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On Monday, mortgage and bond insurer Radian Group named Teresa Bryce as president of its mortgage insurance unit. Bryce will be replacing David Applegate, and she is expected to eventually win back an “AA”-level rating for Radian Guaranty, the company said. Earlier this year, Standard & Poor’s and Moody’s Investors Service cut Radian Guaranty’s ratings. … Continue reading Radian Group Names New Mortgage Unit President

The first hurricane of the 2008 Atlantic season, Bertha, may reach Category 2 status today as it intensifies east of the Leeward Islands. Bertha strengthened from tropical-storm levels during the night, with maximum sustained winds of almost 90 mph (120 kph) as of this morning at 11 a.m. EST, the U.S. National Hurricane Center said… Continue reading Hurricane Season Kicks Off with Bertha

The nation’s insurance commissioners are meeting this week at at National Conference of Insurance Legislators Summer Meeting in New York City. The meeting runs from July 10-13, and will cover a range of issues, including insurance scoring, reinsurance collateral and catastrophe funds. The NCOIL and National Association of Insurance Commissioners (NAIC) have publicly worked to… Continue reading NCOIL Meeting to Address Some Tough Issues this Week

Last week, the Rhode Island Supreme Court unanimously overturned a lower court decision against several former lead paint manufacturers and their trade association in which they were found liable for childhood lead poisoning under public nuisance law. The Rhode Island court now joins the Ohio, Missouri, New Jersey and Wisconsin high courts in preventing the… Continue reading NAMIC and PCI Commend RI Supreme Court’s Decision to Overturn Ruling Against Lead Paint Manufacturers

Late last week, Catherine J. Weatherford, Executive Vice President and CEO of the National Association of Insurance Commissioners (NAIC) for the past 12 years, announced that she will be leaving the association. It is anticipated Weatherford will continue to serve the association as a consultant through the 2008 Fall National Meeting. “I am proud of… Continue reading NAIC’s Weatherford Leaving, Search On for Her Replacement

According to a report by real estate research firm Reis, as budget-conscious consumers flocked to low-cost warehouse-style grocery centers, U.S. store closings and cutbacks turned the second quarter into the worst for strip mall owners in 30 years. Strip malls, which are usually anchored by grocery or drug stores, saw average vacancies spike 0.5 percentage… Continue reading Strip Mall Retailers Experience Worst Downturn in Thirty Years

The National Association of Professional Insurance Agents is hailing a ruling by the 1st Appellate Division of the New York Supreme Court which declares that contingent commission agreements are not illegal. “This is a resounding victory for Main Street insurance agents across the nation and the American Free Enterprise System,” said PIA National President-elect Kenneth… Continue reading PIA Nat’l Praise NY Court’s Affirmation of Contingent Commissions

Thanks to a state plan to shore up the fund that helps cover insurance company losses from hurricanes, Florida consumers may get hit with a 2.5 percent hike in their property insurance bills.    Florida is going to spend $224 million in order to have access to $4 billion the state may need if a… Continue reading FL Homeowners Could See a Rate Hike

Wisconsin’s biggest insurers are seeing claims for damage from June’s brutal rainstorms continuing to roll in.    American Family Insurance, which covers about one of every four homes in Wisconsin, already has paid more than $8 million in claims. About $7 million of that has gone to policyholders in the southeastern part of the state. … Continue reading After the Rains: WI Homeowners Claims Keep Coming In

The Federal Trade Commission said on Wednesday that number-three global insurance broker, Willis Group Holdings Ltd, can go ahead and buy rival Hilb Rogal & Hobbs Co (HRH). Willis valued the cash and stock deal at $1.7 billion when it was first announced on June 9. The deal was on a list of approved mergers… Continue reading FTC Approves Willis Purchase of HRH