(San Diego Business Journal Staff) – LandAmerica Financial Group, the nation’s third largest title insurer, filed for bankruptcy late last month, but said it hopes to sell its two principal units, Lawyers Title and Commonwealth Land Title Insurance, to Fidelity National Title Insurance by Dec. 31.LandAmerica and Fidelity National signed a stock purchase agreement Nov. […]
(Kansas Department of Insurance) – The National Association of Insurance Commissioners (NAIC) honored a Kansas Insurance Department official with a national award at the NAIC’s winter meeting this month. Larry Bruning, chief actuary at department, was one of two insurance department officials who were awarded the Robert Dineen Award in recognition of outstanding achievement in […]
(NCOIL) – New York State Senator James Seward has been named president of the National Conference of Insurance Legislators (NCOIL). NCOIL is an organization of state legislators whose main area of public policy interest is insurance legislation and regulation. Most legislators active in NCOIL either chair or are members of the committees responsible for insurance […]
AIG names Peter Eastwood president and chief executive of its unit Lexington Insurance NEW YORK (AP) – Embattled insurer American International Group Inc. said Tuesday it named Peter Eastwood president and chief executive of a subsidiary, Lexington Insurance Co. Lexington Insurance is a unit of AIG’s commercial insurance business. Eastwood replaced Kevin Kelley, who left […]
TIRANA, Albania – American Reserve Life Insurance Company has agreed to buy 61 percent of Albania’s state-owned insurance company Insig for euro25 million ($32 million), the country’s Finance Ministry said in a statement Tuesday. The Dallas-based company won an international tender against nine other bidders and is in the last technical negotiations with Albanian authorities […]
(Maryland Insurance Administration) – The Maryland Insurance Administration is hosting of two international interns from China through the National Association of Insurance Commissioner (NAIC)’s International Internship Program. From the China Insurance Regulatory Commission, Yan Dong of the Finance and Accounting Division in Beijing and Jin (Janet) Dai, the assistant director of Property Insurance Division in […]
(INDYSTAR) – The Indiana Department of Insurance on Monday took control of a troubled Indianapolis-based health insurer and made plans to help policyholders get coverage from another company. About 6,500 people — a third of them in Indiana — have plans with Medical Savings Insurance Co. and will have the opportunity to switch to comparable […]
American International Group, which has been bailed out by the US government, plans to remove AIG from the name of its US auto insurance unit, aigdirect.com, and rebrand it as 21st Century Insurance in January 2009. The auto unit also plans to cut 6.6% of its workforce. According to media reports, Nicholas Ashooh, a spokesman […]
It’s a commonly held truth about free-market capitalism that its potential to destroy some companies creates opportunities for others. While that may be true in the current financial crisis, the credit crunch has made it tough for the survivors to make hay out of such failures. That may well be the case in the insurance […]
Brace yourself for the next financial whammy: It’s open enrollment season for workplace health insurance plans — and many of the 158 million Americans who receive employer-based health insurance can expect to pay more of the costs. About two-fifths of U.S. firms do not offer employee health benefits. And even at those that do, many […]