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The Colorado State University (CSU) forecasting team reported that the 2008 Atlantic hurricane season will likely be a busy one with 15 tropical storms, of which eight will turn into hurricanes,    The prediction mirrors what was forecasted by the CSU in April, which called for four of the eight hurricanes to become “major” storms,… Continue reading On the Hurricane Front: CO State University Forecasters Predict Busy Season

CHICAGO–(BUSINESS WIRE)–June 2, 2008–Fitch Ratings has placed Reinsurance Group of America, Inc. ([RGA, Inc.] IDR rated ‘A+’) and RGA Reinsurance Company ([RGA US] IFS rated ‘AA-‘) on Rating Watch Negative. See all ratings listed below.    The ratings action follows MetLife, Inc.’s (NYSE:MET) announcement that it plans to split-off its 52% stake in RGA, Inc.… Continue reading Fitch Places RGA, Inc. on Rating Watch Negative Following Announcement of MetLife Split-off

OLDWICK, N.J.–(BUSINESS WIRE)–June 2, 2008–A.M. Best Co. has downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and issuer credit rating (ICR) to “bbb+” from “a-”of American Millers Insurance Company (American Millers) (Wilkes-Barre, PA). Previously, American Millers was group rated with Penn Millers Insurance Company (Penn Millers) (Wilkes-Barre, PA). However, due to… Continue reading A.M. Best Downgrades Ratings of American Millers Insurance Company

On Sunday early morning, parts of Universal Studios in Los Angeles, California went up in flames. King Kong, the giant ape from Skull Island, the courtyard used in “Spider-Man 2” and “Bruce Almighty” and a tape vault were destroyed in the fire. The blaze was reported about 4:45 a.m. local time in an area of… Continue reading Fire Strikes at Univeral Studios

According to BestWeek, after years of insurance distribution consolidation, small agents and brokers are feeling the greatest impact of this trend as they struggle to find a way to grow, are bought or are forced out of business.    “Consolidation on the distribution side is continuing to happen, and it’s happening very, very aggressively,” said… Continue reading Smaller Agency Offices Closing Doors as Consolidation Continues its Rise

The National Association of Insurance and Financial Advisors (NAIFA) announced that it will back federal insurance regulation as long as certain conditions are met, such as ensuring that the proposal set forth to implement the optional federal charter system (OFC) offers agent choice, enhances consumer protection and does not destroy the existing state-based system, if… Continue reading NAIFA Lays Out Conditions for OFC Support

Marsh & McLennan Cos., one of the largest insurance brokerages, said Monday its executive vice president and chief financial officer, Matthew Bartley, is leaving the company.    Marsh & McLennan is in the process of searching for his replacement. Bartley, who has served as CFO since 2006, will remain with the company until a successor… Continue reading Marsh & McLennan’s CFO to Step Down

Members of the National Association of Insurance Commissioners (NAIC) moved forward over the weekend with a regulatory response that will help the municipal bond market by reducing pressure on insurance companies to sell bonds insured by downgraded bond insurers. The reform, which takes effect July 1, will permit substituting a credit rating from the NAIC… Continue reading NAIC Moves Forward on Municipal Bond Credit Rating Reform

Chief Executive Ken Thompson of Wachovia, the fourth-largest U.S. bank, was asked to step down in the wake of growing legal troubles and loan losses tied to the purchase of a big mortgage lender just before the nation’s housing boom went bust.     Lanty Smith, who replaced Thompson as chairman last month, was named… Continue reading Credit Crunch, Mounting Losses Sees Ousting of Wachovia’s Chief Executive

According to a study released on Friday by the Commonwealth Fund, a private foundation that researches health policy, the number of uninsured U.S. young adults rose again in 2006. This segment already represents a significant portion of the American population without health coverage. The report indicates that based on census data, 13.7 million people aged… Continue reading Report Shows Number of Young Adults without Health Coverage Continues to Climb