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Marsh Inc. presented on Thursday testimony before a Congressional Subcommittee supporting the 10-year extension of the Terrorism Risk and Insurance Act (TRIA), as well as a number of refinements to the Act that would serve to benefit businesses in the U.S. seeking protection from the financial consequences of acts of terrorism on the country’s soil.… Continue reading Marsh and Council of Insurance Agents & Brokers Back TRIA Extension

On Wednesday, the Scruggs Katrina Group filed a federal lawsuit in Mississippi accusing State Farm, an engineering firm, and an adjusting concern of a racketeering conspiracy it alleges had defrauded a group of coastal homeowners out of $3.97 million. This lawsuit followed a court move by State Farm on Tuesday, asking a judge to have… Continue reading Lawsuit Filed in Mississippi Against State Farm

At Swiss Re’s mid-year Economic and Industry webcast, the company’s Economic Research and Consulting unit summarized that the economy will be in for a soft landing, and the insurance industry is readying itself for an active hurricane season and a general softening of the market. Swiss Re’s Chief Economist Kurt Karl stated that it’s increasingly… Continue reading Swiss Re Gives Mid-Year Assessment in Its Economic and Insurance Industry Webcast

Frustrated Floridians outstanding and unresolved claims are giving the task force charged with examining how Citizens Property Insurance is handling these policyholders’ claims a mouthful. The claims stem from the 2004-05 storms. This task force crated by an insurance reform bill passed in January includes Bob Milligan, Florida’s insurance consumer advocate. They are holding several… Continue reading Task Force Examines Citizens Performance in Claims from 2004-05

Frustrated Floridians with outstanding and unresolved claims are giving the task force charged with examining how Citizens Property Insurance is handling these policyholders’ claims a mouthful. The claims stem from the 2004-05 storms. This task force created by an insurance reform bill passed in January includes Bob Milligan, Florida’s insurance consumer advocate. They are holding… Continue reading Florida Task Force Examines Citizens Performance in Claims from 2004-05

According to an official with the The Risk & Insurance Management Society Inc. (RIMS), the organization supports legislation that extends the federal terrorism insurance backstop for 10 years. “We think the House has hit a home run with this legislation,” said Terry Fleming, a director of New York-based RIMS and director-risk management for Montgomery County… Continue reading RIMS Backs Terrorism Bill Exentension

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