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Marsh, the world’s leading insurance broker and risk advisor, today announced it has developed a breakthrough insurance program that can help companies manage the financial consequences of a disruption to their critical supply chains.    Marsh developed the program, known as Global Supply SecureSM, in conjunction with Lexington Insurance Company, a unit of AIG Commercial… Continue reading March Reveals New Program to Help Companies Protect Against Financial Consequences of Supply Chain Disruptions

Commercial insurer CNA Financial Corp. reported on Monday that second-quarter profit fell about 17 percent, reflecting lower premiums and realized investment losses. CNA’s majority owner is Loews Corp.    Net income for Chicago-based CNA fell to $181 million, or 67 cents per share, from $217 million, or 80 cents per share, a year earlier.   … Continue reading CNA Posts 2nd-Quarter Results, Profits Down

New York State Attorney General Andrew Cuomo filed a lawsuit alleging that senior executives at the U.S.-based unit of Swiss bank UBS misled investors about the potential risks of $25 billion in securities.The suit was filed on July 24 in New York’s Supreme Court, and charges Weehawken, New Jersey-based UBS Financial Services with failing to… Continue reading NY AG Files Lawsuit Against UBS

RIMS called upon the insurance industry to eliminate certain broker compensation arrangements at a public hearing in New York City on July 25. RIMS President Janice Ochenkowski, ARM, testified to New York Superintendent of Insurance Eric Dinallo and New York Attorney General Andrew Cuomo.    “RIMS has for some time maintained that the relationship between… Continue reading RIMS at NY Broker Compensation Hearings Calls for Changes

A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-”of GMAC Insurance Group (GMACI) and its sixteen members, which are led by Motors Insurance Corporation (Southfield, MI). The outlook assigned to the ratings is negative. (See below… Continue reading A.M. Best Removes Ratings of GMAC Insurance Group and Its Members From Under Review; Assigns Negative Outlook

With six deaths in the past week as a result of crane-related accidents, Democrats in Congress are pushing for enhanced federal safety standards and are putting more pressure on the Department of Labor’s Occupational Safety and Health Administration (OSHA), which is responsible for overseeing workplace safety.    On Thursday in Oklahoma City, an elderly man… Continue reading Congress Looks to Enhance Safety Standards in Wake of Crane-Related Fatalities

State insurance regulators, working together through the National Association of Insurance Commissioners (NAIC), announced on Thursday the details of a $20 million regulatory settlement agreement between 29 jurisdictions and HealthMarkets, Inc., and its affiliated companies, MEGA Life and Health Insurance Company, Mid-West National Life Insurance Company and Chesapeake Life Insurance Company.     The regulatory… Continue reading State Insurance Regulators Levy $20M Fine Against Healthmarkets

Hurt by insurance payouts for higher-than-expected catastrophe activity, insurance carrier Chubb Corp’s earnings fell nearly 34 percent in the second quarter. Chubb’s shares were down nearly 5 percent in trading after the market closed, as the company was hit by commercial property losses from storms in the Midwestern United States. The Warren, New Jersey-based insurer… Continue reading Higher Claims Payouts, Cat Loss Result in Decrease Profits for Chubb

New late-notice legislation representing years of work by PIANY on behalf of its members was signed into law by New York Governor Paterson on Wednesday, with provisions of the legislation taking effect Jan. 19, 2009. This newly-enacted legislation will prohibit insurers from denying claims for purported “late notice” unless they can demonstrate their defense of… Continue reading PIANY Claims Victory in Passage of New Late-Notice Law

At a public hearing today in New York City convened by the New York State Department of Insurance and New York Attorney General, Steve McGill, chairman and chief executive officer of Aon Risk Services, urged the Insurance Department to put in place comprehensive transparency and consent standards that apply to all insurance producers conducting business… Continue reading At NY Compensation Hearing Aon Urges Producer Transparency and Standards