The Hartford Financial Services Group has purchased $247.5 million in multi-year, collateralized reinsurance from Foundation Re II Ltd., a special purpose reinsurance company – commonly known as a “sidecar” – incorporated in the Cayman Islands. “Foundation Re II financed the …
A.M. Best Co. has affirmed the financial strength rating of “A-” (Excellent) and the issuer credit rating of “a-” of South Korea’s LIG Insurance Company Limited with a stable outlook. “The ratings reflect the company’s solid market profile, stable capitalization …
A number of Lloyd’s leading claims experts have come out in support of CEO Richard Ward’s call for the London market to start processing claims electronically as soon as possible. An article on the Lloyd’s Website (www.lloyds.com) notes that, “during …
A federal work safety agency accused contractors in north Georgia and metro Atlanta last week of allowing employees to work in unsafe conditions in deep trenches at their sites. The Occupational Safety and Health Administration issued several citations each to …
A Virginia attorney has refiled a $20 million lawsuit that blames the city of Newport News for flooding during Hurricane Floyd in 1999. The suit is on behalf of residents of the Denbigh area of the city, and follows a …
Two directors of California’s State Compensation Insurance Fund have resigned, following concerns about possible conflicts of interest, industry sources are reporting. Frank DelRe, 59, president of Western Insurance Administrators Inc. of Long Beach, Calif., and Kent Dagg, 55, executive director …
Insurance Brokers and Agents of the West (IBA West) has testified in opposition to new proposed regulations that would expand the California Insurance Commissioner’s authority to deny, suspend or revoke broker-agent license applications. Current provisions in the California Insurance Code …
Monarch E&S Insurance Services of La Crescenta, Calif., has appointed Wayne E. Bernstein director of professional lines. He will develop and head up the company’s Executive Liability and Professional Liability division. Bernstein formerly was a managing director with Executive Perils …
Builders & Tradesmen’s Insurance Service, Inc. has recently entered into an agreement with an “A” X rated carrier providing an exclusive national program for its online artisan contractor general liability program. The program is available for approximately 50 classes of …
The president of a company that claims to investigate consumer complaints has been arrested and charged with falsely representing that he had evidence concerning high-profile lawsuits, according to federal authorities. Michael Lair, president of consumerdefense.com, has been charged with wire …