow problem: Bond insurer is reluctant to back $18 million for the county due t

      Luzerne County's borrowing of $18 million to get through 2009 has been stalled by reluctance of a bond insurer to back the deal, which means the county could be facing a cash flow problem, county Budget/Finance Chief Tom Pribula said during...

    • AmTrust Invests in JV to acquire GMAC's U.S. insurance unit

      AmTrust Financial Services has entered into an agreement to make a strategic investment in American Capital Acquisition or ACTA, in connection with the acquisition by the CAAC Consumer Goods GMAC U.S. and casualty insurance business. AmTrus...

    • House That Hank Built To Become Homes

      American International Group Inc.s New York headquarters building soon may have some new tenants. Thats because real estate developer Young Woo, who bought the building from AIG earlier this year, intends to convert the top 40 floors of the...

    • House Approves Rep. Moore's Insurance Bill For Third Time

      Rep. Dennis Moore, D-Kan. (3rd CD), issued the following news release: Congressman Dennis Moore [Third District - Kansas] announced Wednesday the unanimous House passage of H.R. 2571, the Nonadmitted and Reinsurance Reform Act, a bipartisan...

    • Swiss Re Chief Underwriting Officer Warns of Casualty 'Bubble'

      Interest rates, the threat of inflation and underpriced casualty business in the insurance industry are all issues on the mind of Swiss Re's Chief Underwriting Officer Brian Gray. The biggest impact of the recession from an underwriting per...

    • New Consumer Protection Agency Proposal Eases Oversight

      Rep. Barney Frank, the chairman of the House's Financial Services Committee who originally introduced the bill to establish a Consumer Financial Protection Agency, has released an updated draft of that bill. Though it makes a number of conc...

    • Uninsured Drivers On The Increase

      FLINT, UNITED KINGDOM -- (MARKET WIRE) -- 09/25/09 -- Ashton West, chief executive of the Motor Insurers Bureau (MIB), has revealed that the number of drivers caught each year driving without insurance is increasing significantly. It is calc...

    • Trade Concession With Canada Puts All U.S. Drivers At Risk

      Canadian trucks and buses on U.S. roadways could escape responsibility for damages if U.S. rules on how the vehicles are insured are relaxed. The National Association of Insurance Commissioners (NAIC) review of a proposal to loosen the requ...

    • NAIC Credit-Scoring Inquiry Looks Into Insurance-Scoring Firms

      Two National Association of Insurance Commissioners standing committees evaluating credit-based insurance scoring turned their sights to the firms that provide insurance-scoring services to insurance companies, exploring whether they should...

    • Wet 'n Wild Insurance

      Wet 'n wild insurance: specialized insurance contracts can help organizations protect revenue should water scarcity put a damper on operations, yet some businesses still seem to prefer praying to the Rain Gods; ALTERNATIVE RISK Brodsky, Mat...

    • W. R. Berkley Names Senior Vice President of Human Resources

      W. R. Berkley Corp. (NYSE: WRB ) said it has named Carol J. LaPunzina as senior vice president of human resources, a new position. She will be responsible for human resource operations and personnel development for the corporation. LaPunzin...

    • Highline Data Analysis Shows P&C Industry Net Income Down 54%, Life Insurance Industry Shows Sign

      The property and casualty insurance industry continued to decline in the second quarter of 2009, with a 54.3% year-over-year drop in net income, according to the Highline Data Performance Monitor. This drop comes on the heels of last quarter...

    • State Farm Insurance Has Its Eye on the 2010 World Cup

      New York With the 2010 U.S. Census around the corner, many advertisers are looking to see what that survey says about the growth in Hispanic demographics. One of those advertisers is State Farm Insurance, the nation's largest insurance prov...

    • Is Citizens Ready For The Big One?

      BLOWN AWAY: A 2000 model manufactured home was destroyed during Hurricane Charley when the straps failed. Citizens, which mainly covers high-risk homes, could run out of money if a one-in-100-year storm hits Florida. When it comes to buying...

    • NAMIC Testifies Before Florida's Mitigation Discount Committee

      The property/casualty insurance industry has a long history of supporting efforts to improve and enhance safety and reduce losses of all kinds. However, the arbitrary assignment of premium discounts for certain mitigation features without r...
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