Texas Commissioner: Budget Cuts in Department Could Hurt Insurance Regulation: The insurance regulator for Texas is predicting a need for a restructuring of the state's oversight of insurers if his department is forced to make 10% budget cuts. If the legislature, which meets in January to begi...
Date: 9/3/2010    Source: BestWire News

California Lawmakers Advance Workers' Comp Bills, Including Arbitration Restriction: The California legislature sent a handful of workers' compensation bills to Gov. Arnold Schwarzenegger at the close of its session, including a measure to require disputes between an employer and a workers' compensation insur...
Date: 9/3/2010    Source: BestWire News

N.Y. Workers' Comp Board Proposes 30% Medical Fee Hike: A New York state agency proposed a 30% increase in medical fee schedules for care provided under workers' compensation. New York State Workers' Compensation Board Chairman Robert Beloten proposed the increase for the...
Date: 9/3/2010    Source: BestWire News

Study Focusing on Insurers Finds Link Between Poor Leadership and Firm Failure: A study of property/liability insurance companies found how well a firm fares depends on who is in charge, and that there is a correlation between inefficient management and the likelihood of failure. Some chief executive off...
Date: 9/3/2010    Source: BestWire News

A.M. Best Downgrades Ratings of Constitutional Casualty Company: A.M. Best Co. has downgraded the financial strength rating to D (Poor) from C+ (Marginal) and issuer credit rating to “c” from “b-” of Constitutional Casualty Company (Constitutional) (Chicago, IL). The outlook for both ratin...
Date: 9/3/2010    Source: BestWire News

A.M. Best Places Ratings of Six Trust Preferred CDO Transactions Under Review With Negative Implications: A.M. Best Co. has placed the debt ratings on various senior and mezzanine notes of insurance trust preferred and surplus notes collateralized debt (CDO) under review with negative implications. The rating actions were taken o...
Date: 9/3/2010    Source: BestWire News

Shampoo Maker Buys $1 Million Insurance Policy to Protect NFL Player's Hair: Troy Polamalu, a Pittsburgh Steelers safety, is known both for hitting hard on the gridiron and for his mane of long, curly black hair. His side gig as a shampoo spokesman prompted dandruff shampoo Head & Shoulders to purchas...
Date: 9/3/2010    Source: BestWire News

Australia's Nonlife Sector Sees Profit Rise Despite Weather Events: Australia's nonlife insurance sector reported a 76.9% rise in net profit to A$4.6 billion (US$4.2 billion) for the fiscal year ended June 30, 2010, driven by a rise in premium and investment income. The nonlife insur...
Date: 9/3/2010    Source: BestWire News

Taiping Life Cleared for New Branch in South China's Hainan Province: Taiping Life Insurance Co. said it has been cleared by the China Insurance Regulatory Commission to set up a new branch in southern China's Hainan province, bringing its total provincial branches to 35. As at June 30...
Date: 9/3/2010    Source: BestWire News

California Rejects Rate Review for Health Plans, Backs 'Actuarially Sound' Standard: California lawmakers rejected a bill to impose mandatory rate review on health plans, instead approving legislation to enforce an "actuarially sound" standard for rate filings. The Senate voted down A.B. 2578, 19-16,...
Date: 9/3/2010    Source: BestWire News

BestWeek: Munich Re Passes Swiss Re at No. 1: Berkshire Hathaway has slipped to fifth place in A.M. Best Co.'s ranking of top 50 global reinsurance groups based on gross premiums written, according to an exclusive A.M. Best report appearing in BestWeek U.S./Canada. Berks...
Date: 9/3/2010    Source: BestWire News

A.M. Best Assigns Rating to Aetna Inc.’s New Senior Unsecured Notes: A.M. Best Co. has assigned a debt rating of “bbb+” to the $750 million 3.95% senior unsecured notes, due 2020 recently issued by Aetna Inc. (Aetna) (headquartered in Hartford, CT) [NYSE: AET]. The rating outlook is stable. ...
Date: 9/3/2010    Source: BestWire News

BestDay Video for Friday, Sept. 3: Top Global Reinsurance Brokers: BestDay Video for Friday, Sept. 2: Senior Associate Editor Meg Green details Best's Review's fourth annual listing of top global reinsurance brokers ranked by 2009 brokerage revenues. John Weber hosts. Recent episode...
Date: 9/3/2010    Source: BestWire News

BestDay Audio Podcast for Friday, Sept. 3: State of the Global Reinsurance Market: Who Is Capitalizing on Hot Spots: BestDay Audio Podcast for Friday, Sept. 3: The editors of Best's Review host a webinar focused on pricing and availability in various markets, including areas of exception; the impact of regulation; the outlook for reinsuranc...
Date: 9/3/2010    Source: BestWire News

US Jobs Report: Insurance Industry Fails to Find Job Gains, But Slide Is Moderate: The insurance industry, continuing its downward trend since the recession, has dropped 1,300 jobs in the latest employment report of August numbers from the U.S. Bureau of Labor Statistics. That's a relatively minor loss, tho...
Date: 9/3/2010    Source: BestWire News

Phoenix Cos. Leads Thursday's AMBG as Global Insurance Index Rises 0.58%: The AMBG closed Thursday, Sept. 2 at 789.49 (+0.58%). All 15 A.M. Best stock indexes rose. Leading A.M. Best's Global Insurance Composite Index (AMBG) were Phoenix Cos. (+7.57%) and Hardy Underwriting (+6.12%). Trailing the l...
Date: 9/3/2010    Source: BestWire News

XL Re: Solvency II Could Bring Structural Changes: The advent of Solvency II at the end of 2012 could trigger mergers and acquisitions, changes in corporate domiciles and widespread reorganization, as globally oriented insurers seek to improve their competitive positions in E...
Date: 9/2/2010    Source: BestWire News

Nebraska's Director of Insurance on Leaving Post: 'It Was Just Time': Ann Frohman, director of the Nebraska Department of Insurance, is leaving the post she has held for nearly three years, effective Oct. 29. Frohman, who has been with the state for 20 years, said, "It was just time. W...
Date: 9/2/2010    Source: BestWire News

California Legislature Approves Higher Capital Requirements for Surplus Lines: California Gov. Arnold Schwarzenegger is a couple of pen strokes away from tripling his state's minimums for nonadmitted insurers' capital and surplus. A bill passed by the state legislature before it gaveled its session clos...
Date: 9/2/2010    Source: BestWire News

AIR: Earl Caused Insured Losses of $50 Million to $150 million in Caribbean: As the United States braces for the pounding winds and rain of Earl, the hurricane already has caused between $50 million and $150 million in insured damages in Puerto Rico, the U.S. Virgin Islands, St. Maarten and St. Martin...
Date: 9/2/2010    Source: BestWire News