A former insurance adjuster has been sentenced to 30 months in prison for his role in a scheme to collect claims for shoddy home repairs or work that was never done. Chandler S. Bruton, 39, pleaded guilty in December 2005 …
Following a presentation by Florida Insurance Commissioner Kevin McCarty, Gov. Jeb Bush and the Florida Cabinet approved an emergency rule establishing a property and casualty joint underwriting association to make commercial property insurance available to Florida businesses that are unable …
Georgia Insurance Commissioner John W. Oxendine has issued an order revoking the license of a Stockbridge insurance agent who was allegedly allowing his father to sell policies, though the father had surrendered his license three years ago. The order is …
Georgia Insurance Commissioner John W. Oxendine announced he has ordered a Kansas insurance company to return $1,016,518 in overcharges to 159 Georgia customers. Oxendine said Universal Underwriters Insurance Company will make retroactive premium adjustments to affected policyholders, including interest, for …
Statewide averages for the price of gasoline in Illinois and northern Indiana have increased since last month. AAA Chicago’s most recent Fuel Gauge Report estimates that in Illinois regular unleaded gasoline has increased 2 cents during the past month, forecasting …
A study conducted by the Earth Policy Institute (http://www.earth-policy.org) concludes that a number of people who evacuated their homes in the wake of Hurricanes Katrina, Rita and Wilma may have left permanently. The EPI report, authored by the organization’s President …
A.M. Best Co. has removed from under review and affirmed the financial strength rating (FSR) of “A-” (Excellent) and the issuer credit rating (ICR) of “a-“of New York-based Folksamerica Reinsurance Company, a member of the Bermuda-based White Mountains Insurance Group …
A.M. Best Co. has affirmed the financial strength rating of “B+” (Very Good) and the issuer credit rating of “bbb-” of Nairobi-based Kenya Reinsurance Corporation Limited with a stable outlook. “The ratings reflect Kenya Re’s solid current and prospective risk-adjusted …
Fitch Ratings announced that the ratings of PXRE Group Ltd. remain on Rating Watch Negative, following the reinsurer’s second quarter earnings announcement (See IJ Website Aug. 9). Fitch cited the following factors in support of its decision: — Continued uncertainty …
In its recently issued global insurance report A.M. Best Co. concludes that “almost a year after three massive hurricanes—Katrina, Rita and Wilma—the global reinsurance industry is still struggling to manage its catastrophe exposure.” The report, “Reinsurers Humbled, But Most Not …