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AIG, Others Face $100M in DC Crash Claims

Talk about your rotten years. It seems things for American International Group (AIG:NYSE) just keep going from bad to worse ... and whatever comes after that. In an article released today by Bloomberg, a lawyer in the case is quoted as sayin...

Sears Tower Now Named Willis Tower

Sears Tower is history. As of Thursday, the iconic Chicago, Illinois, skyscraper is now named Willis Tower. At least that's what the owners of the 110-story skyscraper now call it after its new main tenant, the London, England-based insuranc...

McKenna Retires as Gallagher Bassett President

ITASCA, Ill.Richard J. McKenna, president of Gallagher Bassett Services Inc., a subsidiary of Arthur J. Gallagher Co., has retired from the company. The company has begun its search for a replacement, Itasca, Ill.-based Arthur J. Gallagher...

Arthur J. Gallagher & Co. Announces Executive Retirement

ITASCA, Ill., July 14 /PRNewswire-FirstCall/ -- Arthur J. Gallagher Co. announced that Richard J. McKenna, President of its Gallagher Bassett Services subsidiary, has retired from the company. The company has already begun a search for his...

Reinsurance Rates Not As High As Expected

Property catastrophe rates increased for midyear renewals, but not as much as reinsurers had hoped and insurers had feared, brokers and reinsurers say. Industry experts say reinsurance rates generally increased in the 10% to 20% range. Reins...

A.M. Best Special Report: Expanding Wildfire Season Adds to Insurers' Burden

Though not as severe as the 2007 wildfire season, the 2008 season included about $640 million in direct property losses from three wildfires in the Los Angeles metropolitan area in November, California officials estimate. The current season...

NCOIL Revised Credit-Scoring Model to Provide Relief for Catastrophic Events

The National Conference of Insurance Legislators wants insurance companies to cut a break to policyholders who find themselves jobless, sick, divorced or deployed overseas in the military. The organization approved an amendment to its landm...

Perspectives: As Video Surveillance Use Grows, Liabilities Emerge

Here's a little brain teaser: Is it OK to put up fake cameras on your commercial property to deter crime? This is the type of question that property owners increasingly are forced to consider as the technology of camera surveillance has beco...

Progressive 2nd-quarter profit rises 16 percent

MAYFIELD VILLAGE, Ohio_Auto insurer Progressive Corp. said Friday that its second-quarter profit climbed 16 percent as the prior-year period was weighed down by some investment losses. The company earned $250.1 million, or 37 cents per share...

Sharpening Focus On Insurance Premiums

Debbie Shempert, senior vice president and operations manager for Renasant Insurance in Tupelo, said her office has been besieged with policyholders looking to save a few dollars on premiums. FULL TEXT Jackson resident Johnston Walker recent...

Class Action Against Old Republic National Title Insurance Company Directed To Proceed By Court

PHILADELPHIA, July 10 /PRNewswire/ -- Class Counsel for the Plaintiffs in the Old Republic National Title Insurance Company class action suit announced the following: UNITED STATES DISTRICT COURT EASTERN DISTRICT OF PENNSYLVANIA DONNA MARKOC...

Unclaimed Property Can Be a Boon to Income in Down Economy, Allsup Explains How to Claim it

Locating unclaimed property requires some legwork, but it is not difficult to do, it costs nothing and can be a welcome source of income Belleville, IL (Vocus) July 9, 2009 -- Nearly one in eight Americans are entitled to unclaimed property...

E&O Pricing still Soft Outside Financial Services

The market for errors and omissions coverage remains soft in most sectors even though high-risk areas such as financial services have seen sizable rate increases, observers say. Brokers, underwriters and risk managers say plentiful capacity...

Fla. Board Clears Way for Rate Boost for Citizens, but Also Rate Reductions

Citizens Property Insurance Corp. of Florida will still be able to raise rates at the start of 2010, but not as much as the insurer was expecting. A vote of the governing board that oversees Citizens determined that it can raise rates at a...

Workers' Comp Rate Won't Rise, Poizner Says

Jul. 9--Insurance Commissioner Steve Poizner yesterday rejected an insurer-backed plea for a massive boost in workers' compensation rates, arguing that the industry isn't doing enough to control its costs. The Workers' Compensation Ratings B...

Allstate Renames Two Florida Subsidiaries

Allstate Insurance Co. has renamed two Florida property/casualty subsidiaries, the company said. Allstate Floridian Insurance Co. is now Castle Key Insurance Co., and Allstate Floridian Indemnity Co. is now known as Castle Key Indemnity Co....

New Flood Maps Aren't The Only Reason For Insurance Increase [the Florida Times-union, Jacksonville]

An eight-year effort to update the county's flood maps could eventually raise insurance rates for many people who own land near the waterfront when the process wraps up late next year. But that's not what's causing Bill Pence's flood insuran...

Competition Drives Liability, Excess Casualty

While four years of significant declines in subscription rates and poor results suggest that companies no longer pay for their general liability and excess loss of coverage of the renewal period, the market has not turned insurers and broke...

Property Rates Ride ‘a Slowly Rising Tide’

The tide may be turning for the long buyer-friendly commercial property market, particularly for catastrophe-exposed locations, risk managers, brokers and underwriters say. Coming off the second-worst year on record in U.S. catastrophe losse...

Tough financial climate Shaping Workers Comp Price

Tight credit availability, layoffs, bankruptcies and competition among insurers are shaping the price of workers' compensation and employers to renew their policies in a market in transition. This is even truer this year than in recent year...

Chubb May Face $2 Bln In D&O Losses

SAN FRANCISCO (MarketWatch) -- Chubb Corp. (cb) may face $2 billion in losses from directors and officers insurance policies it has sold as litigation surges in the wake of the financial crisis and recession, Barclays Capital analyst Jay Gel...

NAIC Debuts Web Site Redesign

Site Includes Reorganized Format, Enhanced Features WASHINGTON, D.C. (July 7, 2009) The National Association of Insurance Commissioners (NAIC) announces the launch of a newly redesigned Web site. The more modern, streamlined format enhances...

NYSE Posts AIG Delisting Notice By Mistake

SAN FRANCISCO (MarketWatch) - The New York Stock Exchange said late Wednesday that it posted a notice suspending and delisting American International Group shares by mistake. NYSE (NYX) said it erroneously posted the notice on its Web site n...

Consumers Worried About Warranties and Auto Insurance Over GM, Chrysler Bankruptcies

GOLD RIVER, Calif.--(BUSINESS WIRE)-- With the recently filed bankruptcies of both GM and Chrysler approved, consumers are flooding social media sites, blogs and advice columns with questions about car warranties and auto insurance. Accordin...

Rate increases from 1 July 2009 that the renewal of reinsurance capacity remains adequate, according to Guy Carpenter

NEW YORK - (BUSINESS WIRE) - upward pressure on property catastrophe reinsurance rates in the United States with ease 1 July 2009, the renewal capacity in the market was not abundant enough, according to information published today by Guy C...

AIG Property/Casualty Unit, AIU Holdings, Names CFO

AIU Holdings Inc. has named Robert S. Schimek chief financial officer, the company said. AIU Holdings said in a statement that Schimek, who joined American International Group Inc.?s commercial insurance unit in 2005, will ?assume a central...

AIG Says Swaps Exposure Could Lead To More Losses

NEW YORK_Embattled insurer American International Group Inc. disclosed in a regulatory filing that it could face additional losses on credit default swaps remaining on its books. As of March 31, AIG had about $192.6 billion outstanding of th...

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