Property and Casualty News

Concurrently, AM Best has affirmed the FSR of A and the Long-Term ICR of“ a+” of Ameriprise Captive Insurance Company, a property/casualty subsidiary of Ameriprise. In addition, AM Best has affirmed the Long-Term ICR of“ a-” and the existing Long-Term Issue Credit Ratings of Ameriprise. On an enterprise level, the L/H group has taken various steps to de-risk the…

A dispute between a Canton- based physicians' group and its medical malpractice insurer must be resolved through arbitration, the Supreme Court of Ohio ruled. In a unanimous decision, the Supreme Court reversed a ruling by the Fifth District Court of Appeals that allowed a trial court to consider a lawsuit alleging bad faith in handling an insurance claim.

**FILE PHOTO* Nearly a year ago, my predecessor Traci Buschner wrote in these pages urging the D.C. Council to raise the District's outdated auto insurance minimums. For years, Washington, D.C., has struggled to make its streets safer. But there is another, less visible story unfolding on our streets: according to the D.C. Department of Transportation, serious injuries…

The following information was released by the National Association of Mutual Insurance Companies:. Today, Erin Collins, Senior Vice President, State and Policy Affairs at the National Association of Mutual Insurance Companies, issued the following statement after testifying at a joint public hearing held by New York State Senators Bailey, Kavanagh, and…

An employer-provided health insurance option— Carolina HealthWorks— has been authorized for businesses with between two and 50 workers by the N.C. Insurance Department. "Carolina HealthWorks is a bold, collaborative solution to the rising cost of health care for small businesses," said Tunde Sotunde, chief executive of Blue Cross NC. The option has been…

The following information was released by the New York State Department of Financial Services:. Statement Ahead of Senate Standing Committees On Insurance; Housing, Construction, And Community Development; And Investigations And Government Operations. My name is Kaitlin Asrow, and I serve as the Acting Superintendent of the New York State Department of…

Arch Insurance today announced that Sean Brady has joined the Company as Senior Vice President, Program Management for the Consumer Division, which includes the Travel, Accident& Health, and Warranty& Lenders Solutions lines of business. About Arch Insurance North America. Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’ s insurance…

The county warns that any destruction of records would be considered“ a violation of the law” that could bring about“ adverse consequences,” according to the county’ s letter to State Farm. Officials said Thursday that the county has formally notified State Farm— the largest insurer in the state— to cease“ any unlawful or unfair business practices.”.

Insurance company executives consider severe convective storms to be the No. 1 peril by impact to their organizations’ balance sheets, a recent survey found.

An umbrella policy is a type of liability insurance that extends the coverage to a higher amount than the regular home, auto, or boat insurance combined. Currently, only a fifth of insurance holders in the United States have this policy. In some cases, the umbrella limits do not completely correspond to the value of assets or the overall financial exposure of…

Nearly a year ago, my predecessor Traci Buschner wrote in these pages urging the D.C. Council to raise the District's outdated auto insurance minimums. For years, Washington, D.C., has struggled to make its streets safer. But there is another, less visible story unfolding on our streets: according to the D.C. Department of Transportation, serious injuries involving…

Homeowners across California will soon see a new charge on their monthly insurance bills to help pay claims arising from this year’ s devastating Los Angeles wildfires. “If these surcharges stand, it’ s almost certain that consumers will see future surcharges on their bills,” said Carmen Balber, executive director of Los Angeles- based Consumer Watchdog, which has…

Panelists talked about a program that could help homeowners with insurance in higher fire risk areas during a wildfire preparation and insurance town hall held Wednesday at the Grant County Veterans Memorial Business and Conference Center. Panelist and Property and Casualty Bureau Chief Melissa Robertson of the New Mexico Office of the Superintendent…

As a physician leader in New Mexico for over 30 years, I want to speak plainly about why our state is losing physicians and what must be done. I recently testified before a key Legislative Interim Committee during its hearing on medical malpractice reform. This threat is driving physicians to leave New Mexico, retire early or choose not to practice here in the…

Thursday, Congressman Doug LaMalfa and Congressman John Garamendi, jointly announced they have reintroduced a bill that would treat agricultural buildings used for storing crops and equipment differently than homes and commercial structures. However, NFIP commercial policies charge a $250 surcharge per structure, meaning farmers with multiple barns,…

Josh Stein in urging Congress to pass bipartisan legislation that would spur proactive solutions for coastal houses in danger of falling into the ocean. "We respectfully urge the House Financial Services Committee to advance and Congress to pass H.R. 3161. Commissioner Causey commented: "I call on Congress to take up Congressman Murphy's bill to get much…

Connecticut families are stretched thin. Government-driven inflation has raged for four years, everything costs more, insurance premiums keep climbing, and small employers are struggling with rising expenses they can't control. Let's start with a basic fact: Connecticut doesn't cap compensatory damages in medical malpractice cases.

Homeowners and residents are invited to the Sonoma Valley Community Advisory Commission meeting on Monday, Nov. 17 at Sonoma City Council Chambers, where officials will tackle rising concerns over homeowners losing coverage in high fire-risk zones. More Sonoma Valley residents have been dropped by insurers or priced out of coverage as wildfire threats…

AM Best has downgraded the Financial Strength Rating to A+ from A++ and the Long-Term Issuer Credit Ratings to“ aa” from“ aa+” of State Farm Mutual Automobile Insurance Company and its affiliates, State Farm Fire and Casualty Company and State Farm County Mutual Insurance Company of Texas, collectively referred to as State Farm Group. AM Best has also taken ratings…

Shares of Loews Corporation (NYSE: L) traded at a new 52-week high today and are currently trading at $103.79. So far today, approximately 111.69k shares have been exchanged, as compared to an average 30-day volume of 605.32k shares. Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers […]