Illinois physicians are planning a one-day strike on Wednesday in Springfield to protest skyrocketing malpractice premiums and the litigation costs they say are the cause for them, according to the Chicago Sun-Times. Dozens of Chicago-area doctors will be re-scheduling appointments …
American International Group, Inc. (AIG) announced the formation of AIG Global Risk Management, established to consolidate the global risk management and captive capabilities of the AIG companies. Charles Dangelo, president of AIG Risk Management, Inc. (AIGRM), AIG ‘s domestic risk …
Align360, a provider of business and IT consulting services, announced the successful completion of a major phase of Allenbrook’s Phoenix® system installation for Florida-based FCCI Insurance Group. Phoenix is a fully integrated suite of policy administration, claims processing, and billing …
The Uniform Computer Information Transactions Act (UCITA), a bill that formalizes the law for licensing of computer information products, was defeated in the Oklahoma Senate Appropriations Committee, and the American Insurance Association (AIA) thinks that’s a good thing. “This is …
SAP AG announced that Munich Re will implement the reinsurance capability of the company’s mySAP(TM) Insurance software to handle its core business processes, replacing various legacy systems with a single comprehensive solution. The reinsurer expects the new system to cut …
A bill introduced by Sen. Don Nickles (R-Okla.) is a common-sense solution to the asbestos litigation crisis, says the Independent Insurance Agents & Brokers of America (IIABA). IIABA, which represents 300,000 agents and brokers, will engage in a “grassroots effort” …
Doctor-sponsored Initiative Petition 1 (IP1) was introduced to the Nevada Senate Feb. 21, in response to the medical malpractice crisis inflicting Nevada’s doctors—in particular, obstetricians, according to the Associate Press. The petition suggests reducing med-mal award caps, restricting sky-rocketing lawyer …
Standard & Poor’s has published a report that examines failures among U.S. insurers in 2002. “Despite the hardening pricing environment in property/casualty and health insurance lines, the number of U.S. insurance failures has not diminished,” Standard & Poor’s credit analyst …
Bermuda-based Arch Capital Group Ltd. reported that net premiums written for the 2002 fourth quarter were $439.2 million, of which the company’s reinsurance and insurance operations contributed net premiums written of $236.7 million and $202.5 million, respectively. For the year …
A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) of HSBC Medical Insurance Limited, Hong Kong. The outlook is stable. The rating reflects HSBC Medical’s leadership position in the group medical insurance sector, competitive underwriting performance, strong …