Business owners in Texas may now have a commercial auto insurance policy available to them at a lower rate, as GEICO announced that they have made this new coverage available in the state. According to the director of commercial lines at GEICO, Kushwant Singh, his company is happy to be able to provide this new coverage to Texas businesses. He added that his company is recognized for providing cheap auto insurance coverage, but that “more and more business owners in Texas are discovering how much they can save with us…
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Hartford Financial Services Group to focus on P&C insurance and group benefits
Hartford Financial Services Group (HIG) has announced that it will be leaving its annuity business in order to concentrate on its property and casualty insurance and group benefits businesses, as well as its mutual funds business. This announcement follows closely behind the advice that had been offered in February by John Paulson, a hedge fund manager, when he encouraged Hartford to spin off its business for property and casualty insurance. Hartford’s response had been that it would look over the plan that had been submitted by Paulson, but cautioned that…
Read MoreEuropean Union holds back on Iranian oil sanctions, considers exemptions for insurers
The European Union has been deliberating on how to handle sanctions imposed against Iran since late last year. Iran has been the target of oil sanctions from much of Europe and the U.S. These sanctions would have a significant impact of the transportation of oil from the country and much of the Middle East. One of the major problems that would arise from the sanctions concerns the insurance industry. If the sanctions are enacted, insurers in Europe and the U.S. will no longer be able to provide coverage for ships…
Read MoreInternational Monetary Fund claims global economy is improving due to international cooperation
The global economy is showing significant signs of improvement, according to International Monetary Fund (IMF) Director Christine Lagarde. Lagarde traveled to Beijing this week to discuss the economic improvements that are being seen all over the world. Much of the improvements come from bold moves made in the insurance industry as a way to remedy the European financial crisis. With the help of insurers and reinsurers, the European Union was able to conduct the largest debt restructure in history and pull Greece from the brink of economic calamity. Lagarde notes…
Read MoreCommercial Insurance Expert John Elbl Appointed Vice President in AIR Worldwide’s Business Development Group
BOSTON, March 20, 2012 – AIR Worldwide (AIR) today announced that John Elbl has been appointed vice president in AIR’s Business Development Group. He joins AIR after 13 years with Zurich Insurance Company, most recently as global head of catastrophe modeling. In his new role, Elbl will assist with service and support for AIR’s commercial insurer clients, as well as aid in developing AIR software and models to better meet the needs of commercial insurers. “John brings extensive experience working with companies to interpret analysis results, optimize modeling workflows, and…
Read MoreTowers Watson research indicates that inquiries into D&O insurance coverage are growing
A Towers Watson survey has shown that a growing number of corporate officers and directors are looking into the coverage that their companies have or need for protection against possible lawsuits, which indicates that there is an increasing concern over the broad range of risks to which they are exposed. The annual survey, performed by Towers Watson, a worldwide professional services company, was called the “2011 Directors and Officers (D&O) Liability Survey”. It also determined that many American public, private, and nonprofit businesses and organizations have increased their D&O liability…
Read MoreInsurance Law Podcast examines the use of social media as a tool for the insurance industry
A.M. Best, a worldwide ratings and financial data services company serving the global insurance industry, has released its latest installment of the Insurance Law Podcast. The series focuses on insurance issues from a legal perspective and seeks to supply viewers with an understanding of how insurance laws are affecting the industry as a whole. This week’s podcast focused on the issue of insurers using social media to price policies and investigate claims. The latest podcast features attorneys Daniel Santaniello and Heather Calhoon from Luks, Santaniello, Petrillo & Jones law firm.…
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