Mecklenburg County, N.C. could spend more than $4 million to buy as many as 50 homes that suffered serious flood damage after Tropical Storm Fay and other storms. The Charlotte Observer reported Sept. 17 the voluntary program would be limited …
A man convicted of illegally storing thousands of tires in a Nitro warehouse that caught fire has been sentenced to up to five years in prison. Kanawha County Circuit Judge Tod Kaufman also fined Ricky Handley $10,000 on Sept. 17. …
Midwestern reaction to the bail out of insurance giant American International Group (AIG) varies by regions and officials. In Chicago Mayor Richard Daley is not happy about the Federal Reserve Bank’s decision to provide an $85 million bailout of insurance …
Liberty Mutual Group announced that the Washington insurance commissioner has approved Liberty Mutual’s acquisition of Safeco, which was the last approval required for Safeco’s acquisition by Liberty Mutual. The acquisition of Safeco is scheduled to close on Monday, Sept. 22, …
In the face of rising space insurance premiums (up at least 15 percent), Aon announced that it has “worked with Inmarsat to maintain pre-increase pricing for the successful launch of its I-4F3 satellite on board a Proton rocket.” Aon noted …
Bermuda-based Platinum Underwriters Holdings announced that its initial loss estimate from Hurricane Gustav of approximately $15 million, net of reinstatement premiums and tax benefit. The Company stressed that the “loss estimate from Hurricane Gustav is preliminary and based on portfolio …
A.M. Best Co. has placed the debt ratings of “bb” on Series 2008-1, Class A $150 million principal at-risk variable rate notes of Newton Re Limited, “bb+” on Class B Series 2007-1, $250 million principal at-risk variable rate notes of …
Washington’s Department of Labor & Industries (L&I) has proposed a 3 percent increase in 2009 workers’ compensation rates. Average premiums would go up by just under 2 cents per hour worked. “We are in times of economic uncertainty and we …
Speaking through tears, the family of a 19-year-old killed in a deadly commuter train collision filed a claim on Sept. 15, 2008, against the regional rail system and demanded safety reforms from Metrolink trains. The parents of Aida Magdaleno are …
The first memorial service for a victim of the Sept. 12, 2008, Metrolink train collision was held in Simi Valley, Calif. Howard Pompel, 69, an insurance agent and father of three from Moorpark, Calif., was among the 25 people killed …