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Fitch Affirms Everest Re’s Ratings

Citing the company’s “diversified underwriting portfolio in primary insurance and reinsurance markets, and favorable operating performance and good capital position,” among other factors, Fitch Ratings has affirmed all ratings related to Everest Re Group, Ltd., including the A+ issuer default rating and “A” senior debt rating of intermediate holding company Everest Reinsurance Holdings, Inc. Fitch … Read More »

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A.M. Best Affirms Hartford Insurance Pool’s Superior Rating

A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) and the issuer credit ratings of “aa-” of the Hartford Insurance Pool and its members. Concurrently, A.M. Best has affirmed the ICR of “a-“, the senior debt ratings of “a-” and the indicative debt ratings under the shelf registration for The Hartford Financial … Read More »

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Payback Garamendi Style – Or Abuse of Power?

In what may turn out to be one of the great political paybacks in California history, California Insurance Commissioner John Garamendi yesterday announced that he is demanding that four large homeowners insurance companies “show cause” for what he is calling “excessive rates.” But Garamendi’s version political payback might backfire and be turned into someone else’s … Read More »

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Insurance Industry on the Road to Recovery

California’s workers’ comp market has been profitable now for two straight calendar years, according to data from the National Association of Insurance Commissioners. The data are no surprise to us locals. It shows that California workers’ comp carriers enjoyed an after-tax gain of 13 percent for calendar year 2004. Industry experts say this bodes well … Read More »

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State Fund Adds Two to Its List of Groups

State Compensation Insurance Fund has added both a dentist and a veterinarian safety group to its list of eligible groups starting July 1. Brokers say the additions are a good move for State Fund as it focuses on providing coverage where others fear to tread. On the negative side, it also is likely designed to … Read More »

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Cracking Down on Alleged Fraudulent Diagnostic Centers

The Los Angeles County District Attorney’s office, along with the L.A. County Sheriff’s Office, has helped break up an allegedly fraudulent billing scheme where phony workers’ comp claims were filed with insurance companies, using the stolen identities of as many as 200 injured workers. The DA estimates that payers were probably billed more than $1.4 … Read More »

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News Digest 6/28/2006

Broken Links Fixed Readers yesterday undoubtedly found that our links did not work. Please rest assured that our red-faced and otherwise crack technical team has been beaten, berated and … … Read More »

News Digest 6/27/2006

CompWest Parent Completes $20 Million Trust-Preferred Offering CWI Holdings, Inc., the parent organization of CompWest Insurance Company, has announced the issuance of $20 million of trust-preferred securities in a private … Read More »