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 fo...
Date: 3/9/2010    Source: BestWire News

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 base...
Date: 3/9/2010    Source: BestWire News

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. ...
Date: 3/9/2010    Source: BestWire News

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 belo...
Date: 3/9/2010    Source: BestWire News

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...
Date: 3/9/2010    Source: BestWire News

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. "It did not take long for a number of agents to actually be pastors,"...
Date: 3/9/2010    Source: BestWire News

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...
Date: 3/9/2010    Source: BestWire News

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 p...
Date: 3/9/2010    Source: BestWire News

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. ...
Date: 3/9/2010    Source: BestWire News

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 h...
Date: 3/9/2010    Source: BestWire News

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 termina...
Date: 3/9/2010    Source: BestWire News

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). The ...
Date: 3/9/2010    Source: BestWire News

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. The cuts will apply to hundreds of fees cha...
Date: 3/9/2010    Source: BestWire News

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. Three significant storms battered t...
Date: 3/9/2010    Source: BestWire News

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." Chavez returned to work March 8 after a nearly six-week absence. Th...
Date: 3/9/2010    Source: BestWire News

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. Glacier's per-risk capacity of $20 million (14.6 ...
Date: 3/9/2010    Source: BestWire News

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. This is a higher estimate than the $3 billion t...
Date: 3/9/2010    Source: BestWire News

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. Th...
Date: 3/9/2010    Source: BestWire News

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...
Date: 3/9/2010    Source: BestWire News

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. Prudential said it is now aiming to have "the listing e...
Date: 3/9/2010    Source: BestWire News