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Workers' Compensation News

Berkshire Hathaway Interested in Employers Re 11/12/2002
State: Natl. | Segment: Top | 42 | 0
Bloomberg News reports that Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRKa) , whose General Reinsurance Corp. is the biggest reinsurer in the United States, may be planning a bid for Employers Reinsurance Corp., a unit of General Electric (NYSE:GE) Employers Re is the second-largest U.S. reins...Read More
Best Changes Phoenix Indemnity to Positive 11/11/2002
State: Natl. | Segment: Top | 52 | 0
A.M. Best Co. has placed the financial strength rating of D (Poor) of Phoenix Indemnity Insurance Company (Phoenix) under review with positive implications. The current rating outlook is negative. This rating action follows the recent announcement that Phoenix's ownership is in the proces...Read More
Best Gives Platinum Underwriters an 'A' Rating 11/07/2002
State: Natl. | Segment: Top | 87 | 0
A.M. Best Co. has assigned an initial financial strength rating of A (Excellent) to the reinsurance subsidiaries of the newly formed Platinum Underwriters Holdings Ltd. (Platinum) [NYSE:PTP] (Bermuda) and assigned an initial rating of "bbb+" to the equity security units included with this initial pu...Read More
British Columbia Work Comp Rates Up Only 1.2% 10/28/2002
State: Natl. | Segment: Top | 39 | 0
The average base premium rate for British Columbia employers in 2003 will rise a modest 1.2 percent to $2.06 per $100 of assessable worker payroll, a three-cent increase from 2002, the Workers' Compensation Board announced Friday. In 1996, the average rate peaked at $2.29. This was f...Read More
Best Lowers Cigna Financial Strength Rating 10/25/2002
State: Natl. | Segment: Top | 33 | 0
A.M. Best Co. has lowered the debt ratings of Cigna Corporation (NYSE:CI) (Philadelphia) and affirmed the financial strength ratings of its operating subsidiaries. The outlook for the debt ratings and life insurance subsidiaries is negative, while the outlook for the HMOs is stable. These rating act...Read More
Big Dig Workers Busted Working While on TD 10/21/2002
State: Natl. | Segment: Top | 42 | 0
Three former laborers involved in Boston's "Big Dig" construction project were arraigned in Boston Municipal Court on charges of worker's compensation fraud and larceny or attempted larceny last week, according to a report published in the Boston Globe. A fourth former worker will be arraigned on th...Read More
Best Says Traverlers Rating Unaffected by Charge 10/21/2002
State: Natl. | Segment: Top | 64 | 0
A.M. Best Co. said the A++ (Superior) financial strength rating of the Travelers Property Casualty Pool (Hartford, CT), the financial strength ratings of the other Travelers Property Casualty Group members, the debt ratings of Travelers Property Casualty Corp. (Travelers P&C) and the trust preferred...Read More
Best Lowers Ratings for Employers Re 10/15/2002
State: Natl. | Segment: Top | 37 | 0
A.M. Best Co. has lowered the financial strength ratings to A+ (Superior) from A++ (Superior) of Employers Reinsurance Corporation, (Overland Park, KS) and its affiliated domestic and international non-life and life reinsurance companies, cumulatively comprising the GE Global Insurance Group (GE Glo...Read More
Bill Simon Wants to "Reform" CA Work Com 09/25/2002
State: Natl. | Segment: Top | 63 | 0
The Los Angeles Times yesterday reported that Republican gubernatorial nominee Bill Simon Jr. said that, if elected, he would "reform" California's workers' compensation system.Simon accused Gov. Gray Davis on Monday of creating an anti-business climate in California that is pushing companie...Read More
Bay Area Trio Busted on False Payroll of $2.25M 08/19/2002
State: Natl. | Segment: Top | 59 | 0 | Popular with Insurance
Investigators with the California Department of Insurance (CDI) Criminal Investigations Branch's Fraud Division and the California Franchise Tax Board (FTB) announced the arrests of Benito Storniolo, 44, Laura Storniolo, 40, and Angelo Cardarelli, 37, of San Francisco for workers' compensation premi...Read More
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