Author: Farkas Laura

Programbusiness and its staff will like to say thank you to all those who served our country in the past and to those who are serving in the military today.

Hub International Limited recently announced that its California subsidiary has acquired FLF, Inc. d/b/a Diversified Risk Insurance Brokers, Inc. (DRIB), a California-based insurance brokerage. DRIB’s operation in Emeryville, California will become part of Hub International of California Insurance Services, Inc. (HUB California), and will be moved into HUB California’s Pleasant Hill office in the first… Continue reading Hub International Acquires Diversified Risk Insurance Brokers

The Florida Office of Insurance Regulation has authorized a 15% average increase in rates for high-risk commercial windstorm coverage by the state-operated Citizens Property Insurance Corp. The increase is to help Citizens provide wind-only coverage in Florida’s coastal zones.    But it won’t help much, said Citizens spokesman Rocky Scott. “We asked for 300%,” he… Continue reading Florida Increases High-Risk Wind Coverage

The House passed leglislation on Thursday that would expand the federal government’s role in the troubled disaster insurance market.     Spearhead by Florida lawmakers from both parties who said they are hearing an outcry from constituents who have lost access to insurance as private insurance companies, following disastrous hurricanes, pull out of the market… Continue reading House Approves Bill to Help States with Disaster Insurance

Boosted by double-digit growth in its asset management and life insurance segments, Allianz S.E. reported today a 21% increase in its third quarter net income to €1.92 billion ($2.82 billion). Allianz reported that net income for the first nine months of the year increased by 29.2% to €7.30 billion ($10.72 billion) compared with the same… Continue reading Allianz Third-Quarter Income Up

FirstBest Systems, Inc., developer of advanced Underwriting Management Systems that enable commercial insurance carriers to profit from better underwriting, released on Nov. 7 the results of a survey titled “Underwriting 2.0: A FirstBest Study of Key Requirements for P&C Insurance Carriers,” which details the key underwriting issues and pain points faced by the property/casualty insurance… Continue reading Insurers Eye Profitable Growth through Underwriting, Study Says

Marsh & McLennan Cos. Inc. Chief Executive Officer Michael Cherkasky announced during the company’s earnings conference call on Thursday that it plans to collect an “enhanced commission” for middle-market and small commercial business from insurers. Cherskasky stated that Marsh has already instituted a brokerage fee on U.K. business of about 2.5%. “In the United States,… Continue reading Marsh to Collect Extra Commissions from Insurers

New York-based Marsh & McLennan Cos Inc. announced net income rose in the third quarter, boosted by a one-time gain from the sale of Putnam Investments. Marsh & McLennan, one of the two largest insurance brokers in the world, said net earnings were $1.95 billion, or $3.60 a share, up from $176 million, or 31… Continue reading Marsh Mac Posts 3-Q Gain

Aegon NV, the second-largest Dutch insurer after ING Groep NV, announced a 47 percent jump in third-quarter profits. Net income increased to 541 million euros ($792 million) from 367 million euros a year earlier. The Hague-based insurer also announced Alexander Wynaendts will succeed current CEO Don Shepard, who is retiring. Shepard is credited with expanding… Continue reading Aegon Posts Profits, CEO Change

The Chubb Group of Insurance Cos. announced it has launched a new automobile insurance rating system. The rating system, as well as a multi-policy discount for customers who purchase both Chubb homeowners and automobile policies, has been debuted in Illinois, Minnesota and Ohio as part of a nationwide implementation. Chubb’s new auto rating system considers… Continue reading Chubb Launches New Auto Insurance Rating System