Brooklyn-based Allcity Insurance Company announced its operating results for the three month period ended March 31, 2003, reporting a net loss of $878,000 or $0.12 per share for the period, compared to a net loss of $1,271,000 or $0.18 per …
California Insurance Commissioner John Garamendi recently authorized an emergency bailout of the California Insurance Guarantee Association (CIGA), the industry fund on the brink of collapse due to the numerous insolvencies of workers compensation carriers in California over the past few …
Progressive Corp. reported that for April 2003, the company produced a GAAP combined ratio of 88.3. Net premiums written increased 28 percent to almost $1.2 million for the month, compared to $928 million last year. Net premiums earned for the …
Presentations by state officials and panel discussions that present the most up-to-date overviews on issues affecting property/casualty insurers writing business in California will highlight the Association of California Insurance Companies’ XIV Annual General Counsel Seminar this summer. “We have designed …
Exigen Group announced at the 2003 Annual ACORD Conference Monday in Orlando, the Exigen Insurance Process Backbone, which extends its current insurance product offerings. The only ACORD standard-based product on the market that enables enterprise-wide business processes to be supported …
With the ever-increasing use and reliance on technology in the business world, the information stored on computers has become essential to the survival of most businesses. Having said that, a company with a computer outage for more than 10 days …
New Jersey’s Acting Attorney General Peter Harvey announced that an Essex County man was sentenced for his reported role in a large scale, multiple defendant conspiracy to defraud two insurance companies out of more than $600,000. According to Vaughn McKoy, …
A.M. Best Co. has assigned a “bbb” senior unsecured debt rating to Fund American Companies, Inc.’s (Delaware) issuance of $700 million senior notes. The notes carry an interest rate of 5.875 % and will mature in 2013. The notes will …
With a special legislature session underway, Florida legislators would reportedly do well to consider the PIP insurance fraud package that failed to pass in the regular legislative session. “The House was instrumental in bringing PIP fraud, workers’ compensation and credit …
Commercial P/C insurance software provider, INSTEC, announced an agreement with Thompson Insurance Enterprises, Inc. (THOMCO) for the implementation of a 50-state commercial Package and Automobile policy rating and administration solution. The comprehensive, bureau-based solution is in production, with customizations for …