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The Hanover Insurance Group, Inc. today reported net income for the third quarter of $53.9 million, or $1.03 per share, compared to a net income of $33.4 million, or $0.65 per share, in the third quarter of last year. The current quarter’s results include a $17.0 million pre-tax charge, or $0.21 per share of after-tax… Continue reading Hanover Reports Third-Quarter Earnings

Congressman Barney Frank (D-MA), chairman of the House Financial Services Committee ,in a meeting of the Property Casualty Insurers Assn. of America (PCI) on Monday stated that he has asked his committee staff to prepare a bill asking for a 120-day extension for the federal backstop for terrorism coverage, which is due to expire at… Continue reading Congressman Wants for 120-day Extension for Further Discussions on TRIA with Senate

Seattle-based Safeco announced it is donating a package of up to $250,000 to support relief efforts for victims of the Southern California wildfires. A $50,000 grant will be donated immediately to the San Diego/Imperial County Red Cross. In addition, the company is encouraging its employees and independent agent partners to contribute to relief efforts by… Continue reading Safeco Donates $250,00 to Support Relief Efforts in So Ca Fires

Commercial insurer CNA Financial Corp, whose majority owner is Loews Corp, announced today that its third-quarter profit fell 44 percent. Profit dropped to $174 million, or 64 cents per share, from $311 million, or $1.15, a year earlier. Profit dropped to $174 million, or 64 cents per share, from $311 million, or $1.15, a year… Continue reading CNA Reports Forty-Four Percent Decline in Third-Quarter Profits

On Friday, state workers’ compensation commissioners rejected South Carolina’s Gov. Mark Sanford’s executive order directing them to use more limited guidelines in determining settlements for injured workers.      The seven members, appointed by the governor, ruled unanimously that their judicial code of conduct required them to remain “independent, impartial, and faithful to the law” in… Continue reading So Carolina WC Commissioners Reject Governor’s Directive

ACE Group Holdings Inc. announced that is has agreed to pay $4.5 million to eight states and the District of Columbia to settle charges that it colluded with Marsh Inc. to rig bids on commercial insurance contracts. The U.S. unit of Bermuda-based ACE Ltd. did not admit to the charges, but agreed to settlements with… Continue reading ACE Settles Suit in Alleged Rig-Bidding Scheme

The world’s largest insurer, American International Group (AIG), caused a market scare on Thursday as investors worried about its sub-prime exposure and debt exposure, but bounced back later in the day and on Friday when analysts quelled concerns.     “The speculation that AIG had overexposure to sub-prime loans really drove us down hard,” said… Continue reading AIG Stock Dips and Recoups over Sub-prime Effect on Profits

With the devastating effects of the wildfires in Southern California, A.M. Best Co. has begun to assess the potential financial impact this event may have on the property/casualty and reinsurance industry. While awaiting information from affected entities, A.M. Best is evaluating potential market share exposure based on a number of different industry loss scenarios. While… Continue reading A.M. Best Comments on Potential Impact of California Wildfires on the P/C Industry

The House on Thursday passed a revised bill to provide health insurance for 10 million children, once again defying a veto threat from President Bush. But supporters did not have enough votes to override the promised veto.The bill was approved by a vote of 265 to 142, less than the two-thirds needed to override a… Continue reading House Passes a Revised SCHIP Bill; President Says It’s More of the Same

In the San Diego community of Rancho Santa Fe, where the median home price is $2.4 million, American International Group Inc (AIG), the world’s largest insurer, provides a Wildfire Protection Unit in which a fire-retardant is sprayed on homes threatened by fire. “What we’re trying to do here is provide our policyholders an additional level… Continue reading High-end AIG Clients Have Additional Level of Service, Wildfire Protection