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Using the 2006 fatal crash data released by the U. S. Department of Transportation just weeks ago, Farmers Group Inc. has completed a study to determine the most influential factors in drivers’ mortality rate in multi-vehicle accidents.    “Once again, we find strong statistical evidence that seat belts remain the most important protection for the… Continue reading Farmers Study Underscores Seat Belts Critical for Driver Protection

Universal Insurance Holdings, Inc. (UIH), a vertically integrated insurance holding company, and Atlas Premium Finance Company (Atlas), announced the formal launch of Atlas’ premium finance business. Atlas will offer insurance premium finance services to customers with annual homeowners insurance premiums of at least $1,000. Premium finance services will be available to homeownerspolicyholders insured by UIH’s… Continue reading Universal Insurance Holdings and Atlas Form New Premium Financing Company for FL Homeowners

In the largest overseas acquisition by a Chinese insurer, Ping An Insurance (Group) Co. bought a 4.2 percent stake in Fortis, Belgium’s biggest financial-services company, for 1.81 billion euros ($2.7 billion). Fortis rose the most in 4 1/2 years in Brussels trading on the purchase, which makes Ping An its biggest investor. China’s state-owned companies… Continue reading Chinese Insurer Invests in Belgian Fortis, Looking for Growth

In an effort to restore confidence and liquidity in E*Trade Financial Corp., which is embroiled in the mortgage crisis, the discount brokerage firm announced that it’s receiving a $2.55 billion cash infusion from Citadel Investment Group. In a plan overseen by the federal Office of Thrift Supervision, Citadel will make a two-part investment in E*Trade.The… Continue reading Citadel Infuses Cash into E*Trade, Effort to Boost Confidence Amid Subprime Hit

According to a study released bythe National Council on Compensation Insurance Inc. (NCCI Holdings Inc.), the share of workers compensation medical costs attributed to prescription drugs is temporarily levelling off.     The decrease can be attributed to several issues, according to “Workers Compensation Prescription Drug Study—2007 Update”, including T withdrawal of some drugs that… Continue reading NCCI Releases New Workers Comp Prescription Drug Study

According to a report issued on Wednesdary by Standard & Poor’s Corp (S&P), U.S. commercial property/casualty insurers should enjoy another very profitable year in 2007, bearing in mind that there are no last-minute setback.    Warnings for commercial lines companies will approach the record level achieved in 2006, according to S&P’s report “2008 U.S. Commercial… Continue reading S&P Reports P/C Insurers to Have Profitable 2007, Less Confident About ’08

Zurich North America, one of the nation’s leading property-casualty insurance companies, announced it has added 100 monoline workers’ comp business classifications to its coverage offerings. Most of the new classes are for light manufacturing, wholesale and service company risks.     “This action further demonstrates our appetite to serve small business customers and the distributors… Continue reading Zurich Adds 100 New Workers Comp Classifications to Expand, Service Small Business Market

A new model law adopted by the National Conference of Insurance Legislators (NCOIL) will create a stronger safety net for property/casualty guaranty funds nationwide.      According to legislators, the Post-Assessment Property and Liability Insurance Guaranty Association Model Act, adopted by NCOIL during its annual meeting in Las Vegas, would create a comprehensive, statutory remedy for… Continue reading NCOIL to Adopt Model Law to Strengthen State Guaranty Funds

Travelers of Massachusetts announced yesterday that it will be offering a Roadside Assistance Program Discount of four percent to its automobile insurance customers as a part of an update to the company’s filing with the Massachusetts Department of Insurance.     If approved by the Department, the discounts will be available April 1, 2008 when… Continue reading Travelers to Offer Roadside Assistance Discount in MA

Speaking at a Banc of America Securities bond insurer conference on Tuesday, several executives from some of the larger companies that provide payment insurance for bonds and other securities backed by subprime mortgage stated that they could raise more capital through reinsurance, if needed.    The companies, which have seen their share prices plummet in… Continue reading Reinsurance Available for Increased Capital According to Bond Insurers