Author: Farkas Laura

Insurance Commissioner Kevin McCarty of Florida has ordered NCCI Holdings Inc. to amend its rate filing to reflect a workers compensation rate decrease of 18.4% for 2008 policies. Meanwhile the California Workers’ Compensation Insurance Rating Bureau is seeking an overall rate increase of 5.2% rate for policies effective on Jan. 1, 2008.    According to… Continue reading FL Seeks Decreased WC Rates, CA Wants Increase for 2008

Arthur J. Gallagher & Co. reported double-digit revenue and profit growth for the first nine months of 2007, however, the brokerage firm posted only a 3.2% rise in profits to $51.8 million, missing a Bear Stearns’ analyst’s estimate. For the nine months, total revenues rose 12.0% to $1.25 billion compared with the same period in… Continue reading Gallagher Posts Small Third Quarter Profits

The Travelers Companies, Inc. today reported net income of $1.198 billion, or $1.85 per basic share and $1.81 per diluted share, for the quarter ended September 30, 2007, compared to $1.043 billion, or $1.52 per basic share and $1.47 per diluted share, for the quarter ended September 30, 2006. Operating income in the current quarter… Continue reading Travelers Reports Net Income Growth for Third Quarter, Up 23% from Prior Year

On Wednesday, California Insurance Commissioner Steve Poizner declared an “insurance emergency” due to the Southern California wildfires. The declaration temporarily removes the ban on out-of-state claims adjusters lacking California licenses. Poizner said that lifting the ban will help insurance companies better deal with the expected crunch of fire claims. He estimated that more than $1… Continue reading CA Insurance Commissioner Poizner Declares CA an “Insurance Emergency”

EQECAT, catastrophe modling company, announced on Wednesday that insured losses from Southern California’s fires have now exceeded $1 billion.     The losses will continue to accumulate until the Santa Ana winds die down and firefighters can contain the fires, EQECAT said.     Although weeather reports called for calmer winds Wednesday, a spokesman for… Continue reading Estimates Now at $1 Billion in So CA Insured Fire Losses

Brown & Brown Inc. (B&B), one of the largest independent insurance intermediaries in the nation, announced its net income for the third quarter of 2007 of $46,216,000, or $0.33 per share, an increase of 14.8% from the $40,270,000, or $0.29 per share, reported for the quarter ended September 30, 2006. Total revenue for the quarter… Continue reading Brown & Brown Reports Revenue, Profit Growth

According to a survey by the Council of Insurance Agents & Brokers (CAIB), the U.S. commercial property/casualty insurance market showed no sign of hardening during the third quarter. “Overall, the commercial market remains soft for all sizes of accounts,” the Washington-based CIAB said in a statement announcing the survey. “Brokers said third-quarter renewal rates for… Continue reading CAIB Survey Shows Continued Soft Market

On Tuesday, insurer Chubb Corp. announced that its net income in the third quarter of 2007 was $738 million or $1.87 per share, compared to $604 million or $1.43 per share in the third quarter of 2006.      Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased… Continue reading Chubb Reports Third-Quarter Net Income Rise

The Insurance Information Network of California reported Tuesday that the wildfires raging throughout Southern California have resulted in 1,760 insurance claims. More than 1,100 structures have been destroyed in the fires. By the time the wildfires are extinguished, insurance claims could reach $500 million, according to the nonprofit insurance information group. The 1991 Oakland Hills… Continue reading Estimates So Far Have CA Wildfires in So CA Reaching $500 Million

Farmers Insurance Group of Companies has expanded its mobile claims centers, adding 11 new centers for customers to file on-the-spot claims. These mobile claims centers are located throughout Southern California.    In San Diego, customers can receive help at 7 different locations, and the Farmers’ Mobile Catastrophe Claims Center Bus is currently stationed at Qualcomm… Continue reading Farmers Sets Up Mobile Claims Centers in So CA