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AM Best Rating Acitivity and News
Texas Commissioner: Budget Cuts in Department Could Hurt Insurance Regulation
The insurance regulator for Texas is predicting a need for a restructuring of the state's oversight of insurers if his department is forced to make 10% budget cuts.
If the legislature, ...
Date: Friday, September 3, 2010
Source: BestWire
California Lawmakers Advance Workers' Comp Bills, Including Arbitration Restriction
The California legislature sent a handful of workers' compensation bills to Gov. Arnold Schwarzenegger at the close of its session, including a measure to require disputes between an employer and a ...
Date: Friday, September 3, 2010
Source: BestWire
N.Y. Workers' Comp Board Proposes 30% Medical Fee Hike
A New York state agency proposed a 30% increase in medical fee schedules for care provided under workers' compensation.
New York State Workers' Compensation Board Chairman Robert Beloten ...
Date: Friday, September 3, 2010
Source: BestWire
Study Focusing on Insurers Finds Link Between Poor Leadership and Firm Failure
A study of property/liability insurance companies found how well a firm fares depends on who is in charge, and that there is a correlation between inefficient management and the likelihood of ...
Date: Friday, September 3, 2010
Source: BestWire
A.M. Best Downgrades Ratings of Constitutional Casualty Company
A.M. Best Co. has downgraded the financial strength rating to D (Poor) from C+ (Marginal) and issuer credit rating to “c” from “b-” of Constitutional Casualty Company (Constitutional) (Chicago, IL). ...
Date: Friday, September 3, 2010
Source: BestWire
A.M. Best Places Ratings of Six Trust Preferred CDO Transactions Under Review With Negative Implications
A.M. Best Co. has placed the debt ratings on various senior and mezzanine notes of insurance trust preferred and surplus notes collateralized debt (CDO) under review with negative implications. The ...
Date: Friday, September 3, 2010
Source: BestWire
Shampoo Maker Buys $1 Million Insurance Policy to Protect NFL Player's Hair
Troy Polamalu, a Pittsburgh Steelers safety, is known both for hitting hard on the gridiron and for his mane of long, curly black hair. His side gig as a shampoo spokesman prompted dandruff shampoo ...
Date: Friday, September 3, 2010
Source: BestWire
Australia's Nonlife Sector Sees Profit Rise Despite Weather Events
Australia's nonlife insurance sector reported a 76.9% rise in net profit to A$4.6 billion (US$4.2 billion) for the fiscal year ended June 30, 2010, driven by a rise in premium and investment ...
Date: Friday, September 3, 2010
Source: BestWire
Taiping Life Cleared for New Branch in South China's Hainan Province
Taiping Life Insurance Co. said it has been cleared by the China Insurance Regulatory Commission to set up a new branch in southern China's Hainan province, bringing its total provincial branches to ...
Date: Friday, September 3, 2010
Source: BestWire
California Rejects Rate Review for Health Plans, Backs 'Actuarially Sound' Standard
California lawmakers rejected a bill to impose mandatory rate review on health plans, instead approving legislation to enforce an "actuarially sound" standard for rate filings.
The Senate ...
Date: Friday, September 3, 2010
Source: BestWire
BestWeek: Munich Re Passes Swiss Re at No. 1
Berkshire Hathaway has slipped to fifth place in A.M. Best Co.'s ranking of top 50 global reinsurance groups based on gross premiums written, according to an exclusive A.M. Best report appearing in ...
Date: Friday, September 3, 2010
Source: BestWire
A.M. Best Assigns Rating to Aetna Inc.’s New Senior Unsecured Notes
A.M. Best Co. has assigned a debt rating of “bbb+” to the $750 million 3.95% senior unsecured notes, due 2020 recently issued by Aetna Inc. (Aetna) (headquartered in Hartford, CT) [NYSE: AET]. The ...
Date: Friday, September 3, 2010
Source: BestWire
BestDay Video for Friday, Sept. 3: Top Global Reinsurance Brokers
BestDay Video for Friday, Sept. 2: Senior Associate Editor Meg Green details Best's Review's fourth annual listing of top global reinsurance brokers ranked by 2009 brokerage revenues. John Weber ...
