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AM Best Rating Acitivity and News
John Hancock Re-Entering California's Individual Long-Term Care Insurance Market
John Hancock Financial said it plans to re-enter the individual long-term care insurance market in California with two new policies, starting Feb. 27.
Both policies will provide ...
Date: Friday, February 3, 2012
Source: BestWire
Aon Sees Biggest Reinsurance Growth Since 2009
Aon Corp. posted a 19% increase in fourth-quarter net income as the company saw organic growth across every major business.
Total revenue increased 3% to $3 billion for the quarter, as net ...
Date: Friday, February 3, 2012
Source: BestWire
A.M. Best Assigns Ratings to Gateway Rivers Insurance Company
A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to Gateway Rivers Insurance Company (Gateway) (Burlington, VT). The outlook assigned to ...
Date: Friday, February 3, 2012
Source: BestWire
MetLife Shifts Two Top Executives as Part of Ongoing Reorganization
MetLife Inc. is continuing with the reorganization it started last November by shifting two top executives to different roles at the company.
Michael Farrell, previously head of U.S. ...
Date: Friday, February 3, 2012
Source: BestWire
Starr Lawsuit Charges Federal Government Unlawfully Took Over AIG, Used It to Secretly Bail Out Other Companies
Starr International Co. Inc. has amended a lawsuit against the federal government, alleging the government's 2008 takeover of American International Group was illegal, and a way for the government to ...
Date: Friday, February 3, 2012
Source: BestWire
A.M. Best Requests Comment on Draft Criteria Reports: Rating Title Insurance Companies and BCAR for Title Insurance Companies
A.M. Best Co. is requesting comments from market participants in the insurance industry and other interested parties on the following draft criteria reports:
“Rating Title Insurance ...
Date: Friday, February 3, 2012
Source: BestWire
A.M. Best Requests Comment on Draft Criteria Reports: “Rating Protected Cell Companies” and “Life Settlement Securitization”
A.M. Best Co. is requesting comments from market participants in the insurance industry and other interested parties on the following draft criteria reports:
“Rating Protected Cell ...
Date: Friday, February 3, 2012
Source: BestWire
A.M. Best Affirms Ratings of Industrial Alliance Insurance and Financial Services, Inc. and Its Subsidiaries
A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a+” of Industrial Alliance Insurance and Financial Services Inc. (IA) (Quebec) ...
Date: Friday, February 3, 2012
Source: BestWire
BB&T to Purchase Crump Group's Life and Property/Casualty Divisions
BB&T Corp. is planning to expand their insurance operations by purchasing the life and property/casualty insurance divisions of a Roseland, N.J.-based broker, the company said in a statement. BB&T ...
Date: Friday, February 3, 2012
Source: BestWire
BestWeek: Mixed Bag Awaits P/C Market in 2012, A.M. Best Report Says
A.M. Best expects insurers collectively to report an underwriting loss of approximately $10.4 billion during 2012, resulting in a combined ratio of 102.0, according to a new A.M. Best Special Report, ...
Date: Friday, February 3, 2012
Source: BestWire
US Jobs Report: Insurance Industry Adds 1,100 Jobs in January
The U.S. insurance industry added 1,100 jobs in January — a mere 0.05% increase from the previous month, according to the latest employment report released by the U.S. Bureau of Labor ...
Date: Friday, February 3, 2012
Source: BestWire
MIB Group CEO: US Life Insurance Applications Showed 'Stability' in 2011
Applications for individually underwritten life insurance in the United States last year showed a positive trend of "stability," says the chief executive officer of MIB Group Inc.
Overall, ...
Date: Friday, February 3, 2012
Source: BestWire
Video: Breaches Trigger Growth of Cyber Liability Market
The cyber liability insurance market continues to evolve to include protection of not just the data, but the value of data, reconstruction costs and other various expenses surrounding a security ...
Date: Friday, February 3, 2012
Source: BestWire
BestDay Audio for Friday, Feb. 3: AIA's Lisle: Technology Drives Asia Distribution
BestDay Audio Podcast for Friday, Feb. 3: Bill Lisle, chief distribution officer of AIA Group, says mobile high-tech devices and "paperless" transactions will drive life insurance distribution in ...
Date: Friday, February 3, 2012
Source: BestWire
Phoenix Cos. Leads Thursday's AMBG as Global Insurance Index Rises 0.11%
The AMBG closed Thursday, Feb. 2, at 864.54 (+0.11%). Of the 15 A.M. Best stock indexes, eight rose and seven declined. Leading A.M. Best's Global Insurance Composite Index (AMBG) were Phoenix Cos. ...
Date: Friday, February 3, 2012
Source: BestWire
A.M. Best: Underpricing a Prime Cause of Impairment
While the number of financial impairments of property/casualty companies continues to accelerate, A.M. Best's analysis shows the primary cause of impairments was a combination of deficient loss ...
