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In their latest attempt to rid Michigan motorcycle riders of their helmets, special interest groups in Lansing have proposed an ‘opt-out’ solution. For a $100 fee, motorcyclists would have the chance to buy their way out of a helmet.    American Bikers Aiming Toward Education (ABATE) conceived the bill, which would require riders to be… Continue reading AAA Opposes HB 4749, Which Provides ‘Opt-Out’ Option for State’s Helmet Law

Governor Eliot Spitzer and State Insurance Superintendent Eric R. Dinallo announced today that Silverstein Properties and seven insurance companies have reached a $2 billion settlement of all outstanding insurance claims arising from the destruction of the World Trade Center. The agreement, the largest in regulatory history, ends almost six years of legal battling and removes… Continue reading State Acheives $2 Billion Settlement of Outstanding World Trade Center Insurance Claims

A.M. Best Co. has commented that the issuer credit rating (ICR) of “bb+” of North Pointe Holdings Corporation (NPHC) (NASDAQ: NPTE – News) will remain unchanged as a result of the announcement that NPHC has entered into a definitive purchase agreement to acquire Capital City Holding Company, Inc. Additionally, the financial strength rating (FSR) of… Continue reading A.M. Best Co. has commented that the issuer credit rating (ICR) of bb+ of North Pointe Holdings Corporation

Commercial Insurance is focus of Banc of America Corporate Insurance Agency, LLC Bank of America today announced it has retained Banc of America Securities LLC to act as its financial advisor to explore strategic alternatives for its commercial insurance brokerage business, Banc of America Corporate Insurance Agency, LLC. Banc of America Corporate Insurance Agency, headquartered… Continue reading Bank of America to Explore Strategic Alternatives for Insurance Brokerage

A.M. Best Co. has upgraded the financial strength rating to B++ (Good) from B+ (Good) and the issuer credit ratings (ICR) to “bbb” from “bbb-“of Proformance Insurance Company (Proformance). Concurrently, A.M. Best has upgraded the ICR to “bb” from “bb-” of Proformance’s holding company, National Atlantic Holdings Corporation (National Atlantic) (both of Freehold, NJ) (NASDAQ:… Continue reading A.M. Best Upgrades Ratings of Proformance Insurance Company

QBE Insurance Group Limited (QBE) announced today that it has completed the funding of the recently announced US acquisitions of Praetorian Financial Group and Winterthur US. This involved the successful issue to institutional investors of 20 years zero coupon Liquid Yield OptioN securities (“LYONs”) raising £258 million or approximately A$605 million net funds after expenses. … Continue reading QBE Completes Funding for US Acquisitions

A.M. Best Co. has removed from under review with positive implications the financial strength rating (FSR) of A- (Excellent) of State-Wide Insurance Company (State-Wide) (Hempstead, NY). A.M. Best has also upgraded the FSR to A+ (Superior) and assigned an issuer credit rating (ICR) of “aa-” to State-Wide. The outlook assigned to all ratings is stable. … Continue reading A.M. Best Removes Rating of State-Wide Insurance Company From Under Review; Assigns and Upgrades Ratings

“We are pleased to complete this transaction,” said David Eslick, who will remain Chairman, President and Chief Executive Officer of USI. “I am profoundly grateful to our senior leadership, sales professionals and associates generally for their steadfast support and incredible focus during this long, but successful transaction process. We are extremely excited about the next… Continue reading USI Holdings Corporation today announced the completion of the merger in which USI has been acquired by GS Capital Partners, a private equity affiliate of Goldman, Sachs & Co.

A.M. Best Co. has commented that the ratings of Ohio Casualty Corporation (Ohio Casualty) (Fairfield, OH) (NASDAQ: OCAS – News) and its operating subsidiaries remain unchanged following today’s announcement that Liberty Mutual Group, Inc. (LMGI) will be acquiring Ohio Casualty.    ADVERTISEMENT    LMGI and Ohio Casualty have executed a purchase agreement and are entering… Continue reading A.M. Best Comments on the Pending Acquisition of The Ohio Casualty Corporation by Liberty Mutual Holding Company, Inc.

ABD Insurance & Financial Services will become part of Wells Fargo Insurance Services Inc. under an all-stock deal, valued at about $1.5 billion, that was announced late Friday by parent companies Wells Fargo & Co. and Greater Bay Bancorp. The deal comes on the heels of speculation that East Palo Alto, Calif.-based Greater Bay, which… Continue reading ABD Insurance & Financial Services will become part of Wells Fargo Insurance Services Inc.