Date: Friday, September 3, 2010
Source: BestWire
BestDay Audio Podcast for Friday, Sept. 3: State of the Global Reinsurance Market: Who Is Capitalizing on Hot Spots
BestDay Audio Podcast for Friday, Sept. 3: The editors of Best's Review host a webinar focused on pricing and availability in various markets, including areas of exception; the impact of regulation; ...
Date: Friday, September 3, 2010
Source: BestWire
US Jobs Report: Insurance Industry Fails to Find Job Gains, But Slide Is Moderate
The insurance industry, continuing its downward trend since the recession, has dropped 1,300 jobs in the latest employment report of August numbers from the U.S. Bureau of Labor Statistics. That's a ...
Date: Friday, September 3, 2010
Source: BestWire
Phoenix Cos. Leads Thursday's AMBG as Global Insurance Index Rises 0.58%
The AMBG closed Thursday, Sept. 2 at 789.49 (+0.58%). All 15 A.M. Best stock indexes rose. Leading A.M. Best's Global Insurance Composite Index (AMBG) were Phoenix Cos. (+7.57%) and Hardy ...
Date: Friday, September 3, 2010
Source: BestWire
Insurance Information Institute News (IIHS & HLDI)
2011 Buick Regal earns Top Safety Pick award
The new Buick Regal earns the Institute's top safety accolade after achieving good ratings for front, side, rollover, and rear impact protection.
The Top Safety Pick designation helps car shoppers zero in on the vehicles that afford the best overall crash protection. In addition to good crash test ratings, winners must have electronic stability control, an important crash-avoidance feature, which is standard on the Regal.
The Regal is the seventh vehicle from General Motors to earn the award since the Institute implemented a new roof strength requirement for protection in rollover crashes. In this test, a metal plate is pushed against one corner of a vehicle's roof at a constant speed. The maximum force sustained by the roof before 5 inches of crush is compared to the vehicle's weight to find the strength-to-weight ratio. The roof of the Regal withstood a force equal to nearly 5 times the car's weight. For comparison, the current federal standard is 1.5 times weight.
Date: Monday, August 30, 2010
2011 Ford Fiesta earns Top Safety Pick award
The Ford Fiesta sedan/hatchback is the first minicar to earn the Top Safety Pick award since the Institute added a roof strength requirement for rollover protection. The Fiesta is recognized as a Top Safety Pick after earning good ratings for front, side, rollover, and rear crash protection, and for having electronic stability control as standard equipment. No other minicar the Institute has tested has earned top ratings in all four safety evaluations.
The Fiesta is the eighth Ford model to earn the Institute's top designation. The others are Ford Fusion/Lincoln MKZ/Mercury Milan, Ford Taurus/Lincoln MKS, and Ford Flex/Lincoln MKT.
The Fiesta's award applies to cars built after July 2010 because Ford made design changes to strengthen the outside door handles to minimize the possibility of the handles starting to activate in side impact crashes.
Date: Wednesday, August 25, 2010
Hot-button issues often drive highway safety policy, draining time and attention from initiatives with greater potential to save lives
Require speed limiters in big trucks for safety as well as fuel economy
Roof strength ratings for more than 100 passenger vehicles, most of which earn top mark of good
Date: Saturday, August 21, 2010
New rollover ratings: Three midsize SUVs are rated acceptable and one is marginal
The 2010 Nissan Xterra, Toyota FJ Cruiser, and Toyota 4Runner earn acceptable ratings, while the Nissan Pathfinder is rated marginal in recent roof strength tests that assess how well vehicles would protect people in rollover crashes.
In this test a metal plate is pushed against one corner of a vehicle's roof at a constant speed. The maximum force sustained by the roof before 5 inches of crush is compared to the vehicle's weight to find the strength-to-weight ratio. This is a good assessment of vehicle structural protection in rollover crashes.
Good rated vehicles have roofs that can withstand a force equal to at least 4 times the vehicle's weight. For an acceptable rating, the minimum required strength-to-weight ratio is 3.25. A marginal rating value is 2.5. Anything lower than that is poor.
