Applied Underwriters’ / California Insurance Company CDI TRASHES MANAGEMENT BEHAVIOR ARRANGES TO SETTLE LITIGATION KICKS THEM OUT OF THE STATE The California Department of Insurance’s Conservation and Liquidation Office …
A proposal to reauthorize the federal program to backstop the insurance industry in the event of a major terrorist attack has finally cleared the U.S. House of Representatives, and a companion measure is moving in the U.S. Senate. Both H.R.4634 and S.2877 would extend the program for an additional seven years through 2027. The bills …
Legislation to reauthorize the federal terrorism reinsurance program cleared its first hearing, but not before being amended to limit the length of the extension. Originally introduced as a 10-year extension of the program, a bipartisan agreement to limit the extension to seven years and to include a call for a study of cyberterrorism got the …
Finances at the California Insurance Guarantee Association continue to improve to the point that the association is not issuing an assessment for the second year in a row and is – at least for now – abandoning plans to purchase reinsurance protection against future assessments. Association officials indicated that more good news could be coming …
Majestic Insurance Company, the primary insurance subsidiary of CRM Holdings, Ltd. (NASDAQ: CRMH), is partnering with subsidiaries of AmTrust Financial Services (NASDAQ: AFSI) on a quota share arrangement that will boost its ability to write business in some sectors, particularly construction. AmTrust is a specialty property casualty insurance company that handles the writing, management, and …
California workers’ comp companies are finding a hardening market for reinsurance beginning with January 1 renewals. But there is still capacity, albeit at slightly higher rates, and brokers say buyers can still get some good deals. Higher reinsurance rates beget higher premiums for employers. Devin Inskeep, senior financial analyst with A.M. Best Company, agrees that …
Is the soft reinsurance market over? Some major reinsurers say the end is here following the federal government’s bailout of AIG and the subsequent turmoil in the financial markets. And leading the charge is the world’s largest reinsurer, Munich Re. “From now on it’s a hard market. The soft market is behind us.” – Torsten …
Officers of the defunct Fremont Indemnity Insurance Company accused by the California Department of Insurance of concocting a “scheme” to underprice business and saddle reinsurers with the losses say the statute of limitations bars the Department’s civil lawsuit. In a demurrer, the defendants ask the court to throw out the suit, arguing that the statute …