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At the Standard & Poor’s Rating Services’ 23rd annual insurance conference held June 5th, 77% of the insurance executives and principal market participants who attended favored an optional charter for insurance regulation. According to Grace Osborne, the leader of the S&P’s Insurance Practice, this finding was not surprising. “The insurance market is becoming increasingly global… Continue reading Federal Regulation Charter Favored by Insurance Executives

Florida Farm Bureau Casualty Insurance Company argued in the Florida Supreme Court yesterday that a decision by an appellate court obligating the carrier to pay the full $65,000 policy limit for wind damage to a homeowner should be reversed. The insurer’s attorney argued that adjusters determined that wind was responsible for only $11,583.93 and that… Continue reading Hurricane Insurance Case Goes to Florida Supreme Court

Christopher J. Nadeau, principal and employee benefits group head at William Gallagher Associates, is the new chair of The Council of Employee Benefits Executives (CEBE), a standing committee of The Council of Insurance Agents & Brokers (CIAB) responsible for overseeing the association’s services for member firms with employee benefit operations. Mr. Nadeau was elected to… Continue reading Two New Chairmen Named to CIAB

Hub International Ltd, the Chicago-based insurance broker, announced on Tuesday that its shareholders have approved a $1.6 billion plan for two private equity firms to purchase the company and go private. Private equity groups Apax Partners and Morgan Stanley Principal Investments will acquire all of Hub’s common shares for $41.50 per share in cash if… Continue reading Shareholders Approve Hub’s Proposed Acquisition

In January of this year, Marsh & McClennan Cos. gained entry into the Chinese market after receiving the first insurance brokerage license for a wholly owned foreign firm in the country. It looks as if this is paying off for Marsh, with the firm projecting revenue increases of 30% to 50% this year as compared… Continue reading Doing Business in China Could Net Marsh & Mac Fast Growth

Eight new insurers have entered the P/C insurance market in Florida between the months of January 2007 and now, according to the Florida Office of Insurance Regulation. These firms representing surplus lines, alien, foreign and domestic P/C insurers, bring a total of $1.2 billion in capital investment to the Sunshine State. The most significant of… Continue reading Eight New P/C Carriers Enter Florida Marketplace

In a survey conducted by the National Association of Insurance Commissioners (NAIC), a large percentage of homeowners are under the impression that the standard homeowners policy protects them from risks that are not covered, such as home damage from floods, earthquakes, water line breaks, termites, mold, and several other perils. Some stats: Thirty-three percent of… Continue reading Consumers Unclear About What is Covered Under Homeowners

A survey conducted by the London-based unit of AON revealed that aircraft accidents, property damage, war, and terrorism top the airlines’ list of the most critical risk management issues they face. More than 45 of the world’s leading airlines listed these risks as significant while also listing premium cost as the key insurance industry issue… Continue reading AON Survey Reveals Risks in the Skies

Ian Stuart, who was arrested last March for selling more than $8 million in fake insurance policies to brokers, pleaded guilty on Monday. Stuart had told brokers that he represented Lloyd’s of London, Great American Insurance, and other carriers in a massive scheme to con them. “Stuart induced insurance agents for various entities throughout the… Continue reading $8 Million Insurance Fraud Case Has Canadian Man Pleading Guilty

The Supreme Court in a unanimous decision overturned an appeals court ruling and found that Geico did not violate the Fair Credit Report Act by failing to let customers know that they pay higher rates due to low credit rating. In addition, the court found if Safeco did violate the law there was no intention… Continue reading Geico and Safeco Absolved of Wrongdoing by Supreme Court