A.M. Best Co. has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) and the issuer credit ratings (ICR) to “bbb” from “a-” for the reinsurance subsidiaries of the PXRE Group Ltd. The rating actions apply to …
The Kentucky Department of Insurance reported that recent Kentucky court actions indicate judges are increasingly handing out stiff sentences for insurance fraud-related crimes. “We hope the word is getting out that insurance fraud will not be tolerated in Kentucky,” said …
Nearly 270 people affected by Rhode Island’s deadliest nightclub fire added several more defendants to their lawsuit this week, including members of the band whose pyrotechnics sparked the blaze and manufacturers of flammable foam that fed the flames. The amended …
Fireman’s Fund Insurance Company is in the process of adding 190 new jobs, including 145 new claims professional positions, to its existing operations in Earth City, near St. Louis. As part of the company’s expansion, a new national customer sales …
Jim Donelon became Louisiana’s Commissioner of Insurance on Feb. 16 following the retirement of Robert Wooley, the Louisiana Department of Insurance reported. Donelon previously served as the Department’s Executive Counsel and Chief Deputy Commissioner. “I am honored to serve as …
Bermuda-based Montpelier Re Holdings Ltd. reported a net loss for the quarter ended Dec. 31, 2005 of $61.0 million, or $0.68 per share, compared with net income of $102.4 million, or $1.53 per share, for the same quarter last year. …
New York saw more than 750 insurance fraud-related arrests in 2005 as a result of stepped-up law enforcement alliances with federal, state and local officials, according to the state’s insurance fraud report. New York Superintendent of Insurance Howard Mills released …
A jury awarded $2.3 million to a Staten Island, N.Y. man who fell from a faulty work platform and broke a kneecap and wrist almost nine years ago, his lawyer said. The Manhattan state Supreme Court jury found this week …
The Texas Department of Insurance Special Prosecutor, working in conjunction with the Dallas County District Attorney’s Office, secured a criminal conviction against David Alton Brabandt and Barbara Del Aguila of Dallas for insurance fraud, TDI reported. According to TDI, from …
A Baton Rouge, La., insurance agent has been arrested and issued a cease and desist order for alleged felony theft and misappropriation of insurance premiums, according to the Louisiana Department of Insurance. LDI reported that Walter Glenn McMillan Jr., age …