Date: Thursday, August 19, 2010
New rollover test ratings: Two large luxury cars earn good ratings and Top Safety Pick award
The 2011 Cadillac CTS and Infiniti M37/M56 earn the top rating of good in recent roof strength tests that assess how well vehicles would protect people in rollover crashes. The Lexus GS and Audi A6, both tested as 2010 models, are rated acceptable, and the Acura RL, also a 2010, is rated marginal for rollover protection.
After the latest roof strength tests, the CTS and M37/M56 also earn the Institute's Top Safety Pick award with good ratings in all 4 Institute safety evaluations, and electronic stability control, which research shows can help drivers stay out of crashes altogether.
"The test results show that manufacturers are moving quickly to improve the rollover safety of their newest designs," says Institute president Adrian Lund.
The BMW 5 series, Hyundai Genesis, Lincoln MKS, Mercedes E class, and Volvo S80 also are Top Safety Pick winners in the large luxury class based on test results released earlier.
The Institute evaluates rollover protection using a roof strength test. In this test a metal plate is pushed against one corner of a vehicle's roof at a constant speed. The maximum force sustained by the roof before 5 inches of crush is compared to the vehicle's weight to find the strength-to-weight ratio. This is a good assessment of vehicle structural protection in rollover crashes. Good rated vehicles have roofs that can withstand a force equal to at least 4 times the vehicle's weight.
Date: Thursday, August 12, 2010
2010 Cadillac SRX earns Top Safety Pick award
The Cadillac SRX, a midsize luxury SUV, earns the Institute's top safety designation after getting a good rating for rollover protection. The SRX had previously earned good ratings for front, side, and rear crash protection.
Top Safety Pick recognizes the vehicles that earn the highest ratings in all 4 Institute safety evaluations, and that have electronic stability control, which is standard on the SRX.
Based on research of real-world crashes, the Institute evaluates rollover protection using a roof strength test. In this test a metal plate is pushed against one corner of a vehicle's roof at a constant speed. The maximum force sustained by the roof before 5 inches of crush is compared to the vehicle's weight to find the strength-to-weight ratio. This is a good assessment of vehicle structural protection in rollover crashes. Good rated vehicles have roofs that can withstand a force equal to at least 4 times the vehicle's weight.
The roof of the '10 SRX withstood a force equal to 4.14 times weight. For comparison, the current federal standard is 1.5 times weight.
General Motors strengthened the roof structure of the SRX during the 2010 model year. The Top Safety Pick award applies to models built after May 2010.
Date: Thursday, August 5, 2010
ARLINGTON, VA — The rate at which people file insurance claims for theft is highest for versions of the 2007-09 Cadillac Escalade, a luxury SUV, followed by the Ford F-250 crew pickup, Infiniti G37 luxury car, and Dodge Charger with a HEMI engine. Theft rates for these vehicles are 3 to 5 times as high as the average for all vehicles. These are the latest theft loss results for passenger vehicles 1 to 3 years old published by the Highway Loss Data Institute (HLDI), an affiliate of the Insurance Institute for Highway Safety.
Date: Tuesday, August 3, 2010
Parents favor strict rules for teenage drivers and support raising the licensing age for beginners
Cadillac Escalade remains a favorite target of thieves
Belt use increases in Maine after the state upgrades to primary law
Police officers die more in crashes than from any other cause of death on the job
Date: Tuesday, August 3, 2010
2011 BMW 5 series earns Top Safety Pick award
After earning good ratings in all 4 safety evaluations, the redesigned BMW 5 series achieves Top Safety Pick status among large cars. This is the first 5 series ever to earn the Top Safety Pick award, and the first BMW to achieve this since the Institute implemented a new rollover test requirement.
Top Safety Pick recognizes the vehicles that earn the highest ratings for front, side, rollover, and rear crash protection, and that have electronic stability control, which is standard on the 5 series.
The good rating for side impact protection is a significant improvement over the previous generation 5, which was rated only marginal in the same test. The Institute's side impact test represents a strike from an SUV or pickup.
