Germany’s Hannover Re, the world’s fifth largest reinsurer, reported an operating profit of 109 million euros ($129 million) in the first quarter of 2003, compared to 174.4 million euros ($206.5 million) in the same period last year, a 38 percent …
The Texas House of Representatives passed its version of Senate Bill 14, legislation that addresses regulation of residential property and commercial and personal automobile insurance. According to the Alliance of American Insurers, the House version contains significant differences from the …
The owner of a drywall and plastering company in Homestead, Fla. is facing charges of workers’ compensation insurance premium fraud for allegedly under-reporting payroll to avoid $140,000 in insurance premiums. According to the Florida Department of Financial Services Kraig Wayne …
A new book has been written that chronicles the history of the insurance industry in the United States. John A. Bogardus Jr., a veteran of Alexander & Alexander (A&A), has co-authored and published the book, “Spreading the Risks: Insuring the …
The Alliance of American Insurers is urging the Alabama Legislature to pass a bill that would alleviate a shortfall in the state’s fund that pays policyholder claims in the case of an insurance company insolvency. The bill, HB 577, would …
Despite the strong price adjustments seen in the past year, the outlook on the Canadian property and casualty insurance sector remains negative, according to a report published by Standard & Poor’s Ratings Services. Intense competition, unrelenting claims costs, and poor …
The Arizona Department of Insurance issued a consent order on May 20, 2003 placing Phoenix-based Republic Western Insurance Company under its supervision, in connection with the financial and accounting problems of its parent, AMERCO. Republic Western is also an affiliate …
Special Investigators with the Arizona Department of Insurance Fraud Unit, and the Tucson Police Department, arrested Wesley Neil Bass at his residence in Tucson on May 19, 2003. Bass was arrested on an outstanding warrant charging him with Attempted Fraudulent …
A.M. Best Co. announced that it “has placed the financial strength rating of A- (Excellent) of the Prudential Property and Casualty New Jersey Group (PruPac New Jersey Group) (Newark, NJ) and its affiliated companies under review with negative implications.” The …
Standard & Poor’s Ratings Services announced that it has assigned its ‘A’ insurer financial strength and counterparty credit ratings to Stein Insurance Co. (Jersey) Ltd., a Channel Islands-based captive insurer of Australia’s BHP Billiton Ltd. group, with a “positive” outlook …