Insurance industry
Safeco Corp., a leading property/casualty insurer, is implementing a technology-driven approach to expand its personal and commercial lines of business and boost profitability. The company is using data and technology to develop "multivaried" approaches to risk segmentation, allowing for multiple price points to match the right rate
Insurance industry
Equitas, the runoff company handling pre-1993 liabilities of Lloyd's, has agreed to pay manufacturer Crane Co. $33 million to settle insurance claims for asbestos and other liabilities. The settlement, which includes $1.5 million to be paid to Crane in the third quarter of this year, will also
Insurance industry
The intense competition in the commercial insurance sector is driving down premiums, with the clients of 53% of brokers experiencing a reduction in insurance premiums. The trend was most marked in the public liability sector, where 33% of respondents reported a drop in premiums by between 10% and 19%. However,
Insurance industry
A.M. Best Co. has upgraded the financial strength ratings of ULLICO Inc.'s (ULLICO) life/health subsidiaries, The Union Labor Life Insurance Co. (Union Labor Life) and its wholly-owned subsidiary, ULLICO Life Insurance Co., to B (Fair) from B- (Fair). This upgrade reflects the improved financial condition of
Insurance industry
Corvus Capital Inc. has sparked speculation regarding a potential acquisition of Royal & Sun Alliance Insurance Group plc after expressing interest in the company. While Corvus emphasized that consideration of a transaction involving Royal & Sun is at a preliminary stage and no guarantee that any offer will be forthcoming,
Insurance industry
As the extent of damage from the Asian earthquake and subsequent tsunami becomes clearer, the insurance sector is bracing for significant losses. The Lloyd's of London reinsurance market has estimated that the insurance sector's total exposure to the tsunamis could top $13 billion. Major reinsurers such
Insurance industry
Holidaymakers are reconsidering trips to Asia due to the tsunami disaster, with travel experts predicting a significant increase in cancelled package holidays. This will be the first indication of the disaster's economic impact on the region. Top insurance executives, including QBE Insurance, are assessing their exposure to claims,
Insurance industry
American Financial Group Inc., parent of Great American Insurance Co., estimates its after-tax losses from Hurricane Charley will be approximately $8 million after it recoups some losses from reinsurance. The company expects the bulk of claims reported so far are from commercial policies covering businesses in Florida. The estimated losses
Insurance industry
Nationwide Mutual Insurance Co. is anticipating a significant number of claims and losses related to Hurricane Charley, which struck Florida as a Category 4 hurricane on August 13. The insurer, the fourth-largest writer of homeowners multiperil in Florida, expects over 50,000 claims with losses of approximately $380 million. This
Insurance industry
The St. Paul Travelers Companies, formed by the merger of the St. Paul Companies and the Travelers Property Casualty Corporation, has surprised investors by delaying its financial statements until it receives guidance from the Securities and Exchange Commission on how to handle a $1.6 billion write-off. The company, one
Insurance industry
In a shocking move, a group of auto insurers, including Allstate Insurance Co. and Progressive Casualty Insurance, have filed a lawsuit against 16 medical clinics in Minnesota, accusing them of defrauding insurers by soliciting accident victims and billing for unnecessary, excessive, or never-rendered treatments. The clinics, located in the St.
Insurance industry
State regulators gathered at the National Association of Insurance Commissioners' (NAIC) spring meeting in New York to discuss the implications of a proposed bill that would increase the federal role in overseeing the insurance industry. The bill, set to be released by the House of Representatives, aims to provide
