Mercury General Corporation names Victor Joseph Executive Vice President and COO

Mercury General Corporation - Job Promotion
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The company has called this a positive step forward “for a strong and vibrant future”. Mercury General Corporation (NYSE stock symbol MCY) recently announced that it has named Victor Joseph as its Executive Vice President and Chief Operating Officer (EVP & COO). The position was newly created, and Joseph will become the first to hold the title. Joseph will take this new position at Mercury General Corporation as of the start of next year. He was chosen to start with this newly created title on January 1, 2022, as an…

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Insurance news about Nationwide’s management of the security breach is covered up

health insurance news security privacy

The massive insurer’s lawyers are being used to protect the details of the occurrence last October. Nationwide is currently doing its best to try to keep its insurance news as small as possible, regarding the investigations into the security breach that occurred last October, which exposed the information of 1.1 million Americans. The insurer is taking considerable efforts, through the use of a law firm, to protect the secrecy of the issue. Both state and federal investigators are currently looking into this insurance news, in order to better understand precisely…

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Insurance news released to Madoff victims with claims

New Jersey homeowners insurance law

An appeals court has ruled that filings can be made for actual losses that were suffered. A New York state appeals court has made insurance news by ruling on the case regarding the types of claims that can be made by the victims of Bernard Madoff’s Ponzi scheme that bilked millions of dollars from those involved. The ruling allows the victims to make claims based on the actual losses that they suffered. This means that while the insurance news is good, in that they can make some claims, they will…

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Allstate makes a return to Massachusetts after 25 year absence

Allstate Insurance company

Allstate returns to Massachusetts as regulations grow lax Allstate Insurance has announced that it is opening its first office in Massachusetts in over 25 years. The insurer had abandoned the state a quarter century ago due to its strict regulations concerning auto insurance rates. These regulations have seemed to be relaxed, however, creating an opportunity for Allstate to make its return. The insurer will be offering up auto insurance policies in the state by the end of the year. Auto insurance regulations drove away Allstate in the past The last…

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Severe weather leads to over $1.2 billion in insurance losses in March

Insurance industry gets hit with huge losses for 2012. Global reinsurance intermediary, Aon Benfield, which is also responsible for the Aon plc capital advising, has released its most recent Global Catastrophe report edition, which provided an overview of the global natural disaster events of March 2012. The report was published by the catastrophe model development center of excellence for the company, Impact Forecasting. It showed that a number of serious weather events struck the Tennessee Valley, the American Midwest, and the Southeast of the country during the first week of…

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Force-placed coverage causes probe of New York insurance companies

A closer look into forced placed insurance practices The state insurance regulator in New York is currently performing an investigation as to whether or not the rates for force-placed insurance that are being charged by companies should be deemed excessive, and is requesting data from insurers such as Assurant Inc. The New York Department of Financial Services released a statement that said that it is trying to obtain basis for “consistently high profits” that are occurring at the investors’ and homeowners’ expense. It is also requiring that insurers such as…

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Major Chinese ship insurance company to cease Iranian oil tanker coverage

Commercial insurance market for oil tankers tightens A major insurer of Chinese ships has announced that, starting in July, it will be stopping its indemnity coverage for tankers that are transporting Iranian oil. This has dealt another blow to the tanker companies that carry oil – the main export of Tehran – from the Iranian capital, and has further narrowed the coverage options available in a market that has already been pinched by payment barriers put in place by sanctions in the West. As the number of Western sanctions increase…

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