The News Review:
- Father of Patriots QB Brady sued in insurance case
- Protective Issues Statement on Rating Agency Actions
- AM Best Revises Outlook to Positive for Lackawanna Insurance Group …
- Arthur J. Gallagher & Co. Acquires Roberts & Roberts Insurance …
- Marsh & McLennan misses estimates, shares drop
- OneBeacon Insurance and Retailers Association of Massachusetts …
- Pennsylvania Insurance Department Hits Allegheny County Insurance …
Father of Patriots QB Brady sued in insurance case
BusinessWeek
Richard Vasquez, of Weston, claimed in a suit filed last week that Tom Brady Sr. convinced him to forego $415,000 worth of commissions by promising to make him an equity owner in his San Mateo, Calif. -based company, Thomas Brady & Associates Insurance Services Inc. But that never occurred, and he was later fired. Vasquez also claims the elder Brady failed to reimburse him for about $180,000 in business expenses. Vasquez is suing Brady for breach of contract. He is seeking triple damages, about $1.
Protective Issues Statement on Rating Agency Actions
MarketWatch
Moody’s
stated that the outlook on all the ratings is stable and this rating
action concludes its review of Protective that was begun on October 14,
2008. Additionally, Fitch Ratings announced a one-step downgrade of its IFS
ratings of Protective’s life insurance
subsidiaries to A+ (Strong, 5th highest of 22
ratings) from AA-, and a one-step downgrade of Protective’s
issuer default rating to A- from A, with negative outlook. We believe these reviews were part of a broader review of the life
insurance industry in light of the current challenges facing the
financial services industry overall. We continue to maintain solid
capital ratios with ample liquidity to meet our projected outflows from
currently available sources, and we expect that our capital position
will strengthen in 2009 in the normal course of business.
AM Best Revises Outlook to Positive for Lackawanna Insurance Group …
MarketWatch
has revised the outlook to positive from stable and
affirmed the financial strength rating of A- (Excellent) and issuer
credit ratings of “a-”of
Lackawanna Insurance Group (LIG) and its members. LIG consists of Lackawanna
Casualty Company (LCC) and its wholly owned subsidiaries, Lackawanna
American Insurance Company (LAIC) and Lackawanna National
Insurance Company (LNIC), which operate under an intercompany
pooling agreement. All companies are domiciled in Wilkes-Barre, PA. These rating actions reflect LIG’s excellent
capitalization, strong profitability and solid underwriting performance
achieved through its selective underwriting appetite and overall pricing
flexibility through LAIC and LNIC. LIG has historically maintained
strong policyholder retention ratios given its sound relationships with
producers and service-oriented approach to writing business. Offsetting these positive rating factors is the group’s
limited spread of risk, both geographically and by product line, and
high common stock leverage, which exposes the group to fluctuations
within the equity markets.
Related from Careersemploymentmonster: A COBOL programmer with a seven-year employment gap
Arthur J. Gallagher & Co. Acquires Roberts & Roberts Insurance …
MarketWatch
in Greensboro, North Carolina. Terms of the transaction were not disclosed. Formed in 1994, Roberts & Roberts Insurance Service is a retail insurance
broker providing commercial property-casualty and risk management services to
their clients in the Southeast. They specialize in insurance coverage for the
transportation, construction and manufacturing industries. “Since its inception, Roberts & Roberts has grown consistently by
providing exceptional value to its clients,” said J. Patrick Gallagher, Jr.
Marsh & McLennan misses estimates, shares drop
guardian.co.uk, UK
9 percent (Recasts; adds detail from CEO interview on results,divestitures, insurance pricing, background, analyst comment;updates share activity) By Lilla Zuill NEW YORK, Nov 5 (Reuters) – Insurance broker Marsh &McLennan Cos Inc posted third-quarter results that missed WallStreet expectations, as it lost money on investments andincreased its liability reserves, sending its shares down morethan 12. Investors had hoped for a repeat of thebetter-than-expected results reported a quarter ago, a brightspot for Marsh & McLennan after several years of flaggingprofitability. “There were a lot of moving parts, and it was a bit messy,”said Duperreault, installed earlier this year to improve thecompany’s fortunes. But he pointed to the strength of thefirm’s underlying earnings.
OneBeacon Insurance and Retailers Association of Massachusetts …
MarketWatch
5, 2008
CANTON, Mass. OneBeacon, a leading provider of commercial package insurance in the
commonwealth, received the endorsement of the Retailers Association of
Massachusetts in September 2003. Since then, OneBeacon and Association
Benefits Insurance Agency have offered focused and specialized small-business
solutions to RAM’s 3,000-plus members through the company’s OnePac product. OnePac delivers industry-specific solutions and targets over 140 service,
restaurant and retail classes locally, which parallels the association’s
membership profile. “RAM’s focus on helping retailers as an industry fits nicely with our
capability for providing risk management solutions to this cornerstone
business segment,” noted Chip Hamann, vice president at OneBeacon Small
Business. “Working in partnership with Association Benefits Insurance Agency,
we look forward to delivering custom insurance solutions for many years to
come.
Pennsylvania Insurance Department Hits Allegheny County Insurance …
MarketWatch
Ario said Thomas C. Helbig, a former insurance producer from Carnegie, Allegheny County, who was found guilty of defrauding clients, has had his license revoked for 25 years. Helbig must also pay $120,000 in fines and restitution. “Through our investigation, we found that Helbig abused his position as a licensed insurance producer without regard for the individuals he was to counsel and help,” Ario said.