Archive for August, 2010
Grange Insurance Promotes Dinnin to President, Commercial Lines
Columbus, Ohio-based Grange Insurance has promoted Elizabeth Dinnin to president of Commercial Lines. In this role, she'll be responsible for the overall growth and profitability of the company's …
Study: Compound Drugs, Co-Packs Increase Calif. Workers’ Comp Costs
The use of compound drugs, medical foods, and so-called convenience packs that combine prescription drugs and medical foods, increased dramatically in the second quarter of 2007 — driving up …
Ohio Workers’ Comp Group Discount to Remain the Same for 2011
The Ohio Bureau of Workers' Compensation board of directors has voted to maintain the current maximum discount and break even factors (BEF) for group-rated employers for the policy year beginning …
RISC Adds Staub, Anderson in Brokerage Department
Bryan Staub and Kelly Anderson have joined Dallas-based surplus lines insurance broker and managing general agent RISC Inc. in its brokerage department.
Anderson has joined the firm as a senior …
Ratings Recap: Glacier Re, AXIS
A.M. Best Co. has downgraded the financial strength rating to 'B++' (Good) from 'A-' (Excellent) and the issuer credit rating to "bbb+" from "a-" of Swiss-based Glacier Reinsurance AG. Best has …
Annuity rates hit all-time low
Annuity rates have hit an all-time low, according to new research from Moneyfacts.co.uk.
Insurers that provide annuities offer a monthly income in exchange for a retiree’s pension pot and rates have apparently been falling steadily for months.
The financial website claims that the average rate for a male aged 65 purchasing a level without guarantee annuity (based […]
Bedbug Disclosure
The Wall Street Journal Metropolis blog reports that New York Governor David Paterson has signed into law the Bedbug Disclosure Act.
The law requires building owners to disclose a one-year history of bedbug infestations in their buildings to potential tenants.
“New York City tenants have been living in fear of bedbugs, and I am excited to offer […]
Virginia DMV Still Unable to Process Licenses
Virginia's governmental computer problems aren't fixed just yet.
The Department of Motor Vehicles said yesterday it could not process driver's licenses and identification cards. The agency is one …
Glacier Re to discontinue underwriting
European reinsurer Glacier Reinsurance has announced that it will no longer accept or write new business, and that, with immediate effect, its existing portfolio will be placed in an orderly run-off.
The run-off process will be self managed by Glacier Re.
The decision was made by the Board, in the light of the recent sale of Glacier […]
Ecclesiastical reports interim losses
Ecclesiastical has reported its interim financial results for the first six months of 2010, including an 8.8% rise in gross written premiums, to £250.3m.
The firm recorded an investment return of £11.1m, down £3m from the same period last year.
In addition, an underwriting loss of £15.5m was incurred, compared to a £15.1m profit last year, a […]