Commissioner Burnes Rejects Fair Plan Rate Increases for Massachusetts Homeowners

LexisNexis Insurance Center Staff — Mon, 12 May 2008 13:58:19 GMT

BOSTON – Insurance Commissioner Nonnie S. Burnes on May 8 denied the FAIR Plan’s request for a 25% increase in coastal homeowners’ insurance rates, bringing to a close a rate proceeding before the Division of Insurance that began in March 2007. The Commissioner’s decision prevents hikes in homeowners’ insurance premiums for FAIR Plan p

California Proposes Increasing Disability Benefits

LexisNexis Insurance Center Staff — Mon, 12 May 2008 13:31:35 GMT

OAKLAND, Calif. – (Business Insurance) California’s Division of Workers’ Compensation on May 9 proposed to increase permanent disability benefits by an average of 16 percent as part of changes to the state’s permanent disability rating schedule. Workers comp reforms required the disability rating schedule to be based on empirical data that ties w

Georgia HSA Tax Break Bill Signed Into Law

LexisNexis Insurance Center Staff — Mon, 12 May 2008 12:38:46 GMT

ATLANTA – (Business Insurance) Small employers purchasing high-deductible health insurance plans linked to health savings accounts and insurers offering those plans will receive tax breaks under legislation signed into law May 7 by Georgia Gov. Sonny Perdue. Under the measure, an employer will receive a $250 annual tax credit for each employee enrolled in an HSA p

Senate Rejects Windstorm Amendment to Flood Bill

LexisNexis Insurance Center Staff — Mon, 12 May 2008 12:33:04 GMT

WASHINGTON – (Business Insurance) The Senate has overwhelmingly rejected an amendment that would expand the National Flood Insurance Program to cover windstorm as well as flood damage. The 74-to-19 vote came late May 7 during debate on legislation that would extend the NFIP beyond September, when it is slated to expire unless reauthorized. NEW YORK – (Reuters) The Starr Foundation, controlled by former American International Group Inc. Chief Executive Maurice R. Greenberg, has sued the insurer, claiming it misrepresented its exposure to credit default swaps. The lawsuit, filed May 7 in New York State Supreme Court in Manhattan, alleges fraud and seeks at least $300 million in damages.

Insurance model follows American tradition

LexisNexis Insurance Center Staff — Mon, 12 May 2008 12:19:21 GMT

WASHINGTON – (AP) Call it Obamacare or call it Clintoncare. But don't call it "socialized medicine." And don't think that the health care systems that Barack Obama and Hillary Clinton have promised to put into effect if they get elected would be anything like the universal health coverage offered in Great Britain or Canada. Meckler Bulger & Tilson (MBT) has joined an exclusive new LexisNexis insurance content development initiative: the LexisNexis Expert Content Provider Program for Insurance. The purpose of the program is to gather an elite group of thought leaders in the practice of insurance law to develop c

SC Senate gives key approval to 50 cent cigarette tax hike

LexisNexis Insurance Center Staff — Thu, 08 May 2008 16:03:48 GMT

COLUMBIA S.C. – (AP) The South Carolina Senate gave approval May 7 to a 50-cent per pack increase to the state's cigarette tax, setting aside the new money for health care. Nearly all the money would be spent on expanding the state's Medicaid program and creating a voucher system for lowest-income residents to get private health insurance. WASHINGTON – (AP) Agents selling private health insurance plans to the elderly and disabled would be barred from cold-calling, door-to-door solicitations and pitching products outside hospital waiting rooms or pharmacies, under a federal rule proposed May 8.The rule is designed to make it harder to pressure Medicare beneficiaries into signing for insurance they do

Insurance Department Fines Conseco Under Pennsylvania-Led, Multi-State Agreement

LexisNexis Insurance Center Staff — Thu, 08 May 2008 15:50:41 GMT

HARRISBURG, Pa. – (U.S. Newswire) Acting Insurance Commissioner Joel Ario on May 8 announced a 40-state settlement with Conseco Inc., which was necessary due to a pattern of consumer harm in the company's long-term care insurance business. The settlement concludes a multi-state market conduct examination led by Pennsylvania, Illinois, Indiana, Texas and F

Majewski Appointed President and COO of Harleysville Life

LexisNexis Insurance Center Staff — Wed, 07 May 2008 23:07:49 GMT

HARLEYSVILLE, Pa. -- Theodore A. Majewski has been named president and chief operating officer of Harleysville Life Insurance Company. In this new expanded role, Majewski also will continue in his leadership of Harleysville Insurance’s personal lines operations, a role he has held since 2003.

“I am

Jay Bullock Appointed CFO of Argo Group

LexisNexis Insurance Center Staff — Wed, 07 May 2008 23:04:14 GMT

HAMILTON, Bermuda -- Argo Group International Holdings Ltd. on May 5 announced that Jay S. Bullock will join Argo Group as chief financial officer.

