American International Group subsidiaries, AIU Insurance Co., American Home Assurance Co., Insurance Co. of Pennsylvania and National Union Fire Insurance Co. of Pittsburgh, have jointly filed for a 5.3 percent rate increase in workers' compensation premiums in South Carolina.
The compani...Read More
California proposed legislation, AB 1109, survived the legislative gutting in 2001 to be amended by its author, Assemblyman Maddox, on 1/09/02. The bill has been sent back to the Assembly Insurance Committee for debate. AB 1109 would amend Insurance Code section 11656.6 to expand the definition ...Read More
ACE Tempest Re USA, Inc., a wholly-owned subsidiary of ACE INA Holdings, Inc., underwriting on behalf of ACE USA, today announced it has joined forces with The Hartford Financial Service Group's HartRe subsidiary to offer workers' compensation catastrophe coverage with $20 million in capacity. This ...Read More
A.M. Best Co. has affirmed the A+ (Superior) financial strength rating of St. Paul Cos. (NYSE:SPC), St. Paul, Minn., property/casualty subsidiaries and lowered the company's long-term debt ratings.
Senior debt has been lowered from 'a+' to 'a'; subordinated debt from 'a' to 'a-', and preferre...Read More
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American International Group Inc. (NYSE:AIG), Chubb Corp. (NYSE:CB) and GS Capital Partners 2000 (an investment fund managed by Goldman, Sachs & Co.), taking advantage of current market conditions and the anticipated hard reinsurance market, announced that they have entered the reinsurance field wit...Read More
Argonaut Group, Inc. (Nasdaq:AGII) announced yesterday that A.M. Best Co. has affirmed its rating of A (Excellent) for the five-company Argonaut Insurance intercompany pool, and its rating of A- (Excellent) for Argonaut Great Central Insurance Company. A.M. Best also raised the ratings of Colony Ins...Read More
American Financial Group, Inc. (NYSE: AFG) Friday reported a net loss of $55.7 million in the third quarter of 2001, reflecting the combined effects of after-tax losses of $81.3 million related to the outcome of a previously announced study of the asbestos and other environmental exposures ('A&E') a...Read More
A United States federal Appeals Court recently upheld a decision finding attorneys liable for their clients workers' compensation fraud.
In St. Paul Fire and Marine vs. Ellis & Ellis (No. 00-1318, 08/29/01), the U.S. Court of Appeals for the First Circuit for the District of Massachusetts, uphel...Read More
Argonaut Group, Inc. (Nasdaq:AGII) yesterday announced consolidated net income of $1.3 million ($0.06 per diluted common share) on total revenue of $72.4 million for the third quarter of 2001, compared to a consolidated net loss of $900,000 ($0.04 per diluted common share) on total revenue of $50.5 ...Read More