Date: Thursday, July 29, 2010
Mitsubishi Lancer earns the 2010 Top Safety Pick award
After earning a good rating for rollover protection, the 2010 Mitsubishi Lancer earns the Institute's Top Safety Pick award. The Lancer, a small car, is the first Mitsubishi to qualify for the top safety designation since the Institute implemented the new rollover test.
Top Safety Pick recognizes the vehicles that earn the highest rating for front, side, rollover, and rear crash protection, and that have electronic stability control, which is standard on the Lancer.
Based on research of real-world crashes, the Institute evaluates rollover protection using a roof strength test. In this test a metal plate is pushed against one corner of a vehicle's roof at a constant speed. The maximum force sustained by the roof before 5 inches of crush is compared to the vehicle's weight to find the strength-to-weight ratio. This is a good assessment of vehicle structural protection in rollover crashes. Good rated vehicles have roofs that can withstand a force equal to at least 4 times the vehicle's weight. For comparison, the current federal standard is 1.5 times weight.
Date: Thursday, July 22, 2010
Delaware bans the use of hand-held phones and text messaging by all drivers
Delaware joins 8 other states in banning the use of hand-held phones by all drivers and 29 other states in banning text messaging by all drivers, effective Jan. 2, 2011. For details on cellphone and texting bans in all states, go to http://www.iihs.org/laws/cellphonelaws.aspx
Date: Wednesday, July 7, 2010
Massachusetts joins 28 other states in banning text messaging by all drivers
Massachusetts joins 28 other states in banning text messaging by all drivers, effective Sept. 30, 2010. Additionally, drivers younger than 18 are banned from using all phones. For details on cellphone and texting bans in all states, go to http://www.iihs.org/laws/cellphonelaws.aspx
Date: Friday, July 2, 2010
Older drivers aren’t causing more crashes than they used to, and they aren’t dying more often when they do crash
Ignition interlocks prove more attractive to DWI offenders than house arrest
Raising alcohol prices and taxes reduces excessive drinking, alcohol-related crashes, and other harm, task force finds
Recorder rule for large trucks applies to just the worst offenders
Electronic stability control lowers risk of a fatal crash by a third
Date: Tuesday, June 22, 2010
Louisiana strengthens texting ban from secondary to primary enforcement
Louisiana joins 23 other states with a primary enforcement texting ban allowing officers to cite drivers solely for texting, effective August 15, 2010. Four other states have secondary all driver texting bans.
Details on cellphone and texting bans in all states
Date: Friday, June 18, 2010
New crash test results: Lexus HS 250h and Suzuki Kizashi
The 2010 Lexus HS 250h, a midsize luxury hybrid, earns a good rating for side impact protection and an acceptable rating for roof strength in rollover crashes. The HS 250h also is rated good for frontal crash protection based on a test conducted earlier.
The 2010 Suzuki Kizashi, a midsize moderately priced car, earns an acceptable rating for roof strength in rollover crashes. This model will be evaluated for front and side crash protection later this year.
Date: Tuesday, June 15, 2010
Audi, Ford, Hyundai, and Volkswagen models earn the 2010 Top Safety Pick award
Based on new rollover test results the 2010 Audi A4 and Q5, Ford Flex and Fusion (twins Mercury Milan and Lincoln MKZ), Hyundai Tucson, Lincoln MKT, and Volkswagen Jetta SportWagen earn the Institute's Top Safety Pick award.
Each vehicle earns the highest rating of good for roof strength in rollover crashes. To measure roof strength, a metal plate is pushed against one corner of a vehicle's roof at a constant speed. The maximum force sustained by the roof before 5 inches of crush is compared to the vehicle's weight to find the strength-to-weight ratio. This is a good assessment of vehicle structural protection in rollover crashes. Good rated vehicles have roofs that can withstand a force equal to at least 4 times the vehicle's weight. For comparison, the current federal standard is 1.5 times weight.
Top Safety Pick recognizes the vehicles that earn the highest rating of good for front, side, rollover, and rear crash protection, and that have electronic stability control, which is standard on all of these models. Earlier this year Ford made changes to the roof structures of the Flex, Fusion, and MKT. The award applies to Flex models built after January 2010, Fusions built after April 2010, MKTs built after March 2010.
