Tag: Maryland insurance

Insurance news from Eerie includes $100,000 donation to Sandy victims

insurance news red cross

The American Red Cross will be distributing the funds among those who need it most. The latest Eerie Insurance news is that the company has announced that it will be making a donation of $100,000 to the victims of Hurricane Sandy through the American Red Cross. The funds will be used to assist people in New York, Maryland, and Pennsylvania. According to the president and CEO of ERIE, Terry Cavanaugh, “There is always a great need that follows catastrophes of this magnitude and the Red Cross is the go-to resource…

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Maryland to cut unemployment insurance tax

Catastrophe Bonds Insurance News

Unemployment insurance tax to be reduced next year Maryland employers can expect to see the tax they pay for the state’s unemployment insurance program drop significantly next year. The Department of Labor, Licensing, and Regulation has announced the tax cut, which will reduce the unemployment insurance tax employers pay by as much as 50%. The tax cut will take effect next year and is being heralded as a sign of the state’s improving economy and employment situation. For some employers, the tax cut could mean that they will be able…

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AgencyPoint launched in Maryland by Farmers Insurance

Insurance Jobs

AgencyPoint aims to recruit new Farmers independent business owners Farmers Insurance has launched a new agency recruitment and training center for potential Farmers independent business owners. The training center is called AgencyPoint and is located in Baltimore, Maryland. AgencyPoint was launched to address the insurer’s growing need for more personnel due to its recent expansion. Through this initiative, the insurer is looking to bolster its ranks of independent insurance agents in numerous sectors. AgencyPoint is open to all prospective Farmers independent business owners. New venture will provide business owners with…

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Maryland’s worker’s compensation insurance company to be privatized

Maryland Health insurance

Move comes to protect the insurer’s surplus funds Maryland’s Injured Workers Insurance Fund (IWIF), a worker’s compensation insurance carrier run by the state, is to become a private, non-profit company by October 2013. The move comes from legislation, called the IWIF Conversion Act, which was passed this week by lawmakers. Governor Martin O’Malley signed the bill into law, ensuring that the state’s worker’s compensation insurance system will undergo the changes outlined by the legislation. Legislators believe that the change will provide some stability to the state’s insurance industry and help…

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Maryland court sides with Allstate’s decision to not write new policies for coastal properties

S.Vagus

Maryland’s highest court has sided with Allstate this week in a case regarding the insurer’s move to stop writing new homeowners policies in coastal regions. The case emerged in 2007 when the insurer chose to step away from the coastal market due to the potential for natural disasters. The insurer’s move was spurred by a catastrophe model that suggested that losses in these regions as a result to hurricanes or other storms could be gargantuan. The Maryland Court of Appeals chose to uphold the rulings of lower courts, agreeing that…

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