Author: Farkas Laura

Arthur J. Gallagher & Co. today announced the acquisition of Cedar Hill Insurance Agency, Inc. based in Scottsdale, Arizona. Terms of the transaction were not disclosed. Founded in 1995, Cedar Hill Insurance Agency, Inc. is a retail property/casualty insurance program administrator and business process outsourcing firm. They specialize in workers compensation insurance programs for professional… Continue reading Arthur J. Gallagher Acquires Cedar Hill

Policyholders whose homes or businesses were damaged or destroyed by the wildfires that swept through southern California should not see increases in their insurance premiums nor have their policies cancelled, according to the Insurance Information Institute (I.I.I.)    ”The homeowner and commercial markets in California are generally healthy and competitive and for the most part… Continue reading III Reports that CA Wildfires Not Expected to Raise Insurance Rates

On Wednesday at a conference of the Grocery Manufacturers Association/Food Products Association, President Bush vowed once gain to veto a renewed push to expand a popular children’s health care program, saying it would play a “trick” on Americans by moving the country closer to a federalized health system. The president vetoed a previous version of… Continue reading Bush Vows to Veto SCHIP Expansion

According to monthly data from Washington-based Mortgage Insurance Companies of America, defaults by U.S. homeowners with private mortgage insurance jumped by 22 percent last month after house prices fell the most in at least six years.    The number of insured borrowers falling more than 60 days behind on their payments climbed to 54,699 in… Continue reading Home Defaults Up 22% from Last Month

Third-biggest U.S. mortgage insurer, Radian, reported a loss of $703.9 million, the largest yet in an industry troubled by claims from failed home loans. The company fell as much as 13 percent before the start of regular trading today. Radian had a third-quarter loss of $8.78 a share, compared with a year-earlier gain of $112… Continue reading Mortgage Insurer Radian Posts Third-Quarter Loss

On Wednesday, Aon Corp. announced its plans to lay off 2,700, predominantly non-client facing employees as part of a new multimillion-dollar global restructuring plan. The Chicago-based brokerage said that it expects the restructuring to result in cumulative pre-tax charges of approximately $360 million from workforce reductions, lease consolidation and other related costs, netting $420 million… Continue reading Aon to Cut Jobs, Part of Global Restructuring

PMI Group Inc, the second-largest U.S. mortgage insurer, posted a quarterly loss, hurt by $348.3 million in losses and reserves for future losses at its U.S. mortgage insurance operations.    The company posted a net loss of $86.8 million, or $1.04 a share, for the third quarter, compared with net income of $104.2 million, or… Continue reading Mortgage Insurer PMI Posts Third-Quarter Loss

The Association of California Insurance Companies (ACIC) today urged victims of Southern California’s devastating wildfires to use caution in hiring contractors or other workers to repair or replace their homes. Following are guidelines from the ACIC that you can share with your homeowners clients that have been affected by the wildfires.     “As the… Continue reading ACIC Warns So CA Homeowners to Use Caution When Choosing Contractors

Madrid, Spain-based MAPFRE S.A. has announced pre-tax profits for the first nine months of 2007 of $1.39 billion, an increase of 10.8% on the 2006 figure, and plans to merge with U.S. personal lines insurer, The Commerce Insurance Company. MAPFRE announced that it will acquire 100% of Commerce’s share capital for $2.21 billion, indicating a… Continue reading Spain’s MAPFRE Announces Merger with Commerce Insurance

The National Council on Compensation Insurance Inc. has agreed to Florida’s insurance regulator’s request to further reduce workers compensation rates, resulting in the largest one-year workers comp rate decrease in the state’s history. The Boca Raton, Fla.-based NCCI agreed with the Florida Office of Insurance Regulation’s request to reduce workers comp rates by 18.4%, after… Continue reading NCCI Supports FL WC Rate Cut