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The Angora, California wildfire near South Lake Tahoe that has so far consumed about 3,100 acres and destroyed over 300 structures since June 24th is estimated to result in insured losses of between $100-150 million, according to Risk Management Solutions (RMS). RMS is the world’s largest provider of products and services for catastrophe risk management.… Continue reading Estimated CA Insured Wildfire Losses Could Reach $150 Million

According to a report by ISO and the Property Casualty Insurers Association of America (PCI), the U.S. Property/Casualty insurance industry’s after-tax net income dropped 5.5% to $15.81 billion during the first quarter of 2007 compared with last year’s first quarter of $16.7 billion.      “The financial performance of the P/C insurance industry during the first… Continue reading P/C Industry Net Income Slips in First-Quarter ‘07

ING, the Dutch financial services group, announced today that it has reached an agreement with P&V Verzekeringen to sell its Belgian Broker and Employee Benefits insurance business for EUR 750 million ($1 billion). The sale is part of ING’s strategy to rationalize in its mature markets and allocate capital to those businesses where it can… Continue reading ING Will Sell Belgian Brokerage for 750 Million Euros

Two former Hartford Insurance Claims Handlers who worked in the carrier’s Claims and Legal Management Services department in Connecticut have been indicted for accepting kickbacks and bribes from a Texas attorney representing plaintiffs with silica-related health claims against Hartford policyholders.        The indictment alleges that Rachel Rossow and John Prestage and attorney Warren Todd Hoeffner,… Continue reading Indictments Issued to Two Former Hartford Claims Handlers

A.M. Best Co. has downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and assigned an issuer credit rating of “bbb” to Teachers Auto Insurance Company of New Jersey (Teachers) (Red Bank, NJ), formerly known as Lancer Casualty Company (Long Beach, NY). The outlook for both ratings is stable.          These rating… Continue reading A.M. Best Downgrades Teachers Auto Insurance Company of New Jersey Due to Acquisition

Americans are not feeling as financially secure as they were according to the COUNTRY Financial Security Index, which showed a decline of 1.2 points in June. The most recent reading marks the second consecutive decline and is two points lower than the beginning of the year when the Index was 70.2. It also marks a… Continue reading Americans’ Perception of Financial Security Slipping

In a statement made by the Australian Prudential Regulation Authority (APRA), General Reinsurance Australia Ltd., a unit of Warren Buffett’s Berkshire Hathaway Inc., sold policies that helped insurance companies falsely state profits. The statement comes on the heels of a two-year investigation: “General Reinsurance Australia knew that the intended purpose of these transactions was improper,… Continue reading Regulatory Office Finds Gen Re Australia Aided in Improper Profit Statements

The new rules published in the Federal Register by the Small Business Administration (SBA) designed to reinvigorate its Surety Bond Guarantee Program received support by the American Insurance Association (AIA) and The Surety and Fidelity Association of America (SFAA). Effective July 25, under the new rules, sureties are allowed to charge current state rates rather… Continue reading New Rules to Ease Rates for Surety Bonds Gets AIA and SFAA Support

Yesterday, C.V. Starr & Co., Inc. (“C.V. Starr”) announced its lawsuit against American International Group, Inc. (“AIG”) for hundreds of millions of dollars in profits and benefits realized by AIG as a result of its relationship with C.V. Starr during 2000-2005. During this time, AIG’s share of premiums from business generated by Starr subsidiaries exceeded… Continue reading AIG Sued by C.V. Starr for Millions

According to a survey by J.D. Power and Associates, the average auto insurance customer gathers three competitive quotes while shopping for a new insurer. One-third (33%) of them end up changing carriers, while the majority remain with their present insurance company. “This [findings] suggests that when a customer becomes dissatisfied with their incumbent carrier, they… Continue reading Study Shows Consumers Shop Around for Auto Coverage