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To establish a presence in the German marketplace, the world’s largest insurance company, American International Group Inc. (AIG), announced it has struck an agreement with J.C. Flowers & Co. LLC to purchase a German property and casualty insurer. Wurttembergische und Badische Versicherungs-AG, its major subsidiary DARAG Deutsche Versicherungs- und Ruckversicherungs-AG and other minor subsidiaries will… Continue reading AIG Acquires German Insurer

Today lawmakers in Massachusetts, including the state insurance commissioner, will begin to debate a plan to bring competition into the state’s auto insurance industry.    Massachusetts is the only state in where the auto insurance rates are set by regulators. The new proposal would still give the state firm regulatory control, yet more competition would… Continue reading Change Proposed in State Auto Insurance Industry

American International Group, the world’s largest insurer as well as one of the largest U.S. mortgage lenders, issued a warning about the increasing frequency of mortgage defaults. In a presentation to analysts and investors, the insurer says that although the majority of its mortgage insurance and residential loans are safe, delinquencies are becoming more common… Continue reading AIG Finds Mortgage Delinquencies and Defaults on the Rise

The Independent Insurance Agents & Brokers of America (the Big “I”) applauds The National Conference of State Legislatures (NCSL) for passing a resolution supporting the preservation of the McCarran-Ferguson Act’s limited anti-trust exemption and opposing congressional proposals to revise the decades-old law.     The resolution was adopted by NCSL’s Communications, Financial Services, and Interstate… Continue reading Legislators’ Support of Antitrust Act Lauded by Big “I”

A 16 percent gain in net profit for the second quarter of the year has been posted by AXA, Europe’s second-largest insurance company. The French insurer said net profit rose to 3.18 billion euros ($4.38 billion), slightly higher than the average net profit of 3.058 billion euros forecasted by a group of analysts, with last… Continue reading AXA Posts 16% Gain in Earnings

What do a BMW Z3, Chevrolet Camaro, Ford Focus, Jaguar XJ6, a Porsche Carrera, Mazda RX-7, and a Toyota Echo have in common? They are all ostensibly in use as farm vehicles, say some policyholders –despite the fact that the addresses of record for these drivers/would-be farmers are in the inner cities, far away from… Continue reading Study Exposes Cheaters in the Driver’s Seat

One of the world’s largest insurance companies, American International Group, Inc. (AIG) announced that its net income for the second quarter of 2007 was $4.28 billion or $1.64 per diluted share, compared to $3.19 billion or $1.21 per diluted share in the second quarter of 2006. Second quarter 2007 adjusted net income was a record… Continue reading AIG Posts Double-digit 2Q Earnings

Property/casualty insurers and reinsurers may be able to withstand a repeat of 2005’s record hurricane season “without a real diminution in financial strength,” announced Standard & Poor’s (S&P) Ratings Services in a new report entitled “Are U.S. Insurers Ready if the Calm Season Turns?” The report acknowledges that insurers enjoyed excellent results in 2006 because… Continue reading Report Examines Hurricane Season and Possible Effects on P/C Insurers

A noted hurricane forecaster is revising downward his prediction of a significantly above-average hurricane season this year. Colorado State University’s William Gray, a noted researcher who has been forecasting hurricanes for more than 20 years, lowered his 2007 forecast slightly to 15 named storms and eight hurricanes off the East and Gulf coasts of the… Continue reading Hurricane Forecast Lowered to Four Intense Storms

Mississippi Insurance Commissioner George Dale’s run for reelection to a ninth term in the Democratic primary election yesterday fell just short of victory. Dale cited “(Hurricane) Katrina and (Richard) Dickie Scruggs” as major factors behind the defeat. Scruggs’ law firm represents hundreds of homeowners in lawsuits against insurers, many stemming from Hurricane Katrina. Scruggs was… Continue reading Dale Loses Reelection Bid, Cites Hurricane Katrina as a Factor