Standard & Poor’s has published an article that explains the various criteria changes it has made to its U.S. property/casualty insurance risk-based capital model. The changes include a deduction of goodwill from the calculation of total adjusted capital, tax adjustment …
The Department of Consumer and Business Services (DCBS) has ordered a Canby company to stop selling medical malpractice insurance in Oregon without a license. DCBS issued a cease and desist order March 18 against First Actual American Insurance Co., which …
New Jersey-based TeamStaff, Inc., a Business Outsourcers and Professional Employer Organization (PEO), announced that it has renewed its workers’ compensation program with Zurich American Insurance Company, an A.M. Best’s “A” rated carrier. The fully insured program with Zurich, which is …
South Carolina-based The Seibels Bruce Group, Inc., announced financial results for the fourth quarter and year that ended Dec. 31, 2002. For the fourth quarter of 2002 the company posted a net profit of $805 thousand, or $0.09 per share …
The Professional Insurance Agents of Connecticut Inc. (PIACT) has issued a statement urging the Connecticut General Assembly’s Insurance & Real Estate Committee to oppose Committee Bill No. 5490. The PIACT described the bill as seeking “to prohibit insurers from using …
Michigan’s Office of Financial and Insurance Services (OFIS) advised Michigan Holocaust survivors and heirs that the International Commission on Holocaust Era Insurance Claims (ICHEIC) has announced an extension of the deadline to file insurance claims until September 30, 2003. More …
Louisiana’s Department of Insurance Fraud Unit investigators served a cease and desist and summary suspension order to Vimmi Inabnet Clarius of Pineville, prohibiting her from conducting any kind of insurance business in Louisiana, acting Insurance Commissioner J. Robert Wooley announced. …
A.M. Best Co. has assigned an “a” debt rating to Houston-based HCC Insurance Holdings, Inc’s $125 million 1.3 percent senior unsecured convertible notes, due April 2023 and issued under the company’s existing $750 million shelf registration. The notes contain a …
Germany’s Hannover Re has issued a statement commenting on the actions taken by Moody’s Investors Service this week in downgrading the reinsurer’s financial strength rating from “A2” to “Baa1” and assigning a negative outlook. “Moody’s has justified this move, inter …
The U.K.’s Brit Insurance Holdings Plc, the parent company of Brit Insurance Limited (BIL), indicated that it is holding talks with the U.K.’s Professional Risks Insurance Limited (PRI) about a tender offer valued at £156 million ($245 million). According to …