Fitch Ratings’ current estimate is that the domestic property/casualty insurance industry will experience an improvement in the combined ratio to 103.9 percent in 2003 from 107.2 percent in 2002, with an increase in premium volume of approximately 10 percent in …
Michigan-based Meadowbrook Insurance Group’s quarterly profit grew more than 200 percent to $2.8 million, or 9 cents per share, compared to $910,000, or 11 cents per share in 2002. The improvement in net income reflects an increase in fee-for-service revenue, …
The lawsuit-based tort system for medical malpractice fails to provide adequate compensation to victims, and it does not deter negligent behavior, according to a Joint Economic Committee (JEC) study released earlier this week. “The Alliance of American Insurers applauds the …
Standard & Poor’s Ratings Services has affirmed its ‘BBB-‘ counterparty credit rating on White Mountains Insurance Group Ltd. (WTM) and its ‘BBB-‘ counterparty credit and senior unsecured debt ratings on WTM’s intermediate holding company, Fund American Companies Inc. S&P’s also …
A.M. Best Co. announced that it has assigned a financial strength rating of B++ (Very Good) to SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft SOVAG (Sovag) of Hamburg, Germany with a stable outlook. Although based in Hamburg, the company’s major shareholder is Ingosstrakh, …
The Professional Insurance Agents of New Jersey Inc. has written a letter to Assistant Commissioner Douglas Wheeler of the New Jersey Department of Banking and Insurance, indicating the organization’s support for the department’s proposed new rules establishing uniform policy language …
The National Association of Independent Insurers has issued a bulletin stating that two Vermont bills that include provisions dealing with underinsured motorist coverage (UIM) “would be detrimental to auto insurers and their policyholders.” Gerald Zimmerman, NAII senior counsel, stated: “We …
An attorney group focused on the defense of insurance companies against class actions has joined law firm of Sidley Austin Brown & Wood. Joel S. Feldman and Bruce Braverman have become partners in Sidley’s Chicago office, accompanied by Jeffrey E. …
A former detective in the Hialeah Police Department was arrested on charges that he filed several fictitious accident reports to create “patients” for a friends’ medical clinic, according to the Florida Department of Financial Services. Anthony Meyer, 31, was booked …
Dallas-based Hallmark Financial Services Inc. reported operating results for the first quarter ended March 31, 2003, noting its net income rose to $8.6 million, or $0.75 on a diluted per share basis, compared to a net loss of $1.5 million, …