Massachusetts-based Allmerica Financial Corporation has incurred approximately $19 million in pre-tax catastrophe losses to date in the second quarter. The losses are primarily the result of hail, high winds, and tornadoes, principally in the Midwest and South from April 1 …
The Seibels Bruce Group, Inc., has received an Order Lifting Administrative Supervision and Relieving Supervisor from the South Carolina Department of Insurance (SCDOI). Since August 2002, the company has reportedly worked closely with the SCDOI on a plan of operation …
Senate Judiciary Committee Chairman Orrin Hatch (R-Utah) inserted draft asbestos litigation management legislation in the Congressional Record May 19 for review by Senate colleagues. The purpose of a final bill, expected to be introduced later this week, is to reportedly …
A.M. Best Co. has affirmed the financial strength rating of A (Excellent) for PXRE Group Ltd.’s reinsurance subsidiaries, Bermuda. The outlook remains negative. The rating action applies to PXRE Reinsurance Company, Hartford, Connecticut and PXRE Reinsurance Ltd., Bermuda. Additionally, A.M. …
Louisiana Commissioner of Insurance Robert Wooley said it’s never too early to get one’s hurricane-related insurance matters in order. Wooley issued the message during Hurricane Awareness Week, which runs through May 24. The 2003 Atlantic Hurricane season begins on June …
A New York bill that would require the Department of Health to conduct a comprehensive study on the health risks of mold and impose assessment and testing standards on property owners would reportedly create significant and unnecessary expenses. “Passage of …
In a decision praised by the American Insurance Association (AIA), the Sixth Circuit of the U.S. Court of Appeals has affirmed a lower court’s ruling that a commercial general liability (CGL) policy with a “parking attendant” or “valet parking” exception …
The Michigan Legislature has passed a bill limiting insurer exposure under the Standard Fire Policy Act and sent it to the governor, whose signature is urged, according to the Alliance of American Insurers (AAI). Under the bill, HB 4432, commercial …
Standard & Poor’s is maintaining its CreditWatch with negative implications on various Australian and New Zealand subsidiaries of Tower Ltd. “following the profit warning issued by the insurance group today.” The current ratings on various Tower Ltd. operating subsidiaries in …
A proposed change to the way Arkansas regulates insurer safety programs will reportedly create additional costs with no corresponding improvement in workplace safety, a leading safety expert told a hearing of the state’s Workers Compensation Committee. “The changes being proposed …