Author: Farkas Laura

England’s largest general insurance company, Aviva, said it did not see a compelling reason to consider acquiring the number-two company in the business, RBS Insurance, which was placed on the selling block earlier this week by parent Royal Bank of Scotland.    Said Aviva Chief Executive Andrew Moss, “Most of the RBS Insurance business is… Continue reading British Insurer Claims No Interest in Acquisition

After posting a 67% drop in first-quarter earnings as the housing market debacle cut into home sales and refinancings, Jacksonville, Florida-based Fidelity National Financial Inc. announced it is looking at a variety of ways to maintain dividend and buy back stock, including a possible sale of its specialty insurance business. Fidelity National, which controls one… Continue reading Fidelity National Examining Specialty Insurance Sale

A bill that would make available a health insurance program for Connecticut municipalities, nonprofit organizations and small employers in the state has been approved by the Connecticut House of Representatives. The bill holds that cities, nonprofit groups and small employers with fewer than 50 employees would join the state program, becoming part of a much… Continue reading Worker Health Plan Bill Passes State House, Moves on to Senate

The expected Senate vote reported yesterday on a bill to ban insurers and others from basing health care coverage on genetic information took place, with the bill passing handily. Under the Genetic Information Nondiscrimination Act, group health plans or issuers of individual health care policies would be barred from basing eligibility determinations or adjusting premiums… Continue reading Update: Genetic Discrimination Bill Advances in Senate

A San Francisco Superior Court judge denied Allstate’s bid to delay rate reductions by an average of 15.9% while the insurer appeals state action ordering the reduction. The ruling by Judge Peter Busch stalled Allstate’s attempt to keep current rates in place and could result in rate reductions beginning as soon as next Monday, say… Continue reading Allstate Denied in Cutting Auto Rates

A physician and an American veteran now find themselves under surveillance by authorities in the Philippines in connection with a fraud targeting a U.S. military health insurance program. According to attorney Claro de Castro, chief of the National Bureau of Investigation’s (NBI) Interpol division, the Department of Justice (DOJ) is preparing extradition requests and, once… Continue reading U.S. Military Health Insurance Scam: Fallout Continues

Richmond, Virginia-based Genworth Financial Inc. announced net income declined 64% in the first quarter of 2008, hurt like many other insurers by weakness in its mortgage insurance business and investment losses. The life and mortgage insurer company posted a profit of $116 million, down substantially from the $324 million it earned in the same period… Continue reading Profits Down for Genworth Financial

Chubb Corp, one of the largest U.S. business insurers, announced its earnings declined by 6.5 percent in the first quarter of 2008, reflecting a moderate decline in the value of policy sales. Chubb posted operating earnings of $620 million, down from $634 million, or $1.53 a share, in the same period a year ago. Chubb’s… Continue reading Earnings Fall at Chubb

The world’s fourth-largest broker, Arthur J. Gallagher & Co., posted a first-quarter loss of $6 million despite a more than 10% increase in revenue from its brokerage and risk management operations compared to the same period last year. In contrast, Gallagher reported profits of $19.8 million for the first quarter last year. Gallagher attributes the… Continue reading Gallagher Reports First-Quarter Loss

OLDWICK, N.J. April 24 (BestWire) — A.M. Best Co. has downgraded the financial strength rating (FSR) to A- (Excellent) from A (Excellent) and issuer credit ratings (ICR) to “a-” from “a” of First American Corporation Property Casualty Companies (First American P&C Group) (Santa Ana, CA) and its member companies, First American Property & Casualty Insurance… Continue reading A.M. Best Downgrades Ratings of First American Corporation Property Casualty Companies