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A.M. Best Co. has affirmed the financial strength rating (FSR) of B++ (Good) and assigned an issuer credit rating (ICR) of “bbb+” to Physicians Insurance Mutual Group and its members, Physicians Insurance A Mutual Company and its reinsured subsidiary, Western Professional Insurance Company. The outl Moody’s rates Progressive’s jr. sub. debt A2    $1 billion… Continue reading A.M. Best Co. has affirmed the financial strength rating of B++ for Physicians Insurance Mutual Group.

Amid allegations of misleading and aggressive sales practices, seven of the country’s largest healthcare carriers will cease marketing some plans to seniors, according to announcement made by Government officials. The companies include Humana Inc., WellCare Health Plans Inc., Coventry Health Care Inc. and UnitedHealth Group Inc.    Under the voluntary agreement, the companies won’t promote… Continue reading Healthcare Carriers Suspend Marketing Certain Senior Plans

GMAC Insurance, baked by private equity funding, is planning to come back strong with a goal of becoming one of the top five U.S. auto carriers in the next five to eight years, according to Chief Executive Gary Kusumi. “Our goal is to crack the top five in auto insurers within five to eight years,”… Continue reading GMAC Sets its Sights High

On Monday, House Democrats introduced legislation to extend the federal terrorism insurance backstop program for 10 years. The current program is set to expire on at year-end. A hearing on the bill by the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises is scheduled for Thursday, June 21.    … Continue reading Bill to Enhance Terrorism Insurance Introduced

A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of Travelers Insurance Companies (Travelers) and its property/casualty members. Concurrently, A.M. Best has affirmed the debt ratings of “a-” on senior debt, “bbb+” on subordinated debt, “bbb+ and “bbb” on junior subordinated debt, “bbb” on… Continue reading A.M. Best Affirms Ratings of Travelers Insurance Companies and Several of Its Subsidiaries

State officials and the Bush administration are not seeing eye-to-eye when it comes to health insurance for children. As the Congress prepares to renew an existing health insurance plan for children, governors and state officials are making it clear that they have a different view of the program’s future.     Throughout the country, governors… Continue reading Washington and State Officials at Odds Over Health Insurance for Kids

The Association of California Insurance Companies (ACIC) supports legislation introduced by Assemblyman Mike Feuer (D-Los Angeles) to keep unsafe drivers off the road while also resulting in improved fairness of the auto insurance system in the state. The support of the ACIC was announced by ACIC’s Executive Vice President and General Counsel Jeff Fuller.  … Continue reading Plan to Get Unsafe Drivers Off the Road Backed by ACIC

A Pennsylvanian state legislator introduced a bill to stop insurers from using credit scores to help determine how much customers pay for car insurance.    “It’s a tool the insurance industry can use to hurt you in so many ways,” said state Rep. Jesse White, D-Washington County, who introduced the bill this month. He also… Continue reading PA Legislature Introduces Bill to Block Use of Credit Scores by Carriers

Aon Corp recently applied for a license to operate from the Qatar Financial Centre Regulatory Authority and expects to open an office there later this year.    “The Middle East and in particular Qatar will be one of the fastest-growing regions in the world over the next few years,” said Roelof Hendriks, chief executive officer… Continue reading AON to Enter Qatar

After a review by a special litigation committee, NY-based AIG decided to take over the case that initially stemmed from company shareholders against former Chairman and Chief Executive Officer Maurice R. Greenberg and former Chief Financial Officer Howard I. Smith for losses to AIG caused by their alleged wrongdoing. The suit seeks more than $1… Continue reading AIG Takes Over Lawsuit Against Greenberg and Smith