CollectionsReinsurance
IN THE NEWS

Reinsurance

FEATURED ARTICLES
BUSINESS
October 11, 1991 | by Sheila Simmons, Daily News Staff Writer
Cigna is considering selling its property and casualty reinsurance operation, which employs about 200 in Philadelphia. The company said it is discussing a possible sale with several unidentified parties. Companywide, the operation employs about 300. Cigna said the sale is being considered "in response to receiving unsolicited inquiries from several interested parties. " Cigna spokesman Michael Monroe said if a sale did take place, the company hopes the operation could remain in Philadelphia with its present employees.
BUSINESS
September 9, 1992 | By Andrew Cassel, INQUIRER STAFF WRITER Inquirer wire services contributed to this article
Hurricane Andrew will cost Harleysville Group Inc. more than $6 million, lowering earnings per share by at least 20 cents, the Montgomery County insurance holding company said yesterday. Harleysville did not estimate the full amount of claims from the storm that ravaged southern Dade County, Fla., on Aug. 24, but said the amount should exceed its "reinsurance retention level," essentially the company's own deductible contained in its contracts with the reinsurance, or secondary insurance, market.
BUSINESS
February 12, 2004 | By Todd Mason INQUIRER STAFF WRITER
PMA Capital Corp. said it lost $20 million, or 64 cents a share, in the fourth quarter, but the red ink looked modest compared with earlier losses at the embattled Philadelphia workers' compensation insurer. PMA added $150 million to its loss reserves in November to cover unexpected losses at PMA Re, its reinsurance arm. The company said it planned to liquidate the subsidiary, which underwrites the coverage written by other insurance companies. Under pressure from the Pennsylvania Department of Insurance, PMA signed an agreement in December requiring, among other stipulations, that an outside consultant review its loss reserves.
BUSINESS
November 7, 2001 | By Joseph N. DiStefano INQUIRER STAFF WRITER
The parent of a Philadelphia insurance company said yesterday that it had written off $27 million it was owed from Reliance Insurance Co. The move by Mutual Risk Management Ltd. is a sign that Reliance's troubles are spreading to other insurers. Insurance companies' losses are typically passed along to businesses and individuals in the form of higher premiums. Legion Insurance Co., which is owned by Mutual Risk and insures corporate workers' compensation plans, was one of many insurers that sought to reduce its own risk by purchasing reinsurance policies from Reliance, a national business insurer based in Center City.
BUSINESS
June 7, 2015 | By Alan J. Heavens, Inquirer Real Estate Writer
The Consumer Financial Protection Bureau ordered mortgage lender and servicer PHH Corp., of Mount Laurel to pay more than $109 million within 30 days for accepting loan kickbacks in the form of reinsurance premiums. Bureau director Richard Cordray affirmed late Thursday an administrative law judge's ruling that PHH, one of the nation's top 10 home lenders, violated the Real Estate Settlement Procedures Act when it accepted kickbacks for mortgages that closed on or after July 21, 2008.
NEWS
May 18, 2011 | By Walter F. Naedele, Inquirer Staff Writer
On April 28, 1944, Charles B. Harrisson survived what the BBC later called the Slapton Sands Disaster. More than 700 military men died off Devon in southern England when German torpedo boats attacked vessels training for the June 6 D-Day invasion of Normandy. His landing craft escaped, Mr. Harrisson wrote in autobiographical notes, "only by the fact of a too low aimed torpedo. " Mr. Harrisson, 87, of Lansdowne, a former insurance executive, died Monday, May 9, of congestive heart failure at Harlee Manor, an assisted-living residence in Springfield, Delaware County.
BUSINESS
January 11, 1987 | By Larry Fish and Terry Bivens, Inquirer Staff Writers
In the burgeoning world of national financial networks, Beneficial Corp. is regarded as a heavyweight, with total assets of nearly $8 billion and a consumer-lending operation so lucrative that analysts jokingly suggest it prints money. In the insurance business, however, the Wilmington-based firm is better known as a near knockout victim. For years, Beneficial's insurance subsidiary, American Centennial Insurance Co., has produced nothing but staggering losses from its reinsurance business.
