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On Tuesday, at a Cabinet meeting in Tallahassee, Florida Gov. Charlie Crist stated that he is in favor of having insurance company executives testify under oath before the Legislature about why they’re not lowering prices for consumers.    “It’s a new day, and they’re not getting their way anymore,” Crist said the meeting. They should… Continue reading Florida Governor Rallies Against P/C Insurers, PCI Responds

A program set up by Louisiana known as the “Road Home”, designed to compensate homeowners for hurricane damages not insured by their policies, accepted applications for financial aid up until yesterday, July 31. With the Tuesday midnight deadline looming, record numbers of the state’s homeowners filed applications requesting government compensation for damages from Hurricanes Katrina… Continue reading LA Homeowners File Last-Minute Katrina and Rita Claims

Philadelphia-based CIGNA Corporation today reported net income of $198 million, or $0.68 per share, for the second quarter of 2007 compared with $273 million, or $0.78 per share, for the same period last year. Net income for the second quarter of 2007 included a special item charge of $56 million after-tax, or $0.19 per share,… Continue reading CIGNA Reports Second Quarter 2007 Results

Aon Corp, the world’s second-largest insurance broker, announced second-quarter profits increased by 24 percent to $240 million or 75 cents a share, up from $193 million or 57 cents a share, its highest rate of internal growth since 2003. Revenue climbed 13 percent to $2.49 billion, beating the $2.38 billion estimate of Charles Gates, an… Continue reading Aon Posts Double-digit 2Q Profits, Contemplates Health Unit Spin-off

The man who is the chief sponsor behind the bill requiring the National Flood Insurance Program to offer windstorm coverage for both commercial and residential policyholders says he feels “confident it will make it through the House.” The proposed legislation has gained backing from key senators such as Sen. Trent Lott, R-Miss., Rep. Gene Taylor,… Continue reading Sponsor of Controversial Wind Bill Is ‘Confident’ of Vote

American International Group, Inc. (AIG) will report its second quarter 2007 earnings on Wednesday, August 8, 2007 after the close of the market. AIG’s earnings release and financial supplement will be available in the Investor Information section of www.aigcorporate.com following the filing of AIG’s Form 10-Q for the period ended June 30, 2007. AIG President… Continue reading AIG to Report on Second-Quarter Earnings Next Week, Will Hold Conference Call

Zurich, one of the world’s largest property-casualty insurance companies, announced that Ann Haugh will become chief operating officer for Global Corporate in North America (GCiNA) effective September 1, 2007. “We are pleased Ann will handle oversight and direction of our day-to-day operations,” said Mario Vitale, CEO, Zurich Global Corporate in North America. “She is a… Continue reading Haugh Named COO of Zurich’s North American Global Corporate Unit

Mark Feuer has been named to the newly created position of chief executive officer of U.S. business at Marsh Inc., the New York-based brokerage announced yesterday. In addition to his new responsibilities, Feuer will continue to lead the brokerage’s U.S. middle-market and small commercial segment, a spokesperson for the brokerage announced. “By expanding Mark’s role,… Continue reading Feuer Named to New Position at Marsh Inc.

Property and casualty insurer Safeco Corp announced today that its second-quarter profit fell to $186.4 million from $199.7 million in 2006, a 7 percent decline. The carrier stated that the decline is due to its use of a higher percentage of premium income to pay out claims. Profit per share rose to $1.75 from $1.68,… Continue reading Safeco’s Second-Quarter Profits Fall

According to a new study by Conning Research and Consulting, “the economics of distribution channels in personal auto insurance can be difficult to understand, and this can present both opportunities and challenges in a softening rate market.” “Many insurers now choose to distribute personal auto insurance through multiple channels, ranging from traditional independent agencies, to… Continue reading Study Reports Personal Auto Insurers Need Better Understanding of Distribution Channels to Compete in Softening Market