Date: Thursday, February 2, 2012
Source: BestWire
Insurance Information Institute News (IIHS & HLDI)
Joyce is elected IIHS board chairman
ARLINGTON, VA — The Insurance Institute for Highway Safety is pleased to announce the election of Douglas S. Joyce as the new chairman of its Board of Directors. Joyce is president of Alfa Alliance Insurance Corporation. He succeeds Steven George, chief operations officer, AAA of Northern California, Nevada, and Utah, who served as IIHS chairman during 2011 and will continue to serve as a Board member.
Date: Wednesday, February 1, 2012
Nutting is elected HLDI board chairman
ARLINGTON, VA — The Highway Loss Data Institute is pleased to announce the election of James Nutting as the new chairman of its Board of Directors. Nutting is senior vice president and chief actuary, Farmers Insurance Group of Companies. He succeeds Martin Deede, vice president – actuarial, MetLife Auto and Home, who served as HLDI chairman in 2011 and will continue to serve as a Board member.
Date: Wednesday, February 1, 2012
New safety features take 3 decades on average to spread through the vehicle fleet, a HLDI report says
Bumper demonstration test shows easy way to solve mismatch problem when SUVs and cars collide
Final hours-of-service rule still allows truck drivers to spend up to 11 hours a day at the wheel
Date: Tuesday, January 24, 2012
Not so fast: Safety features spread slowly through fleet
New technologies could cut crashes dramatically, but don't count on them being everywhere tomorrow. A study by the Highway Loss Data Institute shows it takes about three decades for safety features to spread through the registered vehicle fleet.
Status Report Vol. 47, No. 1 cover article
Date: Tuesday, January 24, 2012
A New Jersey law intended to help police enforce graduated licensing restrictions by requiring young drivers to display special decals is unpopular, widely flouted, and hasn't led to better compliance with the restrictions, an Institute study has found.
Status Report article: Vol. 46, No. 11, p. 4
Date: Tuesday, January 24, 2012
115 winners of 2012 Top Safety Pick Stronger roofs lead to another record year for award
ARLINGTON, VA — The list of winners of the Insurance Institute for Highway Safety's Top Safety Pick award is longer than ever this year, with vehicles in nearly every size category the Institute evaluates earning accolades. From minicars to sedans to pickups, consumers have a record number of choices among 2012 models.
Date: Thursday, December 15, 2011
Status Report: Vol. 46, No. 11
TOP SAFETY PICK award goes to a record number of models for 2012 as automakers make changes to win
Winners by vehicle class
N.J. teen driver decal law is unpopular and hasn't raised teens' compliance with GDL restrictions
Crashes and near crashes are more common in the first 6 months after 16 year-olds begin driving
Date: Thursday, December 15, 2011
Status Report: Vol. 46, No. 10
Hybrids' injury odds are lower than their gasoline-powered twins due to their heavier weight
Pedestrian injury claims are 20 percent higher for hybrid models than for standard models
Teenagers' crash risk gets worse when they ride motorcycles or drive sports cars
Alcohol-detection device project is now in development phase
Date: Thursday, November 17, 2011
Hybrid models have lower injury odds than their conventional counterparts
ARLINGTON, VA — Hybrids have a safety edge over their conventional twins when it comes to shielding their occupants from injuries in crashes, new research by the Highway Loss Data Institute (HLDI), an affiliate of the Insurance Institute for Highway Safety, shows. On average, the odds of being injured in a crash are 25 percent lower for people in hybrids than people traveling in nonhybrid models.
Date: Thursday, November 17, 2011
New brochure on motorcycle antilock brakes provides key safety information for riders
ARLINGTON, VA — Riding a motorcycle is safer when the bike is equipped with antilock brakes, the Insurance Institute for Highway Safety explains in a new consumer brochure.
Date: Thursday, November 10, 2011
Pennsylvania joins 34 other states in banning text messaging by all drivers
Pennsylvania joins 34 other states in banning text messaging by all drivers, effective March 8, 2012. For details on cellphone and texting bans in all states, go to http://www.iihs.org/laws/cellphonelaws.aspx.
Date: Wednesday, November 9, 2011
Five minivans earn Top Safety Pick award; 2 others lag behind on rollover protection
ARLINGTON, VA — Five minivan models have earned the 2011 Top Safety Pick award from the Insurance Institute for Highway Safety, standing out from competitors for superior protection in rollover crashes.
Date: Tuesday, November 1, 2011
Pennsylvania has increased the number of supervised driving hours from 50 to 65 and added a nighttime and inclement weather practice requirement. Additionally, for the first 6 months, intermediate license holders may drive with no more than one passenger younger than 18; thereafter, no more than three. Changes take effect December 24, 2011. For details on graduated driver licensing laws in all states, go to http://www.iihs.org/laws/graduatedLicenseIntro.aspx.
