Author: Farkas Laura

The average price of gas throughout the country is $4 per gallon, with some spots in the country hitting $5.00. As a result people are hitting the road less, and the automobile insurance industry might expect the frequency of claims to drop. Fewer miles driven equal fewer claims, and recent data suggests the industry can… Continue reading As Gas Prices Rise, Claims Frequency Could Drop but Severity May Offset Any Benefits

This morning Wall Street welcomed Sunday’s resignation of American International Group (AIG) CEO Martin Sullivan as stocks of the world’s largest insurer rose in early morning trading. Sullivan has been replaced by Robert Williamstad.    Former CEO Sullivan had come under intense criticism since AIG recently announced billions of dollars in write-downs from losses after… Continue reading Changes at AIG as CEO Sullivan is Replaced

Government probes of American International Group Inc. (AIG) have cast a spotlight on its entrepreneurial financial-products business, which has been the source of profits and controversy over the years. The probes, by the Securities and Exchange Commission and the U.S. Justice Department, center on whether the insurer and its financial-products division intentionally overstated the value… Continue reading AIG’s Financial Products Division is Subject of SEC Probe

In the wake of last weekend’s rain storms in Wisconsin, thousands of claims, amounting to millions of dollars in payouts to policyholders, have been pouring into property insurers.      “It’s 1,800 claims and rising,” Kelly Savage, spokeswoman for State Farm Insurance, Wisconsin’s second-largest insurer of homes, said Wednesday.      Madison’s American Family Insurance, which covers… Continue reading Claims Pouring in from Wisconsin’s Rain Storms Last Week

Insurers in the Midwest are responding to those affected by the tornadoes that hit the region.     Farmers Insurance Group of Companies is advising its customers suffering damage from the recent tornadoes in Manhattan, Chapman and Salina, Kansas.     “It’s still early to know the full extent of the damage these tornadoes caused,… Continue reading Insurers on the Scene in Tornado-torn Midwest

Real estate data firm RealtyTrac said on Friday that U.S. home foreclosure filings in May increased from April and were a whopping 48 percent higher than a year earlier. In its U.S.Foreclosure Market Report, RealtyTrac Home stated that foreclosure filings in May totaled 261,255, up 7 percent from April. The figure is a total of… Continue reading Foreclosures in May a Soaring 48% Higher than Last Year this Time

OLDWICK, N.J. June 12 (BestWire) — A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of AmTrust Group (AmTrust) (New York, NY). The ratings apply to AmTrust International Insurance, Ltd. (AII) (Bermuda), Technology Insurance Company, Inc. (Technology) (Nashua, NH), Rochdale Insurance Company (Rochdale) (New… Continue reading A.M. Best Revises Outlook to Positive for AmTrust Group; Downgrades Ratings of Recently Acquired Unitrin Companies

A U.S. judge has ruled in favor of insurer Allianz S.E. in a dispute with World Trade Center developer Larry Silverstein about recovering money from third parties if they are found to be at fault in the Sept. 11, 2001, attacks.The list of third parties could include, for example, the airlines whose planes were flown… Continue reading US Judge Rules in Favor of Allianz in World Trade Center Dispute with Developer

The Travelers Companies, Inc today announced that Chief Operating Officer Brian W. MacLean, 54, has been promoted from Executive Vice President to President.    “I am fortunate to work with a tremendous team at Travelers, notable for its substantial breadth and depth of talent,” said Jay S. Fishman, Chairman and Chief Executive Officer. “No one… Continue reading Travelers COO MacLean Becomes President

According to Fitch Ratings, property/casualty insurers in the U.S. will see underwriting losses due to a softening market conditions in 2008. This is after coming off several years of strong profits.     Fitch said on Wednesday it sees a flattening of growth for policy sales in that sector.     The rating agency also… Continue reading Fitch Ratings: Carriers to See Underwriting Loss for 2008