Author: Farkas Laura

On Wednesday, Specialty Underwriters’ Alliance, Inc. announced that its subsidiary, SUA Insurance Company, has entered into a fronting partner relationship with American Safety Indemnity Co. to provide general liability, commercial automobile and workers’ compensation, all on an excess basis, to public entities and educational institutions. “We are delighted to be aligned with a partner that… Continue reading SUA Insurance Partners with American Safety Indemnity Co

Non-fatal workplace injuries and illnesses in the private sector declined to a record low during 2006, according to the Bureau of Labor Statistics (BLS). The BLS reported 4.1 million cases of injuries and illnesses in the workplace in 2006, a rate of 4.4 incidents per 100 full-time workers. In 2005, there were 4.6 cases per… Continue reading Non-Fatal Workplace Injuries, Illnesses Down

Long-time Aon Corp client, Illinois-based Caterpillar Inc. is charging Chicago-based Aon Corp. is with fraud and anticompetitive allegations.     Similar to allegations made in 2005 by attorneys general in Connecticut, Illinois and New York, Caterpillar charges that Aon steered business to favored insurers, tied the placement of retail insurance business to the purchase of… Continue reading AON Faces Fraud, Anti-Competitive Allegations

Gov. Marc Racicot, president of the American Insurance Association (AIA), today issued a statement regarding the U.S. Senate Banking Committee introduction of legislation to extend the federal terrorism insurance program. Gov. Racicot’s statement follows: “We commend Chairman Dodd and Ranking Member Shelby for recognizing the importance of reauthorizing the terrorism risk insurance program. By recommending… Continue reading AIA President Commends Senate Committee’s Decision on TRIA Extension

David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), issued the following statement today after the Senate Committee on Banking, Housing and Urban Affairs voted overwhelmingly to send a bill extending the Terrorism Risk Insurance Act (TRIA) to the full Senate for a vote: “PCI appreciates the work of… Continue reading PCI Issues Statement on TRIA after Senate Committee Vote

A U.S. Senate committee approved a bill to reform the federal flood insurance program without considering a House plan to extend coverage to protect against wind damage. Senators Charles Schumer, a New York Democrat, and Mel Martinez, a Republican from Florida, pulled an amendment that would have reduced the role of private insurers in coastal… Continue reading Senate Committee Approves Flood Bill, No Wind Coverage

The federal terrorism insurance program (TRIA) was extended by a Senate committee for seven years, which less than half the period approved by the House. Coverage for nuclear, biological and chemical attacks was excluded. The Terrorism Risk Insurance Act, first passed after the Sept. 11 attacks made private policies scarce, promises to reimburse insurers if… Continue reading Senate Committee Extends TRIA for Seven Years, Excludes Certain Coverages

On Monday, Fox launched Fox Business Network (FBN) in an effort to broaden the business news audience and compete with business television CNBC. Its debut show featured interviews with Hillary Clinton, Alan Greenspan and Richard Branson.     The debut was met with lukewarm response, who had anticipated a splashier launch to compete with incumbent… Continue reading FOX Launches Business Channel, Competes with CNBC

Reinsurance brokerage Guy Carpenter & Co. L.L.C., a unit of Marsh & McLennan Cos. Inc., announced the name change of its MMC Securities investment banking arm to GC Securities, and has expanded its services in Europe. In the United States, GC Securities has been established as a division of MMC Securities Corp., a U.S. broker-dealer,… Continue reading Guy Carpenter Changes Its Name, Part of European Expansion

A Texas Court threw the states attempt to roll back a 5.9% increase Allstate Insurance put in effect on homeowner policies in August. Allstate maintained that its rate increase followed state law and that the Texas Department of Insurance acted improperly in trying to nullify it. A state district judge in Travis County agreed and… Continue reading Speaking of Allstate, TX Court Throws Out State’s Bid to Prevent Carrier’s Homeowners Rate Hike