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Acordia, Inc. — the nation’s fifth-largest insurance brokerage and part of Wells Fargo & Co. — and its affiliated companies have changed their name to Wells Fargo Insurance Services. Wells Fargo acquired Acordia, Inc. in May 2001. “The new name of our business — Wells Fargo Insurance Services — signals to current and potential customers… Continue reading Acordia Changes Name to Wells Fargo Insurance

Jan. 26 (Bloomberg) — State Farm Mutual Automobile Insurance Co.’s offer to reconsider thousands of Hurricane Katrina damage claims in Mississippi was rejected by a federal judge because so few policyholders would be guaranteed funds. U.S. District Judge L.T. Senter in Gulfport, Mississippi, said the language of a proposed class-action settlement didn’t spell out how… Continue reading Judge Refuses to Approve State Farm Katrina Agreement (Update3)

NEW ORLEANS – Thousands of Mississippi policyholders whose homes were destroyed or damaged by Hurricane Katrina must wait a bit longer before reaping their share of a proposed settlement with State Farm Fire & Casualty Co., a judge ruled.    U.S. District Judge L.T. Senter Jr. of Mississippi on Friday refused to endorse part of… Continue reading Judge Balks at State Farm Katrina Deal

Arthur J. Gallagher & Co. announced today that it has agreed to resolve all claims in the Federal Multi-District (MDL) class action pending in the New Jersey Federal District Court against commercial insurers and brokers relating to industry-wide contingent commission matters. In its written statement, Gallagher admitted no wrongdoing, but said it chose to conclude… Continue reading Ill. Gallagher & Co. Reach Settlement in Federal Class Action Case

Marsh & McLennan Cos.’ drive to move on from its recent woes is expected to get a fresh boost now that the New York financial-services giant has agreed in principle to sell its Putnam Investments money-management unit for $3.9 billion, according to people familiar with the matter. The price to be paid by Montreal-based holding… Continue reading Marsh Is Hoping Sale of Putnam Buries Its Woes

Citing concerns that a warmer Atlantic Ocean will lead to more strong hurricanes hitting the region, Allstate Corp. will stop writing homeowners’ policies in coastal areas of Maryland.     Starting in February, the company will no longer offer new property insurance in all or part of 11 counties, mostly along the Chesapeake Bay. Allstate… Continue reading Allstate Adds Maryland Coast to Its ‘No New Business’ List

Standard & Poor’s Ratings Services said today that it lowered its counterparty credit and financial strength ratings on United Fire & Casualty Co. and its wholly owned subsidiaries to ‘A-‘ from ‘A’.     Standard & Poor’s also said that the outlook on these companies is stable.     “The downgrade reflects our view that… Continue reading United Fire & Casualty Co. And Subsidiaries Ratings Lowered One Notch To ‘A-‘; Outlook Stable

The Independent Insurance Agents & Brokers of America (the Big “I”) is disappointed to see another settlement out of New York Attorney General Eliot Spitzer’s office that bans the payment of contingent compensation that is entirely legal. The settlement is with Chubb Corp. and was joined by the attorneys general of Connecticut and Illinois.  … Continue reading BIG “I” OPPOSES A.G. INTERVENTION IN INCENTIVE COMPENSATION

The Chubb Corporation has entered into a settlement agreement with the Attorneys General of New York, Connecticut and Illinois, to resolve an investigation of customer steering, improper finite reinsurance transactions, and other unlawful industry practices. Under terms of the settlement, Chubb agreed to discontinue paying contingent commissions on all insurance lines in the United States… Continue reading Chubb Settles with N.Y., Conn., Ill. AGs; Agrees to End Contingent Commissions

The Chubb Group of Insurance Companies has begun to offer an admitted excess flood insurance product to homeowners policyholders who face either inland or coastal exposures in 15 jurisdictions, including California, Connecticut, Illinois, Florida, Maryland, Massachusetts, New Jersey, New York and Pennsylvania. In April, Chubb had announced that it was writing a first-dollar, primary personal… Continue reading Chubb Expands Excess Flood Policy