Consultant: AIA-Prudential Deal Could Prompt Japan Life Mergers

U.K. life insurer Prudential plc's bid to acquire American International Group's [058702] AIA may have provided a boost to the merger between U.S.-based MetLife Inc. [058175] and American Life Insurance Co. [006081], another AIG subsidiary, according to an insurance consultant.

California Announces 6% Cut in Fees for Agents, Brokers and Adjusters

California Insurance Commissioner Steve Poizner cut fees for agents, brokers and adjusters by 6% -- reductions made possible by what he said are new operating efficiencies.

N.M. Insurance Superintendent: 'Cleared' and Back on the Job

New Mexico reinstated Insurance Superintendent Morris Chavez, who had been suspended with pay during an investigation of an "administrative matter."

Asia/Pacific
Australia's Victoria and Queensland Hit by High-Loss Weather Events: Severe weather events have brought significant insurance losses to Australia's Victoria and Queensland states.

Sompo Japan Boosts Southeast Asia Presence With Acquisition of Singapore's Tenet: Sompo Japan Insurance Inc. [085258] said it will acquire Singapore's Tenet Insurance Co. Ltd. [089446] for S$95 million (US$67.9 million) and will take full control of the local nonlife insurer.

Catastrophes
AIR: Insured Losses Could Reach $1.35B From East Coast February Storms: February was a bitter month for insurance companies that will be looked upon to cover up to an estimated $1.35 billion in insured losses, according to modeling firm AIR Worldwide.

Commercial Coverage
Glacier Joins Consortium to Provide In-Orbit Satellite Cover: Glacier Insurance A.G. is participating in a consortium with U.K.-based analytics specialist Sciemus Space Insurance Services Ltd. to write in-orbit satellite cover.

Zurich North America Commercial Names Head for Construction Group: Zurich has named Scott Rasor as head of Zurich North America Commercial's construction group. Rasor previously served as senior vice president for construction, specializing in residential and specialty risks. He will be based in Zurich in North America's Schaumburg, Ill., headquarters.

Health
AHIP DC Conference Focuses on Policy as Protesters March Outside: Health insurers have been a target of daily criticism by the White House and by those who support health reform, so America Health Insurance Plans' annual policy conference in Washington was an apt target for vocal protests.

Iowa Gov. Directs Commissioner to Delay 18% Premium Increase for Wellmark Blues: Iowa's governor directed the state's insurance commissioner to delay an 18% premium rate increase approved for Wellmark Blue Cross Blue Shield pending an independent review to determine if the premium hike is justified. The planned rate hike would impact about 80,000 members in the health insurer's individual health plans.

Legislation
South Carolina House Passes Tort Limits: The South Carolina House of Representatives passed a tort reform bill, limiting punitive damages in civil cases. Supporters hope the passage of the bill will help the state remain competitive with neighboring states that have similar damage caps.

Life Insurance
Jackson National Boosts 2009 Net Income on Variable Annuity Hedging, Sales: Jackson National Life Insurance Co. posted net income of $670 million in 2009, up from a net loss of $1 billion in 2008, mainly on variable-annuity hedging and interest-rate derivatives. The company also reported record sales and deposits of $15.2 billion, some 8% higher than in 2008.

Property/Casualty
Church Insurer GuideOne Looks to Outlast New Competition in Niche: About 60 years ago, the founders of GuideOne Insurance had a novel idea: nondrinkers would be better risks than drinkers for automobile insurance.

Ratings
A.M. Best Affirms Ratings of DHC Group and Its Members: A.M. Best Co. has affirmed the financial strength rating (FSR) of B- (Fair) and issuer credit ratings (ICR) of “bb-” of DHC Group (DHC) (Long Beach, CA) and its members. The outlook for all ratings is stable. (Please see below for a detailed listing of the companies.)

A.M. Best Assigns Ratings to Kinsale Insurance Company: A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and issuer credit rating of “a-” to Kinsale Insurance Company (Kinsale) (Little Rock, AR). The assigned outlook for both ratings is stable.

A.M. Best Downgrades Ratings of Atlanta Life Insurance Company; Places Ratings Under Review With Negative Implications: A.M. Best Co. has downgraded the financial strength rating to B- (Fair) from B (Fair) and issuer credit rating to “bb-” from “bb+” of Atlanta Life Insurance Company (Atlanta Life) (Atlanta, GA). These ratings have been placed under review with negative implications. Atlanta Life is the life insurance member of Atlanta Life Financial Group, Inc.

A.M. Best Places Ratings of Bahamas First General Insurance Company Limited Under Review With Negative Implications: A.M. Best Co. has placed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Bahamas First General Insurance Company Limited (BFG) under review with negative implications. BFG is the primary holding of its parent company, Bahamas First Holdings Limited (BFH). Both companies are domiciled in Nassau, Bahamas.

A.M. Best Places Ratings of Sagicor General Insurance (Cayman) Ltd Under Review With Negative Implications: A.M. Best Co. has placed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Sagicor General Insurance (Cayman) Ltd (Sagicor Cayman) (Cayman Islands) under review with negative implications.

A.M. Best Revises Outlook to Stable for Ratings of Dealers Assurance Company: A.M. Best Co. has revised the outlook to stable from negative and affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Dealers Assurance Company (Dealers) (Columbus, OH).

Reinsurance
PartnerRe: Total Insured Losses From Chile Quake Could Reach $10 Billion: PartnerRe Ltd., the ninth-largest global reinsurer, is estimating total insured losses from the 8.8 magnitude earthquake in Chile could reach $6 billion to $10 billion.

Planning Under Way for New York Insurance Exchange: Seven state-appointed working groups will prepare preliminary feasibility reports by the end of April to help determine the feasibility and impact of relaunching the New York Insurance Exchange, more than 20 years after it folded.

United Kingdom
U.K.'s Prudential Seeks Hong Kong Listing Prior to Rights Issue: U.K.-based Prudential plc [085925] said it is seeking fast-track approval from the Hong Kong Stock Exchange to list its ordinary shares in the Hong Kong market.

Workers' Compensation
Ohio Workers' Comp Council Director Fires Staff, Is Accused of Discrimination: The director of the Ohio Workers' Compensation Council has fired the rest of the council's staff -- two attorneys and an administrative assistant. Now those former employees are making public complaints about wrongful termination, harassment and religious discrimination.