Bullock, 43, will be based in Bermuda and will report directly to Argo Group president and chief executive officer Mark E. Watson III. Bullock’s appointment w

Markel Reports First Quarter 2008 Results and Announces Election of Officers to New Positions

LexisNexis Insurance Center Staff — Wed, 07 May 2008 22:59:23 GMT

RICHMOND, Va. -- Markel Corporation on April 30 announced that its Board of Directors has elected Anthony F. Markel as Vice Chairman and Paul W. Springman as President and Chief Operating Officer effective May 1, 2008.

Markel has been asso

QBE the Americas Completes Acquisition of North Pointe Holdings Corporation

LexisNexis Insurance Center Staff — Wed, 07 May 2008 22:55:19 GMT

NEW YORK -- QBE on May 1 announced that it has completed its previously announced acquisition of North Pointe Holdings Corporation, a Southfield, Michigan based property and casualty insurance group.

This acquisition represents another significant event for QBE and will furth

Sagicor USA Appoints New Sales Director - East Division

LexisNexis Insurance Center Staff — Wed, 07 May 2008 22:50:44 GMT

TAMPA, Fla. -- Sagicor USA Inc. has appointed Rick D. Miller to the position of Sales Director - East Division of Sagicor Life Insurance Company. Miller will lead the growth and development of Sagicor Life Sales Division for the Eastern region of the United States. He will report directly to the Sagicor Life Insurance's Divisional General Manager, George Estock

CNinsure Announces Acquisition of Leading Insurance Agency and Expands its Business to Guangxi Province

LexisNexis Insurance Center Staff — Wed, 07 May 2008 22:48:24 GMT

GUANGZHOU, China -- CNinsure Inc. on May 5 announced the signing of definitive agreement to acquire 60% equity interests of Guangxi Xingfu Insurance Agency Co., Ltd., a leading insurance agency based in Guangxi Province. The acquisition also marks CNinsure's footprint in the 13th province.

NEW YORK -- Gary Hirschkron has been appointed President of AXA Partners, the life insurance business unit of AXA Distributors, LLC. based in Farmington, CT. The announcement was made May 5 by Jamie Shepherdson, Executive Vice President of AXA Equitable Life Insurance Company and President of AXA Distributors, LLC., the company's proprietary life insurance and annuity wholesale distribution organi

Gilreath to Lead ING Employee Benefits Business

LexisNexis Insurance Center Staff — Wed, 07 May 2008 22:39:40 GMT

MINNEAPOLIS, Minn. -- Ivan Gilreath has been named president of ING Employee Benefits effective June 1, replacing Curt Olson, who was recently named chief executive officer for ING Life Korea, according to an announcement by Catherine Smith, CEO of ING's U.S.-based Life insurance businesses. Gilreath has been chief operating officer for ING Employee Benefits since joining the company in 2006.

HARTFORD, Conn. – (Business Insurance) Legislation given final approval May 6 by the Connecticut Legislature would open up the health insurance program covering state employees to Connecticut municipalities, nonprofit organizations and employers in the state with fewer than 50 employees. The Senate approved the legislation on a 22-12, largely party-line vote. LONDON – (Business Insurance) European companies might need to pump billions more euros into their pension funds to meet proposed new accounting rules, Allianz Global Investors said May 6. The implementation of Solvency II rules “could be the final nail in the coffin for defined benefit schemes,” an Allianz spokesperson told journalists at a meeting in London.

Reinsurance Association of America Elects 2008-2009 Officers

LexisNexis Insurance Center Staff — Wed, 07 May 2008 22:25:41 GMT

WASHINGTON, DC -- John F. Rathgeber, president and chief executive officer of Arch Reinsurance Company, was elected Chair of the Board of Directors of the Reinsurance Association of America on May 2, 2008.

Elected to serve with Rathgeber a

Insurer Aegon profit falls, cites weak US dollar, economy

LexisNexis Insurance Center Staff — Wed, 07 May 2008 14:54:13 GMT

AMSTERDAM Netherlands – (AP) The Dutch insurance company Aegon NV on May 7 reported a 78 percent drop in first-quarter profit, blaming the weak dollar and worsening business conditions in the United States, where its Transamerica Corp. unit is based. Aegon said net profit skidded to 153 million euros ($237 million) in the first three months of the year.

Mich. high court says gay partners can't get health benefits

LexisNexis Insurance Center Staff — Wed, 07 May 2008 14:50:14 GMT

LANSING Mich. – (AP) Local governments and state universities in Michigan can't offer health insurance to the partners of gay workers, the state Supreme Court ruled May 7.The court ruled 5-2 that Michigan's 2004 ban against gay marriage also blocks domestic-partner policies affecting gay employees at the University of Michigan and other public-sector employers.
Baxter CEO sees no financial impact from heparin recall

