Insurance industry
The 2005 hurricane season was the most active on record, with 13 named hurricanes, and insured U.S. property/casualty losses caused by Hurricane Wilma are estimated to reach $6.1 billion. This will push total 2005 catastrophe losses to a record $50.3 billion, with Hurricane Katrina accounting for
Insurance industry
The Financial Services Agency has issued business improvement orders to 26 nonlife insurance companies in Japan after identifying over 180,000 cases of failed claim payments totaling 8.4 billion yen over the past three years. These failures were primarily due to structural inadequacies in product explanation, marketing, and internal
Insurance industry
Hundreds of Yorkshire claimants, including dozens of men who worked on rail carriage construction in York, may lose the right to compensation for pleural plaques, a lung condition caused by asbestos exposure. The condition, which affects 14,000 people annually, results in patches of thickening in the lungs and can
Insurance industry
A crucial hearing in the Court of Appeal is underway, with potentially far-reaching implications for tens of thousands of workers affected by asbestos. The insurance industry is seeking to halt payments to sufferers of pleural plaques, a condition linked to asbestos exposure. If successful, the challenge could save insurers up
Insurance industry
A.M. Best, a leading insurance rating agency, has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit rating (ICR) of "aa-" for Health Care Service Corporation (HCSC), a leading health insurance company operating in several states. The rating reflects HCSC's established market
Insurance industry
A.M. Best Co. has assigned a debt rating of 'a-' to the forthcoming $100 million senior unsecured notes due 2035 to be issued by Selective Insurance Group Inc., a leading provider of insurance products and services in the small commercial lines business segment. The rating reflects Selective&
Insurance industry
Hurricanes Katrina and Rita are not alone in causing devastation. Hurricane Ophelia and Dennis were the opening acts, and Hurricane Wilma may be the final blow for The Allstate Corp. The insurance company, the Northbrook-based insurer, and most of the rest of the insurance industry badly misjudged their risks, leading
Insurance industry
The US housing market remains at risk, with numerous large markets facing potential price declines. According to the PMI U.S. Market Risk Index, the median Risk Index value has increased 11.6 percent, from 120 to 134. This indicates a heightened likelihood of price declines in the coming years,
Insurance industry
Millenium Holding Group Incorporated (OTC: MNHG) has seen a significant increase in its share value, surging 25% to finish the day at $0.50 per share. The company, led by CEO Richard Ham, aims to become a comprehensive financial services provider through targeted acquisitions in life and health insurance, full-service
Insurance industry
Lincoln National Corporation is set to acquire rival Jefferson-Pilot Corp. in a deal worth $7.5 billion, creating one of the largest publicly traded life insurance companies in the U.S. The combined entity will have annual sales of $9.5 billion and employ around 9,600 people. The deal
Insurance industry
Three men, including David Pinkerton, an executive at American International Group Inc., were charged with offering hundreds of millions of dollars in bribes to top officials in Azerbaijan to secure favorable treatment in oil deals. According to the indictment, Viktor Kozeny, Frederic Bourke Jr., and Pinkerton attempted to buy off
Insurance industry
AIG Highstar Capital II, a private equity fund sponsored by AIG Global Investment Group, has agreed to purchase North East Waste Services, Inc. (NEWS) from funds managed by DDJ Capital Management. The acquisition marks a significant investment in the waste management sector, with NEWS handling approximately 10,000 tons of
