The House of Representatives voted overwhelmingly last week to reform and reauthorize the National Flood Insurance Program (NFIP) before the program expired at year end. H.R. 253, the “Two Floods and You Are Out of the Taxpayers’ Pocket Act of …
U.S. ocean marine insurers expect 2003 full-year results will show continued profit as underwriters maintain their pricing discipline, according to David French, chairman, American Institute of Marine Underwriters (AIMU). Addressing the annual meeting of the AIMU in New York recently, …
East Lansing, Mich.-based medical liability insurer American Physicians Capital Inc. announced a net loss of $77.1 million, or $9.03 per share for the third quarter of 2003 as a result of reserve increases and accounting valuation allowances. For the nine …
Engle Martin & Associates, Inc. announced the addition of David Gleason as National General Adjuster in Hartford, Conn. Formerly with GE’s Industrial Risk Insurers, he was actively involved in the improvement of the organization through the implementation of the Six …
New Jersey Attorney General Peter Harvey announced that husband and wife chiropractors, along with three individuals acting as “runners,” have been charged by the Division of Criminal Justice – Office of Insurance Fraud Prosecutor with reportedly masterminding an Essex County …
Combined Group (www.combinedgroup.com), a Carrollton, Texas-based managing general agency, announced a new Texas nonsubscription policy, which features an admitted $5 million CSL high limits Comprehensive Employers Indemnity (CEI) policy form with an “A” rated carrier. The Combined Group’s Chief Executive …
The U.K.’s Royal & Sun Alliance may be on the way to proving that smaller is better. After a radical restructuring, which included the disposal of most of its U.S. business, and a £960 million ($1.6 billion) infusion of new …
A.M. Best Co. has affirmed the financial strength ratings of A+ (Superior) for the Los Angeles-based Mercury Casualty Group. Concurrently, A.M. Best has affirmed the “a-” senior debt rating of Mercury General Corporation’s existing debt securities and the indicative rating …
A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) of Labuan Reinsurance Company Ltd. (Labuan Re), Malaysia. The outlook is stable. The rating reflects Labuan Re’s improving underwriting performance, conservative investment portfolio and shareholder commitment. Adding …
The WCIRB has compiled a summary of insurer reports of loss and premium experience valued as of June 30, 2003. The report is based on data reported to the WCIRB by insurers who wrote approximately 99 percent of statewide 2002 …