Date: Tuesday, October 25, 2011
Pennsylvania makes restraint laws primary for all children
Pennsylvania has eliminated the secondary enforcement provision for children ages 4 through 17, meaning that an officer can stop a vehicle solely for noncompliance of the restraint laws, effective December 24, 2011. For details on child restraint laws in all states, go to http://www.iihs.org/laws/childrestraint.aspx.
Date: Tuesday, October 25, 2011
More boosters are doing a good job of fitting safety belts to kids in the latest round of seat evaluations
Unique inflatable booster seat earns a BEST BET designation
Strong child restraint laws help to reduce crash injuries and lift use of boosters and child restraints
Onboard recorder rule struck down by federal appeals court
Date: Thursday, October 13, 2011
New booster evaluations: More top-rated seats help parents make a safe choice for their kids
ARLINGTON, VA — A good fit is easier than ever to find when shopping for a booster seat, new ratings from the Insurance Institute for Highway Safety show.
Date: Thursday, October 13, 2011
Insurance Journal News
Out of Trust C.M. Meiers Brokerage in Southern California Fetches $1.375 Million at Auction
Woodland Hills, Calif.-based C.M. Meiers Co. Inc. was auctioned on Friday at a U.S. bankruptcy court near Los Angeles, with three competing bidders pushing the sales price to $1.375 million for the troubled brokerage’s assets and assumption of its liabilities, …
Date: Saturday, February 4, 2012
Virginia Court Grants Rehearing of Global Warming Claims Case
The Virginia Supreme Court has recently granted rehearing of a closely followed legal case involving global warming, The AES Corp. vs. Steadfast Insurance Company. The court says its previous decision on the case has been “set aside.” On Jan. 17, …
Date: Friday, February 3, 2012
Judge Certifies Investor Class Action Against Goldman Sachs
Goldman Sachs Group Inc. was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender. U.S. District Judge Harold …
Date: Friday, February 3, 2012
Aon Expands U.S. Tenant Rent Default Offerings
Aon has expanded availability to new states for its Aon Rent Protect product that reimburses landlords for lost income when tenants default on rent payments. The product was initially launched in California, Colorado, D.C., Ohio and Pennsylvania, and it is …
Date: Friday, February 3, 2012
Earnings Reports: Validus Holdings
Q4 2011 Q4 2010 Gross premiums written -$278.28 mn $258.7 mn Full year - 2011 2010 $2.1247 bn $1.99 bn Net premiums earned — $488.35 mn $432.8 mn Full year – 2011 2010 $1.802 bn $1.761 bn …
Date: Friday, February 3, 2012
XL Enhances Real Estate Portfolio Protection
XL Group’s insurance segment has launched enhanced pollution protection for real estate portfolios. The product will be available through the segment’s environmental team. The new product is aimed toward portfolio property owners and managers, developer and redevelopers, and real estate …
Date: Friday, February 3, 2012
Ohio Announces $11.6M in Insurance Savings, Recoveries in 2011
Insurance regulators saved or recovered $11.6 million for Ohioans in 2011, the Ohio Department of Insurance announced. The department said it received 5,336 consumer complaints, the majority of which dealt with the denial of insurance claims. Of the recoveries realized …
Date: Friday, February 3, 2012
TDECU Insurance Acquires 2 More Texas Independent Agencies
TDECU Insurance Agency LLC announced it has acquired two independent insurance agencies: Assurance Insurance Agency Inc. (Assurance) based in Bellville, Texas, and Burridge Insurance Agency Inc. (Burridge) based in Angleton, Texas. These agency acquisitions are on the heels of TDECU …
Date: Friday, February 3, 2012
Utah Offers New Earthquake Hazard Maps for Salt Lake County
Utah is selling new maps that show the shaking intensity of earthquakes for the west half of Salt Lake County. The set of 10 maps also spotlights the risks of landslides, rock falls, floods, radon gas and other hazards in …
Date: Friday, February 3, 2012
Federal Disaster Loans For More Reno Fire Victims
The U.S. Small Business Administration is setting up shop in Reno again to help facilitate federal disaster loans for residents and businesses after Washoe County suffered its second big wildfire in two months. The low-interest loans became available Friday to …
Date: Friday, February 3, 2012
Insurer: Penn State Policy Limits Lawsuit Coverage
Penn State’s insurer wants a judge to determine if it has to provide coverage or pay for defense costs in a lawsuit over alleged child sex abuse by former football coach Jerry Sandusky, a newspaper reported Wednesday. The complaint filed …
Date: Friday, February 3, 2012
Family of Slain Border From Arizona Agent Files $25M Claim
The family of a slain U.S. Border Patrol agent filed a $25 million wrongful death claim against the federal government on Wednesday. The 65-page document that’s a precursor to a lawsuit was filed in Phoenix and claims Brian Terry was …
Date: Friday, February 3, 2012
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