Tag: property insurance news

Insurance news from TD Bank shows that USI will acquire U.S. subsidiary

S.Vagus
insurance industry report

The brokerage and financial service firm has announced some of the details of the agreement. The latest insurance news from the financial service and brokerage firm, USI Insurance Services, from Briarcliff Manor, New York, is that it has entered into an agreement with TD Bank, N.A., in order to purchase the latter’s wholly owned TD Insurance Inc. U.S. subsidiary. As of yet, the deal’s specific terms have yet to be released. According to USI, the company anticipates that this new acquisition will bring in an additional $58.2 million in revenues…

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Louisiana Citizens Insurance awarded temporary court order concerning $105 million in assets

S.Vagus
health insurance lawsuit

Citizens wins court order in long-standing legal battle with policyholders Louisiana’s Citizens Property Insurance, a state-run provider of insurance coverage for homeowners, has won a temporary court order that allows it to retain $105 million in assets that would have gone to policyholders. These policyholders are accusing the company of being late on adjusting claims relating to 2005’s Hurricanes Rita and Katrina. Citizens has long argued that adjustments were made appropriately, but this stance did not win the company favor with previous judgments that required the company to pay policyholders.…

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Marsh & McLennan herald turning of property insurance market

Nordstrom

Property insurance rates on the rise. Marsh & McLennan Companies, a global risk and insurance services firm, has begun claiming that property insurance rates all over the world are on the rise. The increase in these rates suggests a solidifying of the global market and could be an implication of an improving economy. Marsh notes that consumers are paying more for their insurance coverage due to the high frequency of natural disasters in the past two years. Another factor that is contributing to higher rates the way insurance companies are…

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Texas wildfires wreak havoc on citizens and the insurance industry

Texas is battling a raging wildfire that has broken out in Bastrop, Hays, Travis and Williamson counties. The fires have already scorched more than 100,000 acres of land and burned several hundred homes throughout Central Texas. Many communities have been evacuated as no end is currently in sight for the wildfires. The disaster is expected to add to the financial strain bearing down on the nation’s insurance industry, which is already reeling from two costly flooding disasters stemming from Hurricane Irene and Tropical Storm Lee. Insurers are estimating that the…

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Report from Marsh shows that the U.S. insurance market is surprisingly stable

Nordstrom

There have been doubts regarding the stability of the U.S. insurance industry of late. In the wake of catastrophes ravaging many states in the east, as well as worldwide disasters, the industry has been toiling with costly losses. Yet, the industry has been able to bounce back from these disastrous happenings thanks to a surplus in capacity. This has led to stability in the market that many thought was beyond reach. Marsh USA has released a new report detailing the quick recovery of the industry. Marsh is a company that…

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