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The Independent Insurance Agents of Texas reported it has joined other agent groups in denouncing the latest attack on independent agents and agency compensation represented by the settlement between St. Paul Travelers and the attorneys general of New York, Connecticut and Illinois. Among other requirements, the settlement limits the payment of contingency income, including profit… Continue reading Texas Independent Agents Oppose Agency Compensation Settlements

Seven local insurance professionals joined together to form Seacrest Partners, Inc., a Savannah-based insurance brokerage and benefits consulting firm. Under the leadership of company president and CEO David E. Paddison, who recently spent 22 years at Palmer & Cay, Seacrest Partners aims to raise the bar for insurance brokerage, risk management consulting and employee benefit… Continue reading New Insurance Brokerage Firm Launched by Local Executives

Management of Aon Corp. insurance brokerage said today it intends to get out of the property-casualty underwriting business, selling off its warranty and some specialty assets and placing the remainder in runoff.     Greg Case, president and chief executive officer of the Chicago-based firm, made the announcement during the company’s analyst’s conference call to… Continue reading Aon To Quit As P-C Broker; Focus On Life, Accident

DALLAS, Aug. 4 /PRNewswire-FirstCall/ — Republic Companies Group, Inc. (Nasdaq: RUTX) (“Republic”) today announced that it has entered into a definitive merger agreement pursuant to which a subsidiary of Delek Capital Ltd. (“Delek Capital”) would acquire all of the outstanding shares of Republic’s common stock for $20.40 per share in cash. The closing price of… Continue reading Republic Companies Group, Inc. Enters Into Merger Agreement With a Wholly Owned US Subsidiary of Delek Capital Ltd.

The Western Insurance Agents Association has issued a statement saying the settlement that St. Paul Travelers has just reached with attorneys general from Connecticut, Illinois, and New York is the latest attempt by an insurer to haphazardly and expediently put to rest allegations of bid-rigging and anti-competitive behavior.     “On behalf of our members… Continue reading Western Agents Blast Insurers for Settlements Restricting Compensation

Calling it a very embarrassing moment, the chairman and chief executive officer of Canadian insurance holding company Fairfax Financial Holdings Ltd. told investors the company would restate financial results because of various accounting errors related to a reinsurance contract with Swiss Reinsurance Co.         Prem Watsa said the errors, arising primarily in 2001 and prior… Continue reading Fairfax Financial Restates Earnings, Commutes $1 Billion Swiss Re Contract

OLDWICK, N.J.–(BUSINESS WIRE)–July 6, 2006–A.M. Best Co. has revised the financial strength rating (FSR) to E (Under Regulatory Supervision) from C++ (Marginal) and the issuer credit ratings (ICR) to “d” from “b” for the property/casualty affiliates of Vesta Insurance Group (Vesta). Concurrently, A.M. Best has revised the ICR to “d” from “cc” for Vesta’s parent,… Continue reading A.M. Best Revises Ratings of Vesta Insurance Group

A Leon County Circuit Court has ordered state regulators to take over the assets of Florida Select Insurance Co., a fate regulators say could befall other insurers.    The action, taken Friday, was consented to by the insurer, which was not able to buy enough reinsurance, or insurance for insurance companies.    Florida insurance regulators… Continue reading State Halts Another Insurer

Paris-based insurer Axa announced it plans to acquire Winterthur Group from the Zurich-based banking firm Credit Suisse Group in a cash deal for some $10 billion, while leaving the ultimate fate of the carrier’s U.S. property-casualty book to be determined.     The deal includes Axa’s refinancing $1.3 billion of Winterthur’s outstanding debt, of which… Continue reading Axa To Acquire Winterthur, Putting U.S. Book In Limbo

A workers’ compensation insurer does not have a claim against      a bankrupt business for unpaid premiums under bankruptcy law, according to the      U.S. Supreme Court in a 6-3 decision that insurers are warning could disrupt the      insurance marketplace unless Congress acts to reverse it.         The Supreme Court majority rejected an insurer’s… Continue reading Supreme Court: Workers Comp Premiums Not Priority in Bankruptcy