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According to Forbes, the least fuel-efficient car is Lamborghini’s exotic Murciélago two-door, which has an annual fueling cost of $3,505, compared with that of an extremely fuel-efficient model, the Toyota’s Prius hybrid with an annual fueling cost of $644. The Bentley Arnage sedan, Bentley Azure convertible, and Ferrari 599 GTB Fiorano coup come in at… Continue reading Speaking of Hybrids…..

The Pennsylvania Insurance Department announced that individuals who own hybrid vehicles may be eligible for a discount on their auto insurance premiums. The Insurance Department approved GEICO’s filing to offer a 5% discount to policyholders with hybrid vehicle; Farmers and Travelers had also filed for the offering of a similar discount. “I’m delighted to see… Continue reading Hybrid Cars May Qualify for Premium Discounts in Pennsylvania

A.M. Best Co. has affirmed the financial strength ratings (FSR) of A (Excellent) and the issuer credit ratings (ICR) of “a” of the Liberty Northwest Insurance Corporation (Liberty Northwest), North Pacific Insurance Company (North Pacific) and Oregon Automobile Insurance Company (Oregon Automobile) as each company joined the Liberty Insurance Holdings (Keene, NH) pool as 100%… Continue reading Further A.M. Best Ratings Announced

South Carolina Governor Mark Sanford signed a bill into law yesterday that proposes a plan to lower insurance costs residents of the state’s coast. This comes on the heels of the Governor’s and Insurance Department Director, Scott Richardson’s, announced proposal three months ago. In a statement by Sanford, “this bill sends a strong signal to… Continue reading Signed Bill Designed to Cut Coastal Insurance Costs in South Carolina

In a June 1 letter to Governor Eliot Spitzer, Eric Dinallo, New York State Insurance Superintendent, outlined a plan for reforming the resolution process of disputed Workers Comp claims. According to officials, the plan cuts down the time of resolving disputed claims from over 6-months to 90-days. Faster dispute resolution is one part of the… Continue reading Plans to Cut Down on WC Claims Dispute Processing in New York

AmTrust Group’s Financial Strength Backed by Best RatingA.M. Best Co. has affirmed the financial strength rating (FSR) of “A-” (Excellent) and the issuer credit rating (ICR) of “a-” of New York-based AmTrust Group. Bermuda-based AmTrust International Insurance, Ltd. (ALL); New Hampshire’s Technology Insurance Company, Inc. (Technology); Rochdale Insurance Company of Rochdale, New York, NY, and… Continue reading AmTrust Group’s Financial Strength Backed by Best Rating

On October 1, State Farm, Florida’s largest automobile insurance carrier, will be cutting rates by 16%; it’s anticipated that other carriers will follow suit. This sounds good for insureds, but the decrease in the rates come as a result of the elimination of Florida’s no-fault auto insurance system, set to expire on October 1, and… Continue reading End of No-Fault Auto in Florida Set for October

Two states hit hard by hurricanes have differing views as to how to cope with resulting insurance problems. Florida’s Governor Charlie Crist has the lead in pushing to increase government regulation of the insurance industry, setting price controls and publicly criticizing insurance companies that take an opposing view. Meanwhile, Governor Kathleen Blanco of Louisiana has… Continue reading Hurricane-Prone States Take Different Insurance Approaches

As private carriers are leaving the coastline communities, what is now known as “last-resort insurers”, created by state governments, are filling the gap. From Texas along the Gulf of Mexico and up the East Coast, an odd group of insurers are taking more of the risk inherent in hurricane-prone states, covering people who can’t buy… Continue reading “Last-Resort” Insurers Taking Over Coastal Communities

Trident IV L.P. a private equity fund managed by Stone Point Capital, is committing up to $100 million to form Edgewood Partners Insurance Center, a new property/casualty and employee benefits brokerage headquartered in San Mateo, California. Plans are to have six offices in Northern and Southern California up and running by the year’s end.  … Continue reading Trident IV to Enter California P/C and Benefits Market