With the risk of damage from surface water and flood becoming more prevalent in even low to moderate flood zones, Fireman’s Fund Insurance Co., Novato, Calif., has launched a surface water and flood endorsement to its Prestige Home Premier policy. …
Standard & Poor’s Ratings Services said it is changing its process for evaluating the terrorism exposure of insurers and reinsurers. The updated process is partly a response to the increased insurance retentions under the two-year extension of the Terrorism Risk …
A former Illinois Department of Natural Resources park supervisor who accused the agency of discrimination in denying him a promotion has settled the federal lawsuit for $65,000, a newspaper says a copy of the settlement shows. In the lawsuit that …
Prosecutors say Terrence Gasper, the former chief financial officer at Ohio’s $15 billion insurance fund for injured workers, exchanged investment opportunities for money, his son’s college tuition and stays at a Florida condominium. Terrence Gasper, the first official with the …
Triple “A” ratings have been on the endangered species list for some time, but they do still exist. Standard & Poor’s Ratings Services has just affirmed its ‘AAA’ long-term counterparty credit and insurer financial strength ratings on French-based reinsurer Caisse …
Standard & Poor’s Ratings Services has lowered its subordinated debt rating on Avalon Re Ltd.’s Series C variable rate notes, which are due June 6, 2008, to “CCC-” from “B.” Concurrently S&P removed the rating from its CreditWatch with negative …
A.M. Best Co. has downgraded the financial strength ratings (FSR) to “B” (Fair) from “B++” (Very Good) and the issuer credit ratings (ICR) to “bb” from “bbb” for the insurance/reinsurance subsidiaries of Bermuda-based Quanta Capital Holdings Ltd. “These rating actions …
Buell Motorcycle Company has selected Wis.-based Sentry Insurance as the preferred insurance provider for Buell owners in the United States, company officials said in a written statement. Buell Motorcycle Company, a subsidiary of Harley-Davidson, Inc., produces sport motorcycles. Buell worked …
New Jersey Assemblyman Mike Panter (D-Monmouth/Mercer) has filed legisaltion to create a premium-funded state pool to cover homeowners’ losses from natural catastrophes. Panter’s bill (A-3236), the New Jersey Consumer Catastrophe Preparedness and Protection Act, would establish the New Jersey Catastrophe …
The Professional Insurance Agents of New York Inc. announced that John O’Shea, chairman of Marshall & Sterling Inc. in Poughkeepsie, N.Y., will receive the Distinguished Insurance Service award at the association’s annual conference. The award recognizes an individual who has …