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Allstate Selects Matthew Winter as President and CEO of Allstate Financial

Allstate announced it has selected Matthew Winter, 52, as president and chief executive officer of Allstate Financial. Winter will be responsible for leading Allstate Financials effort to provide life insurance and retirement products to mi...

Reverse Mortgages – What are they? How do they work?

A survey by the Urban Institute found that 1.9 million seniors found themselves having to choose between buying food and buying medicine. The survey was conducted in 1993a time when the economy was booming! Due to the current economic woes,...

Big Three Brokers Support Lloyd's Exchange Endorsement Pilot

The three largest global broking firms, Aon, Marsh and Willis have given their support to a key stage in progressing market modernisation by agreeing to pilot the Lloyd's Exchange for endorsements using the latest agreed version of the ACOR...

Correction Officer Faces Fraud Counts in Workers Comp Case

Nov. 19--MALONE -- A Bare Hill Correctional Facility officer is charged with fraud for allegedly working while collecting more than $10,000 in workers-compensation benefits. Martin Friess, 40, of Massena, an eight-year veteran of the State...

Economy Poses Special Challenges To Marine Underwriters, AIMU Chairman Tells Annual Meeting

NEW YORK, November 19, 2009 -- Slow economic growth, low inflation and minimal interest rates pose special challenges to ocean marine underwriters fewer ships to insure, fewer goods in transit to cover with reduced value of merchandise and l...

East News Employee Charged with Arson in Virginia Pet Store Fire

An employee has been charged with arson in a weekend fire at a Roanoke, Virginia pet store that caused about $2 million in damage. Roanoke Fire Department spokeswoman Tiffany Bradbury said 18-year-old Corey Brian Hite of Ivanhoe in Wythe Co...

BestWeek Asia/Pacific: Taiwan's Chinatrust Says Bidding for AIG's Nan Shan Was Unfair

This week's edition of BestWeek Asia/Pacific explores the allegation by Taiwan-based financial conglomerate Chinatrust that the bidding process for AIG's Nan Shan Life unit was flawed. A.M. Best Co.'s BestWeek Asia/Pacific is a multimedia o...

Agricultural Insurance Is Huge but Less Regulatory in China

BEIJING, Nov 12, 2009 (SinoCast Daily Business Beat via COMTEX) -- Data show that China saw an endorsed premium income of CNY 12 billion from agricultural insurance in the first nine months of 2009, with a 31% rise year on year; and it was...

PICC Property & Casualty Jan.-Oct. Premium Up 17%

BEIJING, Nov 12, 2009 (SinoCast Daily Business Beat via COMTEX) -- PICC Property Casualty Co., Ltd. (SEHK: 2328), a non-life insurance company in China, pulled in CNY 103.209 billion in original premium revenue by October end, up 16.77 perc...

BB&T Insurance Acquires Southwest Florida Brokerage

BBT Insurance Services has expanded its reach within the Florida market through the acquisition of Oswald Trippe and Co. Inc., a Fort Myers-based insurance brokerage with seven additional offices in the Sunshine State. Terms of BBT's acquis...

The Insurance Council's flood insurance project

Following on from the considerable research and work undertaken by the general insurance industry on the issue of flood mitigation and management, the Insurance Council Board endorsed an approach for the industry to pursue a framework which...

Florida Formalizes Seventh Consecutive Workers' Comp Cut

Florida's seventh consecutive drop in workers' compensation rates will go into effect Jan. 1, 2010, after the state Office of Insurance Regulation formally approved the new levels. Insurance Commissioner Kevin McCarty issued a final order a...

SEC May Join NAIC in Mandating Climate Risk Disclosures

For U.S. insurers, the climate change forecast for a public disclosure front could be met with a high-pressure system from Washington, D.C. As the National Association of Insurance Commissioners prepares to implement its new Climate Risk Di...

Florida Last-Resort Insurer to Investigate Validity of Wind-Mitigation Discounts

Florida's state-run insurer said it has approved an emergency plan to inspect some personal and commercial residential policies in order to determine the accuracy of more than $700 million in wind mitigation credits provided to policyholder...

California's Workers' Comp Fund Names Interim Chief

California's State Compensation Insurance Fund named Doug Stewart, its chief risk officer, as interim president and chief executive officer. Stewart joined SCIF in November 2007, becoming chief risk officer after the passage of governing re...

AIG Loans Another $2 Billion to Airplane-Leasing Unit

American International Group's airplane-leasing company said it's borrowed an additional $2 billion from AIG, tapping into the credit facility that the Federal Reserve Bank of New York has loaned to AIG. The airplane-leasing company, Intern...

Colorado Committee Advances New Oversight for Workers' Comp Insurer

Legislation to overhaul the operations of Pinnacol Assurance Co., the state-backed workers' compensation insurer, cleared a special legislative panel in a party-line vote. The Pinnacol Interim Committee concluded a week of hearings by recom...

Insurance Company Comebacks

As an industry, insurers often see their fortunes rise and fall with trends over which they have no control. Since insurers make money by investing premiums the stocks are heavily influenced by performance of the over-all stock and bond mar...

New Max at Lloyd's CEO Eyes 'Gradual Growth'

Max Capital Group Ltd.'s new head of its Lloyd's operation said the company is poised for gradual growth. Max Capital said it's promoted Adam Mullan to chief executive officer of Max at Lloyd's Ltd., the Lloyd's managing agent for Syndicate...

Tokio Marine Updates Estimated Losses From Typhoon Melor

Tokio Marine Nichido Fire Insurance Co. Ltd. [85100], a subsidiary of Tokio Marine Holdings Inc. [50962], reported an updated estimate of incurred losses, now at 12.36 billion yen (US $137 million), caused by Typhoon Melor. A previous estim...

Canadian Small Business Owners Vulnerable to Everyday Risks

The majority of Canadian small business owners are unprepared to deal with common disruptions that can impact their ability to do business, according to the latest American Express Small Business Monitor. Almost half of small business owner...

Marsh Seeks To Limit Its Liability Exposure With Clients

In an effort to reduce its professional liability exposure, Marsh Inc. said in March that it would ask clients to sign off on service agreements that included a $10 million liability cap. The move, executives said, was about prudent risk ma...

Brokers Adjusting To Challenging Market Conditions

Companies of all types adjust their operations during challenging times, and the insurance brokerage industry is no different. Prolonged soft insurance pricing coupled with the severe economic downturn have provided a difficult backdrop for...

ING to Transfer US Reinsurance Business to RGA

ING has announced that it has reached an agreement to transfer its US group reinsurance business, ING Reinsurance US, to Reinsurance Group of America, Terms of the agreement were not disclosed. This transaction fits within ING's Back to Basi...

American Strategic CEO: Business Principles Lead to Strong Combined Ratio

American Strategic Insurance Corp. President and Chief Executive Officer John Auer said several factors have led to its strong combined ratio. According to an AMB Credit Report, the property writer has had an average combined ratio in the m...

Liability Exposures in Providing Accounting Services to Contractors

John F. Raspante, CPA, MST, is the director of compliance and risk management as well as the director of education with Graf Repetti Co., LLP. Material for this article comes from Camico Mutual Insurance Company (www.camico.com), where the...

Gulf Coast Congressman Calls Again for Wind Coverage in National Flood Program

Rep. Gene Taylor, a Democratic congressman whose Mississippi home was wrecked by Hurricane Katrina in 2004, is again urging the Obama administration to insist on wind-damage coverage in an overhaul of the National Flood Insurance Program. T...

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