BUSINESS
July 22, 2005 | By Todd Mason INQUIRER STAFF WRITER
Four corporations caught up in the failure of Legion Insurance Co. can pursue their claims outside its liquidation by state regulators, the Pennsylvania Supreme Court ruled Tuesday in a rare step. The court affirmed a 2003 decision in Commonwealth Court that American Airlines Inc., Pulte Homes Inc., and two other corporations could deal directly with Legion's reinsurers, which effectively provide insurance for insurance companies. Normally, the reinsurance proceeds would go to state Insurance Commissioner Diane Koken, acting as Legion's liquidator, for the benefit of all policyholders.
BUSINESS
July 31, 1991 | By Andrew Cassel, Inquirer Staff Writer
Pennsylvania insurance regulators began liquidating World Life & Health Insurance Co. of Pennsylvania yesterday, following a Commonwealth Court judge's ruling Monday that the King of Prussia company was insolvent. Officials said the liquidation, the second such action in Pennsylvania this year and the second-largest in the state's recent history, will affect thousands of policyholders and could require other insurance companies to provide $15 million to $30 million to cover World Life's obligations.
NEWS
March 17, 1993 | By Anne Tergesen, INQUIRER CORRESPONDENT
Two rival members of the Medford Township Council have leveled conflict-of- interest accusations at each other over the township's purchase of insurance. "I feel perhaps that there may be a violation of ethics law and a possible conflict of interest involving (Councilman) Andy (Korab) and the (Burlington County Joint Insurance Fund)," Councilman William Henry said in a letter sent Monday to Township Solicitor John Almeida. The allegations stem from the council's 3-2 decision to join the Burlington County Joint Insurance Fund, or JIF, which provides general, fire, automobile, police, liability, property and other insurance for Medford and 10 other Burlington County municipalities that jointly purchase it. Medford joined on Jan. 1, said Paul Miola, executive director of Burlington County's JIF. REINSURANCE AT ISSUE In order to reduce insurance costs and to protect their members from large claims, JIFs across the state band together to buy what are called reinsurance policies, Miola said.
1 | 2 | 3 | 4 | 5 | Next »
ARTICLES BY DATE
BUSINESS
June 7, 2015 | By Alan J. Heavens, Inquirer Real Estate Writer
The Consumer Financial Protection Bureau ordered mortgage lender and servicer PHH Corp., of Mount Laurel to pay more than $109 million within 30 days for accepting loan kickbacks in the form of reinsurance premiums. Bureau director Richard Cordray affirmed late Thursday an administrative law judge's ruling that PHH, one of the nation's top 10 home lenders, violated the Real Estate Settlement Procedures Act when it accepted kickbacks for mortgages that closed on or after July 21, 2008.
NEWS
September 19, 2013 | By Bonnie L. Cook, Inquirer Staff Writer
Philippus Miller Jr., 84, an insurance executive in Philadelphia for more than three decades, died Sunday, Aug. 18, of cancer at Beaumont, a retirement community in Bryn Mawr. Mr. Miller was a descendant of two signers of the Declaration of Independence - Arthur Middleton and John Rutledge, both of South Carolina. Known to friends as Binnie, he was a former secretary general of the Society of the Cincinnati, one of the nation's oldest patriotic organizations. Members must be descendants of officers who fought during the Revolutionary War. Formed in 1783 by the officers of the Continental Army, the group chose George Washington as its first president.
BUSINESS
November 27, 2012
In the Region Sandy to cost Swiss firm $900M Reinsurance company Swiss Re estimates that claims stemming from the destruction caused by Hurricane Sandy will cost the company about $900 million. The Swiss company also estimated that total losses from insured damage will total between $20 billion and $25 billion. Sandy last month hit the Caribbean and the Bahamas before making landfall on the U.S. East Coast. Reinsurance firms such as Swiss Re provide coverage to insurance companies for great losses stemming from events such as natural disasters.
