The federal judge overseeing the Katrina claims cases in Mississippi has reduced a recent $2.5 million jury award of punitive damages against State Farm to $1 million. U.S. District Judge L.T. Senter ruled that a punitive damage award that is …
Allstate Corp., the second-biggest U.S. personal-lines insurer behind State Farm, said its fourth-quarter profit rose 17 percent as it continued to benefit from a benign year for hurricanes. The $1.21 billion (euro930 million) quarterly profit ran Allstate’s earnings for the …
National Association Professional Surplus Lines Offices is urging members of the House Financial Services Committee and Senate Committee on Banking, Housing and Urban Affairs to enact the surplus lines and reinsurance reform bill introduced in the last Congress. The bill …
Germany’s Allianz Group announced that “based on the current state of knowledge,” it estimates net claims of around €350 million ($452 million) before taxes. “The amount of claims is within the scope of expectations based on Allianz’s risk modeling systems, …
The Bush administration’s delay in issuing a “major disaster declaration” after this month’s devastating ice storm has angered some lawmakers in eastern Oklahoma, where local governments have been financially crippled from cleanup costs. Gov. Brad Henry requested the declaration more …
More than 16 months after Hurricanes Katrina and Rita forced an unprecedented exodus from the Louisiana Gulf Coast, tens of thousands of homeowners have decided not to rebuild or have yet to make up their minds, an Associated Press analysis …
Washington’s Office of the Insurance Commissioner has ordered UnitedHealthcare Insurance Co. of Minneapolis to pay a $59,000 fine following an agency investigation into the company’s use of unapproved contracts to add chiropractors to its provider network. The agency ordered the …
California Attorney General Jerry Brown has reached an $8 million, 30-state settlement with Bayer Corp. that will resolve an enforcement action initiated because of Bayer’s failure to adequately disclose safety risks associated with the use of Baycol, a drug used …
According to recent weather statistics, average February temperatures in Louisiana range from 43 to 64 degrees. Consequently, many Louisiana workers who have become accustomed to working in these milder than usual winter temperatures find themselves ill-prepared when a sudden cold …
The Surplus Line Association of California (SLA) has released its analysis of annual filed premium, which indicates that $6.02 billion in California surplus line insurance premiums were processed in calendar year 2006. The figure represents 509,302 policies written, said Ted …