LexisNexis Insurance Center Staff — Wed, 07 May 2008 14:45:54 GMT

CHICAGO – (AP) Baxter International Inc. Chief Executive Robert Parkinson on May 6 said that the company has not been seriously hurt by a recall of its contaminated blood thinner heparin. Baxter spokeswoman Deborah Spak said the company has not set aside any reserves for heparin lawsuits as the company believes that any cases lack merit. LOUISVILLE Ky. – (AP) Churchill Downs Inc., which operates the home of the Kentucky Derby and other racetracks, on May 6 said it swung to a profit in its first quarter mainly due to a big gain for insurance recoveries, including a pretax gain of $17.2 million in insurance recoveries related to Hurricane Katrina. NEW YORK – (AP) International Paper Co. on May 6 in a regulatory filing that it is too early to determine its losses not covered by insurance from a fatal boiler explosion at the company's Vicksburg, Miss., facility. The boiler exploded May 3, resulting in one death and injuries to 17 contractors working on site. ZURICH Switzerland – (AP) Swiss Reinsurance Co. reported a 53 percent drop in first-quarter net profit May 6, blaming the turmoil in the financial markets and write-downs linked to bad loans.The world's largest reinsurer said its net profit during the three months to March was 624 million Swiss francs (US$594 million; €384 million), or 1.84 francs (US$1.75; &

Lloyds takes credit write-down of $762.1M on credit woes

LexisNexis Insurance Center Staff — Tue, 06 May 2008 11:22:44 GMT

LONDON – (AP) Lloyds reported a write-down of $762.1 million May 6 on credit-related assets in the first quarter. The bank, nevertheless, said it remains "firmly on track to deliver a good performance in the first half of 2008." Lloyds TSB Group PLC, said the reduced pretax profit reflects adjustments on the value of its trading portfolio assets. CHARLOTTE N.C. – (AP) Wachovia Corp. is nearly doubling previously reported losses for the first quarter to $708 million after reviewing its portfolio of bank-owned life insurance. In April, the nation's fourth-largest bank reported a $393 million first-quarter loss, cut its dividend and said it would raise $7 billion in new capital. NEW YORK, NY -- An examination of the disability insurance claim practices of Unum Group found the company is complying with the requirements of a 2004 agreement aimed at ensuring disability claims are promptly and properly processed, New York Insurance Superintendent Eric Dinallo announced May 1.

Kansas Agent Receives Maximum Sentence

LexisNexis Insurance Center Staff — Mon, 05 May 2008 18:52:14 GMT

TOPEKA, Kan. – Convicted insurance agent Darrin Noah of Kansas City, Mo., on April 28 was sentenced by a federal judge on to 6.5 years in a federal penitentiary after being convicted in November 2007 of one count of wire fraud. The sentence stemmed from a conviction in an insurance scam targeting senior citizens, many of whom lived in Kansas.

New Vermont Regulation Shields Military from Abusive Insurance Sales Practices

LexisNexis Insurance Center Staff — Mon, 05 May 2008 18:42:05 GMT

Montpelier, VT -- Vermont has a new regulation on the books outlawing certain abusive practices involving the sale of life insurance products to members of the armed forces. Sellers engaged in these practices form a small segment of the insurance industry, but there hav

Crawford earnings more than double on international growth

LexisNexis Insurance Center Staff — Mon, 05 May 2008 18:31:56 GMT

ATLANTA – (AP) Crawford & Co., a provider of claims management services for insurance companies, on May 5 said its first-quarter earnings more than doubled due to international revenue growth. Net income increased to $9.1 million, or 18 cents per share, from $3.3 million, or 7 cents per share, during the same period during the previous year. LOS ANGELES – (AP) Mercury General Corp., which primarily provides homeowners and auto insurance, on May 5 said it swung to a loss for the first quarter, due to nearly $60 million in losses on investments and a decline in written premiums. The company lost $4 million, or 7 cents per share, during the first quarter. NEW YORK – (AP) PMA Capital Corp. shares edged lower May 5, with investors likely concerned about a decline in first-quarter net premiums written amid stiffening insurance competition.The stock shed 22 cents, or 2.3 percent, to $9.22 in midday trading. In the past year, it has ranged from $7.45 to $11.40.

LexisNexis Insurance: Insurance

Commissioner Burnes Rejects Fair Plan Rate Increases for Massachusetts Homeowners

California Proposes Increasing Disability Benefits

Georgia HSA Tax Break Bill Signed Into Law

Senate Rejects Windstorm Amendment to Flood Bill

Insurance model follows American tradition

SC Senate gives key approval to 50 cent cigarette tax hike

Insurance Department Fines Conseco Under Pennsylvania-Led, Multi-State Agreement

Majewski Appointed President and COO of Harleysville Life

Jay Bullock Appointed CFO of Argo Group

Markel Reports First Quarter 2008 Results and Announces Election of Officers to New Positions

QBE the Americas Completes Acquisition of North Pointe Holdings Corporation

Sagicor USA Appoints New Sales Director - East Division

CNinsure Announces Acquisition of Leading Insurance Agency and Expands its Business to Guangxi Province

Gilreath to Lead ING Employee Benefits Business

Reinsurance Association of America Elects 2008-2009 Officers

Insurer Aegon profit falls, cites weak US dollar, economy

Mich. high court says gay partners can't get health benefits

Baxter CEO sees no financial impact from heparin recall

Lloyds takes credit write-down of $762.1M on credit woes

Kansas Agent Receives Maximum Sentence

New Vermont Regulation Shields Military from Abusive Insurance Sales Practices

Crawford earnings more than double on international growth