October 11, 1991 |
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.
September 9, 1992 |
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.
February 12, 2004 |
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.
November 7, 2001 |
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.
June 7, 2015 |
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.
May 18, 2011 |
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.
January 11, 1987 |
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.
July 22, 2005 |
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.
July 31, 1991 |
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.
March 17, 1993 |
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.