Author: Farkas Laura

Beneficial Mutual Bancorp, Inc., parent company of Beneficial Bank, today announced that, through the Bank’s wholly owned subsidiary, Beneficial Insurance Services, LLC, it has acquired the business of the CLA Agency, Inc. Headquartered in Newtown Square, Pennsylvania, CLA Agency is a full-service property and casualty, and professional liability insurance brokerage company. The CLA Agency was… Continue reading Beneficial Insurance Acquires CLA Agency

A new proposal by Florida’s chief financial offer would give the state’s governor and cabinet the authority to set the reinsurance levels and pricing of the Florida Hurricane Catastrophe Fund’s optional coverages.    In January, Florida’s Legislature added a $12 billion optional layer to the catastrophe fund, which allows private insurers to buy state-backed reinsurance… Continue reading FL CFO Proposes Setting Reinsurance Levels, Pricing on CAT Fund Optional Coverages

According to tests released by the Insurance Institute of Highway Safety, sport utility vehicles don’t all provide the same protection in a side crash that one might expect from such large vehicles.    The Institute gave marginal scores in side-impact tests of 2008 versions of the Chevrolet TrailBlazer, Jeep Grand Cherokee and two SUVs built… Continue reading Tests Find SUVs Vary in Offering Protection in Side Impacts

Brooke Corp.’s network of more than 800 insurance agencies appears to be headed for its first $1 billion premium year, company executives said Tuesday. Based on the Overland Park financial services franchiser’s record $10.5 million share of those agencies’ premiums last month, “if September’s results continue for the next 11 months, we’ll reach that milestone,”… Continue reading Brooke Corp Heading for $1Billion Premium this Year

The chair of the Independent Insurance Agents & Brokers of New York, Inc. told state senators he is “deeply concerned” about insurance companies limiting homeowners coverage in the state’s coastal region. Testifying at a Senate Insurance Committee hearing, IIABNY Chair Stephen R. Zogby explained that insurance company market restrictions, such as canceling and non-renewing policies… Continue reading IIANY Says Health of Coastal Homeowners Insurance Worsens

Fostering competition and mitigating potential losses should be what New York legislators concerned about the coastal homeowners insurance market should focus on, according to the American Insurance Assocation (AIA). In testimony before a Senate Insurance Committee hearing on coastal homeowners’ issues, AIA said the current market is largely healthy with very little growth in the… Continue reading AIA Tells NY Panel that Competitive Markets are Best for Coastal Homeowners

On Tuesday, U.S. Supreme Court’s Chief Justice John Roberts questioned whether allowing investors to sue third parties in a fraud, such as banks and accountants, would “expand” the law—a move opponents say should be left up to Congress, not the courts. Currently, shareholders can sue the company that allegedly defrauded them but cannot go after… Continue reading U.S. Supreme Court Hears Case on Investors Suing Third Parties in Fraud Cases

Munich Re AG announced a new strategy to make its U.S. business profitable. No specific profitability target for the U.S. operations was provided, but according to Torsten Jeworrek, management-board member for global-reinsurance operations, the U.S. business target an annual pre-tax profit of at least $1 billion “at the next top of the hard market.” The… Continue reading Reinsurer Munich Re’s Strategy Aims at US Profitability

Taxpayers save money and businesses are better protected with the Terrorism Risk Insurance Act (TRIA) in place than if the act is allowed to expire, according to a RAND Corporation study issued today. The analysis found that TRIA, authorized by Congress following the attacks of Sept. 11, 2001, allows the insurance industry to play a… Continue reading RAND Says TRIA Backstop Good for Insurance Marketplace, Taxpayers

The Terrorism Risk Insurance Extension Act (TRIA) extension is set to expire on Dec. 31, 2007. Congress is in ongoing discussions regarding another extension and recently the House of Representatives passed a bill which would extend TRIA. Below, Fitch Ratings, a leading global rating agency, discusses the credit implications for the commercial real estate industry… Continue reading Fitch Ratings Speaks on Credit Implications if TRIA Not Extended