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In a statement made by the Australian Prudential Regulation Authority (APRA), General Reinsurance Australia Ltd., a unit of Warren Buffett’s Berkshire Hathaway Inc., sold policies that helped insurance companies falsely state profits. The statement comes on the heels of a two-year investigation: “General Reinsurance Australia knew that the intended purpose of these transactions was improper,… Continue reading Regulatory Office Finds Gen Re Australia Aided in Improper Profit Statements

The new rules published in the Federal Register by the Small Business Administration (SBA) designed to reinvigorate its Surety Bond Guarantee Program received support by the American Insurance Association (AIA) and The Surety and Fidelity Association of America (SFAA). Effective July 25, under the new rules, sureties are allowed to charge current state rates rather… Continue reading New Rules to Ease Rates for Surety Bonds Gets AIA and SFAA Support

Yesterday, C.V. Starr & Co., Inc. (“C.V. Starr”) announced its lawsuit against American International Group, Inc. (“AIG”) for hundreds of millions of dollars in profits and benefits realized by AIG as a result of its relationship with C.V. Starr during 2000-2005. During this time, AIG’s share of premiums from business generated by Starr subsidiaries exceeded… Continue reading AIG Sued by C.V. Starr for Millions

According to a survey by J.D. Power and Associates, the average auto insurance customer gathers three competitive quotes while shopping for a new insurer. One-third (33%) of them end up changing carriers, while the majority remain with their present insurance company. “This [findings] suggests that when a customer becomes dissatisfied with their incumbent carrier, they… Continue reading Study Shows Consumers Shop Around for Auto Coverage

Along with several prominent insurance industry organizations and companies, New York officials are also seeking to lengthen by at least a decade the post-Sept. 11 government insurance program, TRIA. Supporters feel the bill is essential for major projects like the new World Trade Center. TRIA provides federal insurance backup for catastrophic losses suffered in a… Continue reading New Yorkers Join Support for Terrorism Bill Extension

On Monday, Allstate Corp reached a settlement with Mississippi customers whose homes and property were damaged by 2005’s Hurricane Katrina, resolving one of the largest group of outstanding claims in the two-year-old wrangle. Terms of the settlement with the Scruggs Katrina Group were not disclosed. Allstate spokesman Michael Siemienas said 99% of all of the… Continue reading Allstate Settles with Scruggs Katrina Group

Massachusetts-based Hanover Insurance Group announced that it has entered into an agreement to acquire Professionals Direct for $23.2 million. Professionals Direct, rated “A-“ (Excellent) by Am Best is the Michigan-based holding company for the Professionals Direct organization, a premier provider of professional liability insurance for small and mid-sized law practices. Through its various subsidiaries, the… Continue reading Hanover Announces Planned Acquisition of Professionals Direct

The decision by the House to pass H.R. 1065, the Nonadmitted and Reinsurance Reform of Act of 2007 unanimously was greeted with applause by the The National Association of Mutual Insurance Companies (NAMIC). “This bill will help policyholders that are vulnerable to natural catastrophes and terrorist attacks by eliminating unnecessary duplication of regulation,” said Justin… Continue reading NAMIC is Pleased with the House’s Reform Legislation for the Surplus Lines and Reinsurance Market

Chicago-based Hub International announced today that it has entered into a definitive purchase agreement to acquire the assets of Windsor, Ontario-based Unity Group. With three Unity offices in Essex County, Hub Ontario will increase its presence with a total of eight offices in the southwest region of the province. The proposed transaction will result in… Continue reading Hub International to Purchase Unity Group

U.S. District Judge Alvin K. Hellerstein in New York imposed a $1.25 million penalty against Morristown, NJ firm Coughlin Duffy, Washington D.C.’s Wiley Rein, and Zurich American Insurance Co. for their role in concealing a Zurich American insurance policy for the World Trade Center buildings. The policy was significant in determining how much Zurich would… Continue reading Penalties Issued to Zurich American, Law Firms in 9/11 Insurance Claims