Hurricane Ike, which struck Galveston on Sept. 13, 2008, has proved to be the costliest weather catastrophe in Texas history by a large margin. The storm racked up nearly $12 billion in windstorm and flood insurance claims in the state. …
A Miami condominium association is suing its insurer, QBE Insurance Corp., and its Florida general managing agent, for more than $500 million in damages, claiming bad faith and deception in handling hurricane claims. Daniel S. Rosenbaum, the managing partner of …
The controversy over the Los Angeles billboard telling the public “You Can’t Trust Mercury Insurance” could soon become a lawsuit. Attorneys for Consumer Watchdog, the group that put up the message, have sent a letter to CBS Outdoor, Inc., the …
Owners of the River West Medical Center in Plaquemine, La., have filed suit against their insurer in Baton Rouge for $58.5 million. The lawsuit filed Aug. 27 alleges that unpaid hurricane claims resulted in closure of the facility in May. …
A.M. Best Co. has downgraded the financial strength ratings (FSR) to D (Poor) from B (Fair) and issuer credit ratings (ICR) to “c” from “bb” of Tower Hill Preferred Insurance Co., Tower Hill Prime Insurance Co. and Omega Insurance Co. …
Texas legislators finally have jumped into debate over how to improve the troubled windstorm insurance system that serves as a last resort for hurricane protection along much of the Gulf Coast. The House Insurance Committee, watched closely by coastal residents …
Louisiana’s state-run insurer of last resort has reached a $35 million agreement with policyholders to resolve claims that the insurer failed to offer settlements for hurricane claims in a timely fashion after Hurricanes Katrina and Rita in 2005. Plaintiffs attorney …
“The global reinsurance market plays an integral role in spreading US hurricane risk around the world,” said a bulletin from the Association of Bermuda Insurers and Reinsurers (ABIR). “Without it, the risk would be concentrated in a single state (or …
Barry Schoch’s cell phone comes to life with “When the Saints Go Marching In” — a reminder of the nine months he spent assessing damage from Hurricane Katrina in Louisiana and Mississippi. These days, the independent insurance adjuster is waiting …
The Task Force on Citizens Property Insurance Claims Handling and Resolution, created during the 2007 Legislative Special Session, issued its third and final report. In addition to the June 11 submission, the task force will release a supplemental report, sometime …