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A new report issued by rating agency A.M Best Co. Inc., located in New Jersey, states that domiciled captive insurers based in the United States experienced a slowing down of premium growth for 2006, but their combined ratios significantly improved.     The report indicated that net written premiums of U.S.-based domiciled captives increased just… Continue reading Captives Experience Slow Down in Premium Growth

Beazley Group P.L.C. posted a record profit of £60.2 million ($122.0 million) for the first half of 2007, up from £28.3 million ($57.3 million) for the comparable period last year.    According to the company, its gross written premiums increased 10% to £434.1 million ($879.3 million). Its combined ratio for the first half of 2007… Continue reading Beazley Group Posts Record Profits

As a response to last week’s vote by the House Financial Services Committee on expanding the national flood insurance program to cover wind damage, American Insurance Association (AIA) President Marc Racicot issued the following statement in an AIA press release: “We continue to believe that adding wind coverage to the NFIP is not the right… Continue reading AIA Responds to House Committee’s Vote on Expanding Flood Program to Include Wind Damage

The National Association of Mutual Insurance Companies (NAMIC) also issued a statement asking that the provision to add wind coverage to the nation’s flood insurance program, which was adopted last week by the House Financial Services Committee, not be passed by the full House.       “The NFIP is already in dire need of reforms,… Continue reading NAMIC Also Criticizes Wind Coverage Inclusion Flood Reform Legislation

The Annie E. Casey Foundation released it’s 18 annual “Kids Count” report last week in which it indicates that about 11% of U.S. children lack health insurance. The report uses data from the Census Bureau (most recent data is from 2004 and 2005) to measure each state’s progress since 2000 in specific key areas: infant… Continue reading New Report Says More than 10% of Children Lack Health Coverage

Members of the U.S. P/C industry are buying back shares of their own stock at rates not seen in 20 or more years, signaling the beginning of a soft market and a sign that the competition is pushing premiums low enough to threaten increases in profits. “Insurance companies know they’re going into a softer cycle,… Continue reading Lower Premiums and Stocks Likely as P/C Insurers Buy Back Stocks

The hearing on the Federal Trade Commission (FTC) report on credit-based insurance scores by a House panel, scheduled to meet today, has been postponed, according to announcement made by U.S. Representative Melvin L. Watt, D-N.C., chairman of the Subcommittee on Oversight and Investigations. The panel will meet on this report at a later day. “The… Continue reading Hearing on FTC Report Postponed, to Be Rescheduled

Second-quarter profits reported by Aetna, a goliath in the health insurance industry, were $451.3 million, or 85 cents per share, compared with earnings of $389.5 million, or 67 cents per share during the same period last year. The 16% gain exceeded Wall Street forecasts, prompting a raise in its guidance for the current year to… Continue reading Aetna, Travelers Post Big Earnings

Richard Blumenthal, attorney general for Connecticut, announced that approximately 20 subpoenas have been issued by his office as part of an “active and ongoing” investigation into what he called “certain anticompetitive practices in the reinsurance industry.” Yesterday, Hartford Financial Services Group disclosed it was one of the subpoena recipients. The remaining subpoenas were issued to… Continue reading Reinsurance Industry Investigation Underway

In a controversial move that could benefit the 50% of Americans who live in coastal areas, the House Financial Services Committee voted yesterday to expand the national flood insurance program to cover wind damage. Under the new legislation, flood insurance program policyholders would also be able to purchase wind policies (although the latter coverage could… Continue reading Flood Insurance Program Shifts in the Wind