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A spokesperson for Kentucky National Insurance Co. announced the insurer has been purchased by Lexington, Kentucky-based First Kentucky Insurance LLC. Kentucky National Insurance was formerly owned by American European Group Inc., a New York-based insurance holding company. No terms of the transaction were provided. American European Group decided in 2004 to focus on the core… Continue reading Kentucky National Purchased by First Kentucky Insurance

A.M. Best Co. and Standard & Poor’s Ratings Services have both lowered their respective ratings on Conseco Inc., following the Company’s announcement of further losses in its Conseco Senior Health Insurance (CSH) that required $110 million in reserve strengthening.    S&P lowered its counterparty credit and senior debt ratings on Conseco Inc. to ‘B+’ from… Continue reading Best, S&P Lower Conseco’s Ratings as Run-off Losses Continue

In a report produced by Dallas, Texas-based MarketScout, an electronic insurance exchange, commercial property/casualty insurance rates fell an average 14 percent in July compared with a year earlier — more evidence of the market’s continued softening trend. The rate decline matched another 14 percent drop posted in June, said MarketScout. Said MarketScout CEO Richard Kerr,“Like… Continue reading Soft Market Continues to Develop in P/C Marketplace

Hub International Limited reports it has acquired the New York risk management firm, Jacobs & Jacobs, Inc. (J&J). J&J’s operations became part of Hub International Northeast (HUB Northeast), expanding this operation’s current presence in the Long Island, New York area. Currently based in Roslyn Heights, N.Y., J&J is a brokerage firm with 12 professionals, all… Continue reading Jacobs & Jacobs Aquired by Hub International Ltd.

Any procrastinating residents in Louisiana residents considering filing claims with or lawsuits against their insurance companies regarding losses stemming from 2005’s Hurricane Katrina will need to take action by August 30, 2007 or miss out on their opportunity to do so: This directive came from Louisiana Insurance Commissioner Jim Donelon and state Governor Kathleen Blanco,… Continue reading File It or Forget It: Deadline for Hurricane Victims Looms in Near Future

The world’s largest insurance broker, Marsh & McLennan Cos. announced it has made an agreement with New York’s attorney general and insurance commissioner that will allow the broker to take some fees from insurance companies, according to Marsh & McLennan CEO Michael Cherkasky. Cherkasky says the revenue from the fees, some of which were previously… Continue reading Fee Pact Struck with Marsh & McLennan and New York CEO

The National Association of Professional Insurance Agents (PIA) has designated August 8 as the group’s second annual PIA District Lobbying Day, a day on which PIA members will conduct a nationwide series of in-district visits with Members of Congress during the August congressional recess. The whole month of August is devoted to political involvement and… Continue reading Today Marks PIA District Lobbying Day

Citizens Insurance Company of America, a company of The Hanover Insurance Group, Inc., a leading super regional property and casualty company, announced that David N. Jeffery, has been named regional vice president for personal lines for the company’s Michigan territory. Jeffery will work out of the Citizen Insurance headquarters in Howell, Michigan. “We are very… Continue reading Jeffery, Collins Appointed to Key Positions at Citizens Insurance and The Hanover

Chicago, Illinois-based Aon Corp. announced the promotion of Ted T. Devine to chief executive officer of Aon Re Global, the company’s reinsurance intermediary unit. Devine succeeds Michael D. O’Halleran, formerly Aon Re Global’s chairman and CEO, who has been named executive chairman of the unit. Devine, who previously was chief operating officer of Aon Risk… Continue reading Aon Appoints Devine to CEO Position of Reinsurance Unit

Indiana-based Conseco announced second-quarter losses grew as the insurer strengthened its claims reserves, while shares fell 3 percent. Conseco’s net loss totaled $64.5 million, or 38 cents a share, compared with a loss of $31.8 million, or 21 cents a share, in the same period a year ago. Conseco Chief Executive Jim Prieur said the… Continue reading Conseco Posts 2Q Losses