Travis County District Judge Brenda Kennedy recently found South Texas Well Service Inc., a Rockport-based company owned by Michael W. Harvey, guilty of insurance fraud. The company was ordered to pay $7,000 in restitution to Texas Mutual Insurance Company. According …
The Texas Senate announced it approved Senate Committee Substitute to House Bill (CSHB) 4, which is aimed at ending what some Senators call lawsuit abuse. Mount Pleasant Senator Bill Ratliff said the bill strikes a fair balance by providing for …
Writers of directors and officers insurance are facing a lengthy catch-up period, given the increased frequency and substantially greater severity of claims since the mid-1990s, according to the special report, “The Directors & Officers Market: A Crisis in Remediation,” issued …
Seattle-based Safeco announced that claims stemming from the recent string of Midwest and Southern tornadoes, added to losses from violent hailstorms in Texas earlier in the quarter, are estimated at nearly $90 million in pretax catastrophe losses. This figure represents …
U.S. property/casualty insurers are expected to pay policyholders an estimated $1.2 billion for insured property-loss claims from a winter storm and windstorm catastrophe that pummeled 10 states in early April, according to preliminary estimates by Insurance Services Office, Inc.’s (ISO) …
California Insurance Commissioner John Garamendi sought and received an order of liquidation for the California business of Legion and Villanova Insurance Companies recently. The order, issued in California Superior Court in Los Angeles, ends a year-long legal struggle to get …
Tennessee Commissioner of Commerce and Insurance Paula A. Flowers filed court petitions Friday to liquidate three related Tennessee-chartered insurance reciprocal companies that insure thousands of lawyers, doctors, counselors and medical facilities nationwide. In three separate filings, Flowers asked the Davidson …
A.M. Best Co. announced several ratings actions affecting the AXA Group’s Canadian subsidiary companies, affirming some ratings, and lowering others. It has affirmed the financial strength ratings of A+ (Superior) of AXA Canada Inc., AXA Assurances Inc. and AXA Assurances …
The Netherlands ING Group announced that it is selling its 49% shareholding in Mexico’s Seguros Bital to Grupo Financiero Bital, S.A., a wholly owned subsidiary of HSBC Holdings, plc. for $148 million. The transaction, which is subject to regulatory approvals, …
Willis Re, the reinsurance division of global insurance broker Willis Group Holdings, announced the launch of Willis Concentrated Risk Locations (Willis Ctrl), which it described as “an exciting new risk modeling service that evaluates concentrations of property and casualty exposures …