Author: Farkas Laura

A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating (FSR) of B+ (Good) and issuer credit rating (ICR) of “bbb-” of American Community Mutual Insurance Company (American Community) (Livonia, MI). The negative outlook reflects a series of operational missteps made by American Community over the past few… Continue reading American Community Mutual Insurance Company

Last week the Professional Insurance Agents associations of Connecticut, New Hampshire, New Jersey and New York State Inc. jointly asked for legislation in New York state to solve a problem linked to a recent workers’ compensation law that is causing major problems for members trying to advise out-of-state clients. The difficulties were caused inadvertently by… Continue reading PIA Looks for Remedy on WC Law in NY

Results from the latest stage of the ongoing Towers Perrin/Cass Business School research looking at the value created in the last three global M&A cycles reveals that, contrary to conventional wisdom, 2008 may be the best time to do a deal.     “This most recent part of the study looked at the performance of… Continue reading Research Shows 2008 May Be the Best Year for M&As

Risk managers and insurance companies should consistently employ robust enterprise risk management strategies and business continuity programs, particularly important as the start of the 2008 Atlantic hurricane season approaches and leading forecasters expect this year will be an active one for hurricane and tropical storm formation, Aon Corp. said on Monday.      The National Oceanic… Continue reading Risk Managers Should Prepare for Active Hurricane Season

On Thursday the NOAA’s Climate Prediction Center announced that projected climate conditions point to a near normal or above normal hurricane season in the Atlantic Basin this year. The prediction was issued at a news conference called to urge residents in vulnerable areas to be fully prepared for the onset of hurricane season, which begins… Continue reading NOAA Predicts Up to Five Major Atlantic Hurricanes

There are still hundreds of homeowners staring at yet-to-be-repaired damage and wrangling with their insurers over unresolved claims nearly three years after the storms of 2005 hit South Florida.      Meanwhile there’s a rush to the courthouse to meet a June 2 deadline to wrap up claims filed by homeowners once covered by the Poe… Continue reading Hurricane Claims from ’05 in Florida Still Unresolved

Charles Neeson, senior executive, personal lines for Westfield Insurance, testified on behalf of the Property Casualty Insurers Association of America Wednesday, May 21, 2008 before the House Financial Services Subcommittee on Oversight and Investigations on the consumer benefits of credit-based insurance scores. PCI was chosen to testify because of the role the association plays in… Continue reading PCI Highlights Correlation Between Credit Information and Losses at Congressional Hearing

Longtime Chubb Corp. executive Thomas F. Motamed will become CNA Financial Corp’s new chairman and chief executive next month, in a move that marks a major change at the insurer after it completed its turnaround effort. Effective June 8, Mr. Motamed will succeed the retiring Stephen W. Lilienthal at CNA. Mr. Motamed — who will… Continue reading Former Chubb Exec Motamed to Join CNA as New Chairman/CEO

Zurich Financial Services is one of several companies looking to acquire Royal Bank of Scotland’s insurance arm. RBS Insurance was put up for sale as part of the bank’s plan to shore up its balance sheet, alongside a 12 billion pound ($24 billion) rights issue.     The insurer is an eye-catching asset is one… Continue reading Zurich Looking at Acquiring RBS’ Insurance Arm