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EQECAT, catastrophe modling company, announced on Wednesday that insured losses from Southern California’s fires have now exceeded $1 billion.     The losses will continue to accumulate until the Santa Ana winds die down and firefighters can contain the fires, EQECAT said.     Although weeather reports called for calmer winds Wednesday, a spokesman for… Continue reading Estimates Now at $1 Billion in So CA Insured Fire Losses

Brown & Brown Inc. (B&B), one of the largest independent insurance intermediaries in the nation, announced its net income for the third quarter of 2007 of $46,216,000, or $0.33 per share, an increase of 14.8% from the $40,270,000, or $0.29 per share, reported for the quarter ended September 30, 2006. Total revenue for the quarter… Continue reading Brown & Brown Reports Revenue, Profit Growth

According to a survey by the Council of Insurance Agents & Brokers (CAIB), the U.S. commercial property/casualty insurance market showed no sign of hardening during the third quarter. “Overall, the commercial market remains soft for all sizes of accounts,” the Washington-based CIAB said in a statement announcing the survey. “Brokers said third-quarter renewal rates for… Continue reading CAIB Survey Shows Continued Soft Market

On Tuesday, insurer Chubb Corp. announced that its net income in the third quarter of 2007 was $738 million or $1.87 per share, compared to $604 million or $1.43 per share in the third quarter of 2006.      Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased… Continue reading Chubb Reports Third-Quarter Net Income Rise

The Insurance Information Network of California reported Tuesday that the wildfires raging throughout Southern California have resulted in 1,760 insurance claims. More than 1,100 structures have been destroyed in the fires. By the time the wildfires are extinguished, insurance claims could reach $500 million, according to the nonprofit insurance information group. The 1991 Oakland Hills… Continue reading Estimates So Far Have CA Wildfires in So CA Reaching $500 Million

Farmers Insurance Group of Companies has expanded its mobile claims centers, adding 11 new centers for customers to file on-the-spot claims. These mobile claims centers are located throughout Southern California.    In San Diego, customers can receive help at 7 different locations, and the Farmers’ Mobile Catastrophe Claims Center Bus is currently stationed at Qualcomm… Continue reading Farmers Sets Up Mobile Claims Centers in So CA

In a statement announcement on Monday, London-based brokerage firm Willis Group Holdings Ltd. has been granted preliminary court approval to settle a 2001 gender discrimination suit filed by about 200 current and former women employees of the brokerage. As part of the settlement, which was reached in June, Willis will create an approximately $8.5 million… Continue reading Court Says Willis May Settle Gender Discrimination Suit

More and more homeowners are filing bankruptcy in an effort to stay in their homes as a result of their inability to pay their mortgages.     According to the American Bankruptcy Institute, in September, as the nation’s housing slump continued, consumer bankruptcy filings increased almost 23% from a year earlier — representing nearly 69,000… Continue reading More Homeowners Seeking Bankruptcy Protection to Remain in Homes

New York-based American International Group Inc. (AIG) on Monday announcing the launching of its Transportation Solutions unit. The new unit, to be headed by Lentz Merisier, will provide insurance solutions specifically for U.S. trucking operations, both major fleets and owner/operator businesses. According to an AIG spokesman, the unit will initially offer insurance coverage in several… Continue reading AIG Launches Transportation Unit

Insurance companies were gearing up on Monday to deal with an expected flood of claims resulting from wind or fire damage in San Diego County and throughout Southern California. By late Monday, Farmers Insurance Group reported it had already received more than 600 claims. Customers were reporting damage from wildfires ravaging a 425-square mile area… Continue reading Insurance Companies Gear Up for Flood Claims from CA Fires