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The Federal Trade Commission’s (FTC) study of automobile insurers’ use of credit has reaffirmed the strong connection between credit information and the risk of loss and has determined that its use helps to increase the availability and affordability of insurance for most consumers, according to the Property Casualty Insurers Association of America (PCI). “Now there… Continue reading FTC Reaffirms Link Between Credit Score and Risk, Helps Consumers

Florida’s largest private insurer, State Farm Insurance, will drop about 50,000 homeowners policies next year in areas it considers risky. The majority of homes and condos will lose their insurance are located within a few miles of the coast, but some are further inland, according to Justin Glover, a State Farm spokesperson. Glover stated that… Continue reading State Farm to Drop Homeowners in the Sunshine State Next Year

Validus Holdings Ltd, a reinsurance company based in Bermuda, has made an initial public offering in the hopes of raising as $468 million and tapping in the US public market. Validus is one of several reinsurers to stage IPOs in recent months, and has filed to sell 18 million shares with an anticipated per-share price… Continue reading Reinsurer Looks to Raise $468 Million in an IPO

Flood claims in the UK are set to go over 2 billion pounds ($4.12 billion) after rain left central, northern, and southern England under water. This is the biggest UK flood bill in 20 years. According to an Association of British Insurers (ABI) spokeswoman, the bill from flooding in recent days across the central counties… Continue reading Insurers in the UK Face 2 Billion Pound Flood Claims

According to the Florida Office of Insurance Regulation, the Chubb Group agreed to refund its workers compensation policyholders in Florida more than $13 million. The refund stems from premiums paid from 2002-2004. In the Office of Insurance Regulation’s statement, it discovered the “excess profits” during a review of annual financial data submitted by Chubb companies.… Continue reading Florida WC Insureds to Receive $13 Million from Chubb

Marsh Inc announced the establishment of its U.S. Nuclear Energy Center of Excellence, with J. Shannon Moyer at the center’s helm. The center will operate both within the firm’s Global Marine & Energy Practice as well as its Power & Utilities Industry Practice to help clients in those industries address the array of complex risks… Continue reading Marsh Sets Up U.S. Nuclear Energy Center Of Excellence

A Senate panel unanimously accepted a compromise to expand health insurance for children of low-income working families by sharply hiking tobacco taxes, despite President Bush’s threat to veto the bill. The 17-4 Finance Committee vote underscored the popularity of the program, which insures about 6 million children nationwide.       Six of the 10 Republicans… Continue reading Senate Approves Expansion of Health Insurance Bill for Children

On Thursday, Governor Marc Racicot, president of the American Insurance Association (AIA sent a letter to Massachusetts Rep. Barney Frank and Alababama Rep. Spencer Bachus expressing his appreciation for the Committee’s efforts in moving forward to mark-up the Terrorism Risk Insurance Revision and Extension Act of 2007 next week following a sobering National Intelligence Estimate… Continue reading AIA President Praises House Financial Services Committee for Action on Terrorism Insurance Legislation

The Minnesota Workers’ Compensation Reinsurance Assn. and the Minnesota Workers’ Compensation Insurers Assn. filed a lawsuit in the U.S. District Cournt for the District of Minnesota against American International Group Inc., seeking to recover more than $100 million in damages from the insurer due to underreported premiums throughout a 22-year period. The two comp organizations… Continue reading AIG Sued by Minnesota Comp Groups for Fraud, RICO Violations

According to a study by London-based insurance broker, Miller Insurance Services, Ltd., U.S. and U.K. risk managers’ concerns are sharply divided, despite both experiencing a soft market and sharing a willingness to retain more of their own risk.    Twenty-four percent of U.S. risk managers and 17% of U.K. risk managers plan to increase their… Continue reading Risk Managers’ Views from Both Sides of the Pond Differ