Date: Wednesday, June 9, 2010
Insurance Journal News
Monarch E&S Opens Hawaii, Arizona Offices
Monarch E&S Insurance Services has opened new offices in Hawaii and Arizona. The Hawaii office, located in Waikoloa, will be operated by company CEO Derek Borisoff. The Arizona office, located ...
Date: Tuesday, September 7, 2010
Insurance Could End Oregon Civil War Re-Enactments
A battle over liability insurance coverage for groups using Oregon state property is brewing, and the Northwest Civil War Council is right in the middle of it.
In 2009, the Oregon State ...
Date: Tuesday, September 7, 2010
BB&T Tanner Insurance Services Adds Orr in Surety Department
BB&T Tanner Insurance Services has added Brad Orr to its Surety Department, to help grow that business in Northern California.
Date: Friday, September 3, 2010
Brokers Insurance Group Names McAdara Director
Brokers Insurance Group (BIG) has named Justin McAdara a director.
McAdara has a diverse background, including realtor, insurance marketing representative and professional musician. He was a top ...
Date: Tuesday, August 31, 2010
Got Innovation? Submit Your Idea to the Entrepreneurial Insurance Awards
Innovators get ready. MarketScout has begun its first-ever search for the most creative new product, underwriting application, or tool that helps distribute insurance in a more innovative fashion. ...
Date: Friday, September 3, 2010
AmWINS Wins Court Order Against Ex-Employee Now with Ryan Group
North Carolina-based wholesale insurance broker AmWINS has won a court order against a former employee it believes is using confidential client information to target AmWINS business accounts and ...
Date: Friday, September 3, 2010
South Carolina Forms Insurance Funding Program
South Carolina Insurance Director Scott Richardson, will introduce the new South Carolina Insurance Funding Program (SCIF) during the annual South Carolina Captive Insurance Association ...
Date: Friday, September 3, 2010
Chartis Expands Environmental Insurance to Additional Industries
Chartis today announced the expansion of NextGen Protection, a suite of environmental insurance solutions developed by its Environmental Division.
The additional industry segments within the ...
Date: Friday, September 3, 2010
Kentucky Simulator Program Aims to Improve Driver Safety
Baby, you can drive Larry Roberts' car er, simulated driving machine.
But first you have to get an official invitation from Roberts, who is the Fayette County attorney. And you have to be between ...
Date: Friday, September 3, 2010
Texas' July Enforcements Include Nearly $500K in Fines, Restitution
Enforcement actions taken by Texas Insurance Commissioner Mike Geeslin that became final during July 2010 include five license revocations, two license denials, and fines and restitution totaling ...
Date: Friday, September 3, 2010
Katrina Con Man Sentenced in Georgia
A Georgia man was sentenced Wednesday to two years and nine months in prison for filing more than 30 false claims seeking emergency compensation for damages from three Gulf Coast hurricanes, a ...
Date: Friday, September 3, 2010
Florida Workers' Comp Reform Slowed Cost Growth
Reform of Florida's workers' compensation fee schedule in 2003 achieved its intended results, significantly increasing the prices paid for physician services and reducing the average payment per ...
Date: Friday, September 3, 2010
Fee Schedule Slowed Growth of Illinois Injured Workers' Medical Costs
Medical costs per workers' compensation claim in Illinois showed slower growth in 2007 following implementation of the medical fee schedule in 2006, according to a study from the Workers ...
Date: Friday, September 3, 2010
CMIC Raising Premiums in Massachusetts
Connecticut-based medical professional liability insurer CMIC said it will raise premiums by an average 5.3 percent for Massachusetts health care professionals.
The rate change goes into effect ...
Date: Friday, September 3, 2010
Insurance Company: Dead Flowers Started Arkansas House Fire
A fire that did $20,000 in damages to a northeast Arkansas home wasn't caused by an electrical problem or burning food or arson, an insurance investigator concluded.
Instead, the dead plants did ...
Date: Friday, September 3, 2010
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