Travelers Property Casualty Corp. announced that its preliminary estimate for catastrophe losses from severe storms during the second quarter through May 21 is approximately $78.0 million, after reinsurance and tax. This estimate includes net losses of approximately $45.0 million in …
The U.K.’s Royal and Sun Alliance announced a first quarter group operating profit of £95 million ($156 million), calculated on the basis of revised investment assumptions introduced at the beginning of this year. Net profit attributable to shareholders was £2 …
Cincinnati-based American Financial Group Inc. announced that its principal property and casualty insurance subsidiary, Great American Insurance Company, was notified of an arbitration decision resulting from its share of a property fire and business interruption claim. The company has not …
The American Dental Association (ADA) and two of its member dentists are suing some of the nation’s largest insurers under the federal Racketeer Influenced and Corrupt Organization Act (RICO) and supporting state laws for insurance abuses against dentists contracted under …
Standard & Poor’s assigned its ‘R’ financial strength rating to Patterson Insurance Co. (Patterson) because of the company’s ongoing liquidation. Patterson was placed into liquidation on March 17, 2003, by the 19th Judicial District Court, East Baton Rouge Parish, La. …
California-based Copart, Inc. reported results for the third quarter and nine months ended April 30, 2003. Copart earned net income of $15,422,800 in the third quarter of fiscal 2003 on revenues of $93,928,700. This quarter’s net income is 7 percent …
Atlanta-based ebix.com reported first quarter net income of $516,000, or 23 cents per share, as compared to net income of $198,000, or 9 cents per share for the first quarter of 2002. Total revenue for the quarter ended March 31, …
The Alliance of American Insurers (AAI) commended the U.S. House Judiciary Committee on Wednesday for approving the “Class Action Fairness Act” (H.R. 1115). This reportedly clears the way for full House consideration of the measure. “It’s very encouraging to see …
Public risk managers said that price, increased self-insured retentions and coverage were the biggest challenges they face over the next year, according to a survey conducted recently by Munich-American RiskPartners, a division of American Re-Insurance Company and the Public Risk …
A.M. Best Co. has downgraded the financial strength ratings to C (Weak) from B (Fair) of Republic Western Insurance Company (Arizona) and North American Fire & Casualty Insurance Company (Louisiana). The companies are subsidiaries of AMERCO (Reno, Nev.), which is …