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Fitch Releases Special Report on Analyzing Prior Period Loss Reserves and Tail Factors

In a new report, Fitch Ratings discusses property/casualty insurer loss reserves for older underwriting periods, and challenges in assessing reserve strength for insurers with longer tail claims liabilities. Reserves from accident years befo...

Perspectives: State Farm, Florida Regulators Continue to Mull Best Way for Insurer to Leave

In Florida there's been some worry about whether the state has enough cash to pay for damages following a hurricane. It's a story that has been covered many times in the past five years. That remains a story, but with lawmakers passing legi...

A.M. Best Releases Methodology on Natural Catastrophe Stress Test

A.M. Best Co. has released an update to its methodology titled Natural Catastrophe Stress Test Methodology. The document is available on the Best's Credit Rating Methodology section of A.M. Best's homepage. Visit www.ambest.com/ratings/me...

North Carolina Regulators, Rate Bureau Agree to Roll Back Auto Rates

Private automobile insurance rates in North Carolina will be rolled back to just under 2006 levels following a settlement signed by Insurance Commissioner Wayne Goodwin and the North Carolina Rate Bureau. According to a statement from Goodw...

Washington Shrugs At New AIG Bonus Plan

Washington policymakers have changed their position on huge compensation programs at financial firms, a change for the better, Rep. Bob Corker, R-Tenn., said. When bailed out insurance company American International Group Inc. attempted to p...

Reinvigorated Watchdog SEC Charges 11 With Illegal Insider Trading

The Securities and Exchange Commission on Wednesday charged 11 people with illegal insider trading connected with merger announcements at two companies. The actions are a break from the SEC's recent rash of pursuing enforcement actions regar...

Max America Now Licensed to Write Marine Insurance in All 50 States

Max America Insurance Co. is now able to write the inland and ocean marine insurance in the 50 States eligible to become an insurer in California, Max Capital Group Ltd. said. Max America is a subsidiary of Richmond, Va.-Max Specialty Insur...

Squatters choose the best in Mayfair property

Showing me around his 22.5m Mayfair home, my host is incredibly welcoming. You can come any time, he says. Feel free to do whatever and go wherever you like here. It is a delightful thought as I admire the huge circular first-floor drawing...

Squatters move into Billionaires’ Row as concern grows over homes left empty

Squatters have moved into a London super-mansion in a road dubbed Billionaires Row, a few doors from a house owned by the steel magnate Lakshmi Mittal. Mr Mittal, the head of ArcelorMittal, put his home, the nine-bedroom Summer Palace, on t...

Agent Pleads Guilty To Workers' Comp Fraud

An Illinois insurance agent pleaded guilty to four felony charges. An investigation revealed that the man misappropriated over $400,000 of his client's workers' compensation premiums. Many of his clients paid cash because he told them they w...

California 'Pay-As-You-Drive' Regulations Approach the Starting Line

SACRAMENTO, Calif., Jul 13, 2009 (A. M. Best via COMTEX) -- California's proposed pay-as-you-drive insurance regulations are winning industry support as they steer closer to the marketplace. First conceived a year ago, at the height of a re...

Guy Carpenter Names Chris McKeown CEO of Global Analytical and Specialty Practices

Guy Carpenter Company, LLC, a leading specialist global risk and reinsurance, announced today that it has appointed Chris McKeown as CEO of Global Analytical and specialty practices. Mr. McKeown will be responsible for Guy Carpenter Instrat...

Conning Research: Property-Casualty Forecast Through 2011 Released

Results of ownership of industry losses in the coming years will be determined by the recession of 2009, the insurance premium quotes mixed dynamics, and deterioration of underwriting results modest, according to the latest Property Casualt...

When it doesn’t pay to overpay on your mortgage

Borrowers on ultra-low tracker mortgages are being urged to stop overpaying and instead take advantage of some of the top savings deals. Tracker deals have tumbled with Bank rate, which has fallen from 5.75% in November 2007 to an historic...

