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On Friday, The Chubb Group of Insurance Cos. announced that will lower its homeowner insurance rates in California by an average of 18.4 percent. The rate reduction will occur in two phases, according to the insurer: Effective Sept. 20, all new and renewing policies will be cut by an average of 14 percent, with the… Continue reading Chubb to Lower Homeowners Rates in CA

QBE the Americas, a division of QBE Insurance Group Ltd., recently commented on A.M. Best’s affirmation of the “A-” stable rating of the recently acquired Praetorian Financial Group companies. As part of its review of QBE’s newly acquired U.S. companies, A.M. Best placed Praetorian Financial Group under review pending additional information. At that time, A.M.… Continue reading A.M. Best Affirms QBE Specialty Insurance’s Praetorian Financial Group’s Rating

In a speech to commercial insurance buyers on Thursday, AIG Chief Executive Martin Sullivan stated that the company is prepared to take advantage of any investment opportunities created by the problems in the U.S. subprime mortgage sector. “What I have asked my colleagues to do is to make sure that we are well positioned when… Continue reading AIG Sees Opportunities in Sub-prime Market

The Association of California Insurance Companies (ACIC) is urging Gov. Arnold Schwarzenegger to sign into law ACIC-sponsored legislation which could encourage expansion of the workers compensation insurance market in California and, thus, provide greater insurance choices for businesses. ACIC President Sam Sorich said the bill, SB 316 by Sen. Leland Yee (D-San Francisco), “would foster… Continue reading ACIC Urges CA Gov to Sign WC Bill

Countrywide Financial Corp., the nation’s No. 1 mortgage company, in an effort to shore up finances, state that said it obtained an additional $12 billion in secured financing. This resulted in sending its stock higher by 14%. The mortgage behemoth has been trying to reassure and calm its creditors and shareholders amid soaring defaults on… Continue reading Countrywide Gets $12 Billion in Financing; More Job Cuts to Come

Europe’s largest bank, HSBC Holdings Plc, is looking to its insurance units in Asia to help offset losses and restore profit growth after a $15.5 billion expansion into U.S. sub-prime lending went awry.     HSBC earned $1.6 billion from insurance in the first half of 2007 and plans to double the division’s profit in… Continue reading European Bank HSBC Looks to Offset Sub-prime Losses; Growth Strategy in Buying Stakes in India and Vietnam Insurers

Hilb Rogal & Hobbs Company (HRH), one of the world’s largest insurance and risk management intermediaries, announced that it has signed a definitive agreement to purchase all of the outstanding equity interests of Banc of America Corporate Insurance Agency, L.L.C. (BACIA), a segment of Bank of America, N.A., and a leading middle market insurance intermediary… Continue reading Hilb Rogal & Hobbs Buys BofA Insurance Agency

As the market becomes ever-more unsure, investors are looking to for more traditional products such as immediate fixed-income annuities and whole-life insurance. Companies such New York Life Insurance Company and MassMutual Financial Group are reporting an increase of sales in these products, offering the security of guaranteed payouts and serving to calm down rising investor… Continue reading Investors Look to Annuities, Insurance Products in See-saw Markets

In a report issued by UK fund manager F&C Asset Management, some insurers have been slow to act on climate change and need to develop strategies to deal with the effect of global warming.      “Insurers are currently standing at a crossroads,” said Vicki Bakhshi, Associate Director of Governance and Sustainable Investment at F&C, and… Continue reading Report Shows Carriers Slow on Dealing with Climate Change and its Impact on Premiums

In a statement made by Florida Insurance Commissioner Keven McCarty on Wednesday, state regulators plan to deny eight property insurance rate filings submitted by subsidiaries of The Hartford Financial Services Group. McCarty said the companies’ filings haven’t shown that home and commercial rate increases are actuarially justified. He also said they don’t give customers enough… Continue reading Florida Denies Hartford Rate Hike