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PCI Mourns Death of Senator Edward Kennedy

WASHINGTON David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), issued the following statement on the death of Senator Edward M. Kennedy (D-Mass.): Senator Kennedy was one of the most consequen...

Insurance Rate Increases Being Stifled, Claims Marsh

Excess capacity and competition have been stifling insurance rate increases across Europe, the Middle East and Africa in the first half of 2009, according to new figures from broker Marsh. According to the company, although rising claim not...

BISD Sues Insurers For Ike Claim Payments

Beaumont ISD has filed suit against its insurance carriers in an ongoing disagreement about how much the district is owed for its claims for damages from Hurricane Ike. The district says that the insurers have had ample time to make an adju...

California Man Faces up to 40 Years for Alleged Workers' Comp Fraud

A California man is facing up to 40 years in prison and $3.2 million in fines for allegedly defrauding the State Compensation Insurance Fund. Joseph Baiden, 56, is charged with eight felony counts of workers' compensation fraud after bring...

Louisiana Avoids Assessments; Citizens Reaches Agreement With Plaintiffs

Louisiana Citizens Property Insurance Corp. will be able to appeal a $95 million judgment against it, avoiding what the insurance commissioner called a potentially catastrophic event complete with assessments on all private insurance carrie...

Moody's: P&C Insurers' Investments Well Positioned

CHARLOTTE, N.C._Although some property-and-casualty insurance companies' investment portfolios have been affected by the credit crisis, Moody's Investors Service said the sector is currently well positioned to manage continued volatility in...

Seventh Straight Workers' Comp Rate Cut Proposed for Florida

The National Council on Compensation Insurance filed for an average statewide decrease of 6.8% for workers' compensation rates in Florida for a seventh consecutive year. If approved, the cuts would lower payments by Florida businesses by mo...

A.M. Best Assigns Ratings to Censtat Casualty Company

OLDWICK, N.J. - (Business Wire) A.M. Best Co. has assigned a financial strength rating (FSR) of B++ (Good) and an issuer credit rating (ICR) of bbb to Censtat Casualty Company (CCC) (Omaha, NE). The outlook assigned to the FSR is stable, whi...

Insurer Seeks $1.3 Million From County In Mercer Case

The $45 million settlement in Milwaukee County's longstanding pension lawsuit may not have closed the books on that chapter in county history after all. Now, an insurance company is seeking $1.3 million from the county, claiming the May set...

Building An E&O Powerhouse

Last year president and CEO Mark Lann's agency, Modern Insurance Consultants in Homestead, FL, joined forces with Rockwood Programs, a full-service managing general agency, wholesale brokerage, and marketing organization that specializes in...

Ex-Insurance Department Staffer Enters Race for Georgia Commissioner

F. Maria Sheffield, a lawyer and former Georgia Department of Insurance staffer, is the latest candidate to open a campaign for state insurance commissioner. The incumbent, John Oxendine, is running for governor in 2010. Sheffield, 35, is n...

New AIG CEO Says Expects To Repay Gov't

NEW YORK_Shares of American International Group Inc. skyrocketed Thursday after the company's new CEO was quoted by Bloomberg News as saying the company will repay its debts to the government. New York-based AIG named Robert Benmosche its ne...

Calif. Auto Initiative Funded by Insurer, Called 'Class Warfare' by Foe

LOS ANGELES, CA -- A California ballot measure underwritten by Mercury General Corp. would allow insurers to raise or lower automobile insurance premiums based on a driver's coverage history, including the ability to raise rates based on the...

USAA to Cut Texas Homeowners Rates for Most Members

USAA is planning to cut homeowners insurance rates in Texas by an average of 5.8% statewide, resulting in annual savings of $83 per policy, the company said. Rates will go up for some residents in some counties, such as Harris,where the cit...

A.M. Best Upgrades Ratings of Westminster American Insurance Company

A.M. Best Co. has upgraded the financial strength rating to B++ (Good) from B+ (Good) and issuer credit rating to bbb+ from bbb- of Westminster American Insurance Company (Westminster) (Westminster, MD). The outlook for both ratings has been...

PCI Expands Membership with Addition of The Cincinnati Insurance Companies

CHICAGO The Property Casualty Insurers Association of America (PCI) has welcomed a new member, The Cincinnati Insurance Companies property casualty group. The Cincinnati Insurance Companies are operating companies of publicly-traded Cincinn...

MassMutual's Incoming CEO Will Draw on Experience to Lead Through Crisis

Just two years after Roger W. Crandall joined Massachusetts Mutual Life Insurance Co., there was a financial crisis. Now, as he takes the chief executive officer reins of the 158-year-old mutual company, there is a global financial downturn...

Fidelity Releases Metro Phoenix Real Estate Trends and Predictions

Fidelity National Title, one of Arizona's largest title insurance and escrow service companies, today announced that in June 2009, the median home resale price increased for the first time since 2007, which is a direct result of increasing t...

Ex-AIG Execs To Pay Off Investors

The former chief executive of American International Group and others have agreed to pay $115 million to settle claims in a lawsuit filed on behalf of three Ohio state pension funds and other shareholders, Ohio Attorney General Richard Cordr...

FDIC Signals Move To Collect On Banks’ D&O Cover

The federal agency that backstops banks may soon file lawsuits against directors and officers of financial institutions it has taken over, creating a litany of concerns for DO liability insurers and their policyholders, observers say. The Fe...

Contingents Returning For Biggest Brokers?

Arthur J. Gallagher Co.s July deal with Illinois authorities to allow it to again accept millions of dollars in contingent commissions beginning Oct. 1 likely will open the door for similarly banned brokers to do the same, observers say. How...

Factors to Consider Before Getting Cash for a Clunker –- Like Cheap Car Insurance

Before consumers trade in their vehicle using the cash-for-clunkers program there are a few items that should be considered, such as what will the costs and savings be and whether cheap car insurance will be found. CheapCarInsurance.org out...

Insurance Agent Charged With Failure To Insure

A Connellsville insurance agent and his business have been charged by the state attorney general with failing to provide workers' compensation insurance for his employees. William R. McCandless, 79, president of McCandless Insurance and Real...

Cash For Clunkers Covers Uninsured

A Wisconsin senator wanted to make sure uninsured motorists could cash in on the governments Cash for Clunkers program, so he urged the U.S. Transportation Department to change its rules. Wisconsin is one of two U.S. states that doesnt requi...

SEC Risk Disclosure Rule Reasonable, Long Overdue

A PROPOSED RULE by the Securities and Exchange Commission to require businesses to increase their risk management disclosures is a positive step. The SECs proposed rule, No. 33-9052, would require companies to disclose the involvement of the...

College Car Insurance Basics: Tips for Saving Money and Staying Safe at School

As families start planning for college move-in day, many are considering whether to take a car to school. Some students enjoy having the freedom a car brings, allowing them to commute quickly and safely to class, activities and jobs. If you...

Accountants' Liability in the Madoff Scheme: A CPA Journal Symposium

Several accountants shared their views about the fallout of the estimated $65 billion Ponzi scheme perpetrated by Bernard L. Madoff. Robert E. Sohr, a retired partner at Deloitte Touche, said that if you're the auditor of a broker-dealer, or...

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