September 12, 2005 |
Reinsurance companies including Munich Re and Swiss Reinsurance Co., the world's largest, may raise premium rates "across the board" after Hurricane Katrina, insurance ratings firm A.M. Best said. "Katrina has made the prospect for an uplift in reinsurance rates more realistic," A.M. Best senior analyst Miles Trotter said Sunday in Monte Carlo. "Losses for Katrina are ballooning by the day."
May 14, 2005 |
Warren Buffett's Berkshire Hathaway Inc. said it had put two employees on leave because of reinsurance accounting investigations. An employee of Berkshire's General Re Corp. was placed on administrative leave with pay after the Justice Department said it was targeting the individual in a probe, Berkshire said in a Securities and Exchange Commission filing. Berkshire also put on leave the chief executive of London-based Faraday Group.
April 5, 2005 |
State Insurance Commissioner John Garamendi on Monday widened his investigation of the title insurance industry to include whether companies were overcharging for policies. During a daylong hearing in downtown Los Angeles, Garamendi grilled top title insurance industry executives about the practice of sharing customer premiums with home builders, real estate brokers and other partners.
February 24, 2005 |
LandAmerica Financial Group Inc., a title insurer under investigation in California, said it would cease the reinsurance arrangements that prompted the probe. California Insurance Commissioner John Garamendi said Tuesday that the arrangements essentially served as kickbacks to builders who referred clients to LandAmerica and a second insurer, Fidelity National Financial Inc. On Wednesday, LandAmerica, based in Richmond, Va., said Garamendi's statements were "untrue and misleading."
October 19, 2004 |
New York Atty. Gen. Eliot Spitzer's probe into insurance industry corruption includes an investigation into brokers' strong-arming insurers into giving them reinsurance business, a source close to the situation said Monday. Reinsurance is the sharing of risk by secondary insurance companies, which collect a share of the premiums.
May 13, 2003 |
Hartford Financial Services Group Inc. said it will eliminate 5.2% of its workforce, exit the property-casualty reinsurance business and take a $1.7-billion charge against earnings to boost reserves against asbestos claims. The financial services company said the job cuts will include the discharge of 850 people and the elimination of 650 vacant positions. Hartford shares rose $2.88, or 6.6%, to $46.50 on the NYSE.