President Bush on Feb. 14 declared a major disaster in 19 Washington counties and approved federal money to help with state and local recovery efforts from the Dec. 14-15 winter storm. The federal money is intended to help with repairs …
Marsh UK announced that it has “developed a pioneering new product addressing the fraud and crime risks faced by financial institutions.” Describing the coverage as “the only product of its kind,” Marsh said its new “Crime and Damage Policy has …
ING Groep NV, the Dutch bank and insurance company, posted a 14 percent rise in net profit Thursday, mostly due to strength in its insurance arm and lower tax rates. Net profit was a company record €2.10 billion ($2.73 billion), …
A.M. Best Co. indicated that its ratings on Zurich Financial Services and its rated subsidiaries remain unchanged following the announcement of post-tax earnings of $4.5 billion at year-end 2006 and the proposal of a CHF 1.25 billion ($1.0 billion) share …
Bermuda-based Montpelier Re Holdings Ltd. reported comprehensive income for the quarter and year ended December 31, 2006 of $140 million and $362 million for the full year, or $1.44 and $3.86 per diluted common share, respectively. Operating income, which excludes …
A.M. Best Co. has affirmed the financial strength rating (FSR) of “A” (Excellent) and the issuer credit ratings of “a” of Odyssey Reinsurance Group and its members. Best also affirmed both the ICR and debt ratings for Odyssey Re Holdings …
Kentucky’s status as the nation’s leading adult smoking state makes it more susceptible to fatal fires sparked by cigarettes, a safety advocate said this week. The solution is to join several other states by requiring tobacco manufacturers to only sell …
The University of Oregon has hired insurance executive Pat Kilkenny, an alum and prominent school booster, as its new athletic director. Kilkenny replaces Bill Moos, who in November announced plans to step down next month. Kilkenny is chairman emeritus of …
The insurance industry is over-reacting to Hurricanes Katrina and Rita, threatening the region’s recovery by withdrawing coverage and charging exorbitant rates, Gov. Kathleen Blanco told a gathering of insurance professionals Feb. 14. “There are tens of thousands who are repairing …
Eleven companies with approximately 27,500 employees in Texas recently were approved to self-insure for workers’ compensation claims for a one-year period under the Texas Department of Insurance, Division of Workers’ Compensation (DWC) Self Insurance Program. The DWC reported that Commissioner …