Insurance News

Capitol Insurance names president of surety and fidelity operations: Capitol Insurance Companies has appointed Richard Allen III, current senior vice president of surety and fidelity underwriting, as president of surety and fidelity operations, to include all line underwriting and claims functions.

Nationwide Retirement Plans launches new pension scheme: Nationwide Retirement Plans has launched the Retirement Clear Advantage retirement plan featuring a new generation of fee disclosure and institutional class mutual funds.

AIG subsidiaries enter into securities lending agreement with New York Fed: The American International Group has announced that certain of its domestic life insurance subsidiaries have entered into a securities lending agreement with the Federal Reserve Bank of New York.

ATEbank selects Groupama as preferred investor in ATE Insurance: The Agricultural Bank of Greece, also known as ATEbank, has announced that its executive committee in-charge of the evaluation of the binding offers submitted by French insurer Groupama and German company Ergo following the already adopted procedure concerning the sale of 50.08% of its equity participation in ATE Insurance, has decided to qualify Groupama as the first preferred strategic investor in order to commence exclusive negotiations.

Workers' comp premiums to drop in 2009: Colorado Insurance Commissioner Marcy Morrison said Thursday that employers in the state will pay lower premiums for workers’ compensation insurance next year as the number of claims being filed by injured workers continues to decline.

AIG Hawaii may be sold: American International Group Inc. may sell off its assets in AIG Hawaii.

Surety insurance companies merge: Fuller O’Brien Inc., a longtime insurance and surety bonding company in Albany, N.Y., has merged with Arthur J. Gallagher Co., a big player in the worldwide risk management industry. (AJG)

Insurers: Hurricane Ike damages top $550M in Ohio: The Sept. 14 windstorm that raked Ohio with gusts more than 70 miles an hour caused more than $550 million in insured losses, the highest damage total for any storm in the state since the tornado outbreak in Xenia in 1974, according to an Ohio Insurance Institute study.

Insurers See Lower 3Q Income, S&P Revises Life Insurer Outlook: U.S. life insurers Lincoln National Corp. and ACE Ltd reassured investors that they have enough capital, but credit rating agency Standard & Poor's cut its outlook for the industry on Friday. The P...

Greenberg: AIG's Risky Subprime Activity 'Exploded' After He Left: American International Group's (AIG) exposure to the subprime mortgage market that precipitated the government's $85 billion bailout came as a result of business conducted after he left the company, a...

Agency Findings: NASA Buildings in Ohio Didn't Cause Cancer: A federal health agency determined that two buildings at the NASA Glenn Research Center did not cause cancer among its past and present employees, a survey released October 8 shows. The National I...

Independent Agent 2.0: Branding Through Blogging and Beyond: Real time technology is giving agencies immediate access to carrier information on their clients, allowing agencies to quickly and efficiently transact quotes, billing inquiries, endorsements, loss ru...