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South Carolina Governor Mark Sanford signed a bill into law yesterday that proposes a plan to lower insurance costs residents of the state’s coast. This comes on the heels of the Governor’s and Insurance Department Director, Scott Richardson’s, announced proposal three months ago. In a statement by Sanford, “this bill sends a strong signal to… Continue reading Signed Bill Designed to Cut Coastal Insurance Costs in South Carolina

In a June 1 letter to Governor Eliot Spitzer, Eric Dinallo, New York State Insurance Superintendent, outlined a plan for reforming the resolution process of disputed Workers Comp claims. According to officials, the plan cuts down the time of resolving disputed claims from over 6-months to 90-days. Faster dispute resolution is one part of the… Continue reading Plans to Cut Down on WC Claims Dispute Processing in New York

AmTrust Group’s Financial Strength Backed by Best RatingA.M. Best Co. has affirmed the financial strength rating (FSR) of “A-” (Excellent) and the issuer credit rating (ICR) of “a-” of New York-based AmTrust Group. Bermuda-based AmTrust International Insurance, Ltd. (ALL); New Hampshire’s Technology Insurance Company, Inc. (Technology); Rochdale Insurance Company of Rochdale, New York, NY, and… Continue reading AmTrust Group’s Financial Strength Backed by Best Rating

On October 1, State Farm, Florida’s largest automobile insurance carrier, will be cutting rates by 16%; it’s anticipated that other carriers will follow suit. This sounds good for insureds, but the decrease in the rates come as a result of the elimination of Florida’s no-fault auto insurance system, set to expire on October 1, and… Continue reading End of No-Fault Auto in Florida Set for October

Two states hit hard by hurricanes have differing views as to how to cope with resulting insurance problems. Florida’s Governor Charlie Crist has the lead in pushing to increase government regulation of the insurance industry, setting price controls and publicly criticizing insurance companies that take an opposing view. Meanwhile, Governor Kathleen Blanco of Louisiana has… Continue reading Hurricane-Prone States Take Different Insurance Approaches

As private carriers are leaving the coastline communities, what is now known as “last-resort insurers”, created by state governments, are filling the gap. From Texas along the Gulf of Mexico and up the East Coast, an odd group of insurers are taking more of the risk inherent in hurricane-prone states, covering people who can’t buy… Continue reading “Last-Resort” Insurers Taking Over Coastal Communities

Trident IV L.P. a private equity fund managed by Stone Point Capital, is committing up to $100 million to form Edgewood Partners Insurance Center, a new property/casualty and employee benefits brokerage headquartered in San Mateo, California. Plans are to have six offices in Northern and Southern California up and running by the year’s end.  … Continue reading Trident IV to Enter California P/C and Benefits Market

At the Standard & Poor’s Rating Services’ 23rd annual insurance conference held June 5th, 77% of the insurance executives and principal market participants who attended favored an optional charter for insurance regulation. According to Grace Osborne, the leader of the S&P’s Insurance Practice, this finding was not surprising. “The insurance market is becoming increasingly global… Continue reading Federal Regulation Charter Favored by Insurance Executives

Florida Farm Bureau Casualty Insurance Company argued in the Florida Supreme Court yesterday that a decision by an appellate court obligating the carrier to pay the full $65,000 policy limit for wind damage to a homeowner should be reversed. The insurer’s attorney argued that adjusters determined that wind was responsible for only $11,583.93 and that… Continue reading Hurricane Insurance Case Goes to Florida Supreme Court

Christopher J. Nadeau, principal and employee benefits group head at William Gallagher Associates, is the new chair of The Council of Employee Benefits Executives (CEBE), a standing committee of The Council of Insurance Agents & Brokers (CIAB) responsible for overseeing the association’s services for member firms with employee benefit operations. Mr. Nadeau was elected to… Continue reading Two New Chairmen Named to CIAB