NEWS
May 18, 2011 | By Walter F. Naedele, Inquirer Staff Writer
On April 28, 1944, Charles B. Harrisson survived what the BBC later called the Slapton Sands Disaster. More than 700 military men died off Devon in southern England when German torpedo boats attacked vessels training for the June 6 D-Day invasion of Normandy. His landing craft escaped, Mr. Harrisson wrote in autobiographical notes, "only by the fact of a too low aimed torpedo. " Mr. Harrisson, 87, of Lansdowne, a former insurance executive, died Monday, May 9, of congestive heart failure at Harlee Manor, an assisted-living residence in Springfield, Delaware County.
NEWS
August 23, 2010 | ASSOCIATED PRESS
LANCASTER - Eastern Insurance Holdings Inc. said today that current president and chief operating officer Michael Boguski will become CEO on Jan. 1, when current CEO Bruce Eckert steps down. Eckert, 66, will become vice chairman of the casualty insurer's board when he leaves the chief executive post. Boguski, 47, will continue to hold the title of president when he becomes CEO. Eckert and Boguski have worked together at Lancaster-based Eastern Insurance for 13 years, building the company's core business writing workers' compensation insurance, the company said.
BUSINESS
July 22, 2005 | By Todd Mason INQUIRER STAFF WRITER
Four corporations caught up in the failure of Legion Insurance Co. can pursue their claims outside its liquidation by state regulators, the Pennsylvania Supreme Court ruled Tuesday in a rare step. The court affirmed a 2003 decision in Commonwealth Court that American Airlines Inc., Pulte Homes Inc., and two other corporations could deal directly with Legion's reinsurers, which effectively provide insurance for insurance companies. Normally, the reinsurance proceeds would go to state Insurance Commissioner Diane Koken, acting as Legion's liquidator, for the benefit of all policyholders.
BUSINESS
February 12, 2004 | By Todd Mason INQUIRER STAFF WRITER
PMA Capital Corp. said it lost $20 million, or 64 cents a share, in the fourth quarter, but the red ink looked modest compared with earlier losses at the embattled Philadelphia workers' compensation insurer. PMA added $150 million to its loss reserves in November to cover unexpected losses at PMA Re, its reinsurance arm. The company said it planned to liquidate the subsidiary, which underwrites the coverage written by other insurance companies. Under pressure from the Pennsylvania Department of Insurance, PMA signed an agreement in December requiring, among other stipulations, that an outside consultant review its loss reserves.
BUSINESS
November 7, 2003 | By Todd Mason INQUIRER STAFF WRITER
PMA Capital Corp. said yesterday that it lost $96.4 million, or $3.08 a share, in its third quarter after recording a $97.5 million charge to reflect deeper-than-expected losses in a reinsurance subsidiary. Meanwhile, John W. Smithson resigned yesterday as president and chief executive officer, and Frederick W. Anton resigned as chairman of the board, according to PMA, the largest writer of workers' compensation insurance in Pennsylvania. Neal C. Schneider was appointed nonexecutive chairman of the board, while Vincent T. Donnelly, president of the Philadelphia company's workers' compensation and disability subsidiary, was named to head an interim "office of the president.
NEWS
July 23, 2003 | By Mitch Lipka INQUIRER TRENTON BUREAU
New Jersey's largest medical malpractice insurer said it will stop writing new policies in the state next month because it can't get the necessary financial backing. Princeton Insurance Co.'s stated inability to get so-called reinsurance led a state official yesterday to call for hearings that could lead to New Jersey's backing doctors' malpractice policies. The reinsurance policy is designed to offset part of the payments that the primary insurance company may have to pay on a claim.
BUSINESS
November 7, 2001 | By Joseph N. DiStefano INQUIRER STAFF WRITER
The parent of a Philadelphia insurance company said yesterday that it had written off $27 million it was owed from Reliance Insurance Co. The move by Mutual Risk Management Ltd. is a sign that Reliance's troubles are spreading to other insurers. Insurance companies' losses are typically passed along to businesses and individuals in the form of higher premiums. Legion Insurance Co., which is owned by Mutual Risk and insures corporate workers' compensation plans, was one of many insurers that sought to reduce its own risk by purchasing reinsurance policies from Reliance, a national business insurer based in Center City.
1 | 2 | 3 | Next »
|
|
|
|
|