Author: Farkas Laura

In a case involving more than $1 billion in Hurricane Katrina-related property damage and business interruption losses, a federal appeals court overturned a lower court ruling that granted coverage to Northrop Grumman Corp. despite a flood exclusion in the company’s excess policy. The appeals court ruled that the flood exclusion was not ambiguous and did… Continue reading Katrina Claim Policyholder Gets a Setback, Court Overturns Ruling

The Justice Department and the Attorney General of Illinois announced that Amerigroup Corporation has agreed to pay $225 million to resolve claims that it defrauded the Illinois Medicaid program. The settlement resolves allegations that Amerigroup and its Illinois subsidiary systematically avoided enrolling more-costly-to-treat pregnant women and unhealthy patients in its managed care program in Illinois… Continue reading Amerigroup to Pay $225 Million in Fraud Suit

QBE reported that it has signed definitive agreements to acquire PMI Mortgage Insurance in Australia and New Zealand and has entered into an in-principle agreement to acquire PMI Mortgage Insurance Asia. This will result in QBE Insurance becoming the biggest mortgage insurer in Australia after securing a deal to buy PMI for more than $1… Continue reading BREAKING NEWS: QBE Buys Mortgage Insurance Provider PMI in Australia

Construction currently underway to ready the site for a landmark skyscraper in the heart of London by property developer British Land may be delayed, making it the highest profile victim of the credit crunch in London. The Richard Rogers-designed tower, to be sited at 122 Leadenhall Street, is opposite the legendary Lloyd’s of London building… Continue reading Construction May Halt on Landmark Skyscraper

A prominent enthusiast for General Motors Corp.’s not-yet-available all-electric car, the Chevrolet Volt, has assembled an unofficial waiting list showing just how many people are in line to purchase the vehicle. According to Lyle Dennis, a neurologist based in New York, his website-driven list shows that 33,411 people intend to buy the battery-powered, rechargeable Volt… Continue reading Demand High for GM’s Electric Car – and It’s Not Even Here Yet

According to the U.S. Transportation Department, high gasoline prices cut the number of highway miles traveled during the month by 4.7 percent and resulted in Americans driving 12.2 billion fewer miles in June from a year ago. This marks the eighth straight month that driving declined, as cash-strapped Americans overhauled their driving habits to include… Continue reading Gas Prices, Economy Drive Down Driving Rates as Americans Change Habits

In the wake of recent changes in New York laws governing workers comp self-insurance after the failure of several trusts managed by Bermuda-based Compensation Risk Managers L.L.C., independent trustees for 11 group workers comp self-insurance trusts administered by First Cardinal L.L.C. have determined it would be prudent to dissolve their business. The announcement came from… Continue reading 11 NY Workers Comp Self-Insurance Trusts to Dissolve

The California Senate unanimously approved a bill, supported by California insurers, prohibiting automobile insurers from capping paint and materials charges. The bill will now go on to the governor for consideration. Samuel Sorich, president of the Association of California Insurance Companies, said his group worked with the bill’s sponsor, State Sen. Lou Correa and the… Continue reading CA Adopts Auto Repair Anti-Capping Bill

Insurance companies are imposing tougher fire-safety requirements, including inspecting properties for fire dangers and telling homeowners to clear brush around their homes — sometimes much wider than even state laws require. And some homeowners say that insurers have dropped them or refused to write a policy, even though they haven’t filed a claim. Allstate Corp.… Continue reading Insurers Determined to Not Get Burned by Western Wildfires

Credit ratings agency Fitch Ratings announced it has further downgraded ratings for Ford Motor Co. and Ford Motor Credit Co., the automaker’s credit arm, to junk status.    The move reduces Fitch’s issuer default rating on Ford and Ford Motor Credit Co. to “B-” from “B.” The downgrade reflects weaker auto sales, high gas prices,… Continue reading Ford Downgraded by Fitch