Standard & Poor’s Ratings Services announced that it has assigned its ‘BBB’ counterparty credit and financial strength ratings to Pennsylvania National Mutual Casualty Insurance Co. and its wholly owned property/casualty subsidiaries: Penn National Security Insurance Co. and Founders Insurance Co. …
The New Jersey-based MIIX Group, Inc. has issued a statement indicating that it will require further time to complete an examination of its loss reserves. The bulletin noted that MIIX had announced on February 5, 2004 that it had notified …
To help its members search for markets in the state, the Independent Insurance Agents of Texas has expanded and updated its online market search tool, MarketsCentral. In its MarketsCentral announcement, the IIAT noted that the insurance marketplace in Texas is …
The Michigan Senate voted 32-5 to do away with a $300 fine that has been assessed against drivers with no proof of insurance, according to the Lansing State Journal. The law authorizing the fine, which took effect Oct. 1, 2003, …
A.M. Best Co. has affirmed the financial strength ratings of the subsidiaries of Cincinnati Financial Corporation. The affirmations include A++ (Superior) for the property/casualty group of The Cincinnati Insurance Companies and A+ (Superior) for The Cincinnati Life Insurance Company (all …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) of Luxembourg-based West of England Ship Owners Mutual Insurance Association (the Club or WOE), with a stable outlook. “The rating reflects the Club’s excellent capitalisation, …
Munich Re announced that 2003 resulted in its first net loss since 1906, the year of the San Francisco earthquake. The world’s largest reinsurer lost 434 million euros ($533 million) last year, but said that the result “draws a line …
The AARP Texas and Texas Watch announced a new statewide campaign to pass true homeowners insurance reforms and eliminate unjustified rate hikes. Together, the organizations represent over two million Texans. The announcement comes on the heels of a report issued …
New Jersey Attorney General Peter Harvey announced that a Union County pharmacist has been sentenced to three years in state prison after reportedly admitting to devising a scheme wherein he submitted more than $100,000 in prescription reimbursements to the Medicaid …
A Vermont House bill that establishes an insurance fraud law is reportedly an important weapon in strengthening a comprehensive, nationwide fight against insurance fraud. House Bill 742 arms law enforcement personnel and insurers with enhanced tools to pursue civil remedies …