BIG “I” Commends Introduction Of National Flood Insurance Program Extension

Also Calls for Long-Term Updates to Critical Program for Homeowners and Small Businesses WASHINGTON, D.C., July 9, 2009 The Independent Insurance Agents Brokers of America (the Big I) today commended House Financial Services Housing Subcomm...

Minnesota Guys File $7 Million Suit: Against Their Insurance Company

Jul 9 - The boys of Minnesota filed suit against their insurance company seeking more than $ 7 million in damages to Exchange Place. Berkley Regional Specialty Insurance, based in Scottsdale, Ariz., provided the vacant seat of former Bank I...

AIG, SICO Lawyers Trade Accusations During Closing Arguments Of Executive Fund Trial

During closing arguments of a multibillion-dollar lawsuit between American International Group Inc. and Starr International Co., jurors were told that Maurice Hank Greenberg has been lying and covering up the looting of a trust to fund an A...

States Seek Tests For Older Drivers; As Baby Boomers Age, More Highway Safety Concerns Arise

A looming gray wave of Baby Boomers expected on the nation's highways over the next two decades has prompted states to launch programs aimed at allowing seniors to keep driving as long as they can without endangering themselves or others. T...

AIG Shares Slump In Wake Of Reverse Stock Split

SAN FRANCISCO (MarketWatch) -- When American International Group proposed a reverse stock split earlier this year, the insurer said in a regulatory filing that a higher share price may attract institutional investors. So far, that hasn't wor...

Less Than One In Four Colleges Assess Risks

LESS THAN ONE IN FOUR COLLEGES ASSESS RISKS A survey concludes that colleges and universities take a less proactive approach in managing their various risks. According to the survey conducted by the Assn. of Governing Boards of Universities...

Allstate set to raise homeowners insurance rates by 6.2 percent in North Texas

Jul. 8--AUSTIN -- North Texas homeowners insured by Allstate will see their rates increase an average 6.2 percent beginning next month under a rate plan filed by the company with the Texas Department of Insurance. A spokesman for Allstate, t...

Catlin Acquires D&O and Professional Liability Renewal Rights from Bennett

International property/casualty insurer Catlin Group Ltd. has acquired the renewal rights to the directors officers liability and professional indemnity business of specialty insurer Bennett Underwriting Agencies Ltd. The two organizations...

Lenders should be named and shamed

Consumer watchdog Which? called today for the City regulator to name and shame lenders hitting those in mortgage arrears with exorbitant charges. The group hit out at the Financial Services Authority's (FSA) refusal to identify lenders that...

Taxpayer-controlled lenders squeeze mortgage market

High street banks that have taken billions of pounds from the taxpayer are charging the highest mortgage rates on the market as the total number of deals available sinks to the lowest on record. Lloyds Banking Group, which has taken 11.5 bi...

Time to take out a tracker mortgage?

Borrowers are being advised to consider tracker mortgages again, as the cost of fixed rate deals rise. Last week, First Direct launched the markets first capped tracker with a rate of 2.48% above Bank, giving a rate of 2.98% at present, and...

Best's Review's Insurance Broker Ranking Shows Aon, Marsh at the Top, Shifting Lineup

Despite the downturn in the economy, the multibillion dollar global insurance brokerage business held steady, for the most part, in terms of brokerage revenues in 2008. Best?s Review?s annual Top Global Insurance Broker ranking reports Aon...

DCAP Announces Major Changes: Acquisition of Insurance Company Completed, Change of Company Name and Sale of Remaining Stores

HEWLETT, N.Y.--(BUSINESS WIRE)-- DCAP Group, Inc. (NASDAQ: DCAP) today announced that the Commercial Mutual Insurance Company (CMIC?) Plan of Conversion (the Plan?), providing for the conversion of CMIC from an advance premium cooperative to...

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