The News Review:
- Regulators OK 12.3% windstorm insurance rate hike
- The Fraser Institute: Three of Four Provinces With Government Auto …
- Electric Insurance Appoints Southwest Insurance Brokers
- United Insurance Holdings Corp. Reports 2008 Third Quarter …
- Integrity Capital Partners Facilitates Disposition of $130 Million …
- AM Best Affirms Ratings of COPIC Insurance Company; Revises …
Regulators OK 12.3% windstorm insurance rate hike
Houston Chronicle, United States
6% SOURCE: Texas Department of Insurance
State regulators Monday approved a 12. 3 percent rate increase for the Texas Windstorm Insurance Association, marking the first time the state wind pool will raise rates more than 10 percent. State law caps the association’s annual rate increases at 10 percent, but the state insurance commissioner can bypass the cap after catastrophic losses. The association, which sells windstorm insurance in coastal counties and parts of Harris County to those who can’t find it in the private market, said it only needed a 10 percent increase on residential policies, but it didn’t include losses from hurricanes Dolly or Ike in its rate projections. The Texas Department of Insurance didn’t include those losses in its projections either. Instead, regulators accounted for an increase in frequency of hurricanes to help shore up the association’s funding. “A substantial rate increase could create a hardship on the already burdened association policyholders along the coast.
The Fraser Institute: Three of Four Provinces With Government Auto …
MarketWatch
18, 2008
TORONTO, ONTARIO, Nov 18, 2008 (MARKET WIRE via COMTEX) –
Government-run auto insurance monopolies in British Columbia,
Saskatchewan and Manitoba are charging some of the highest average
premiums in Canada, concludes a new report released today by the
independent research organization the Fraser Institute. The peer-reviewed report found that drivers in BC pay the highest
average premium at $1,304 annually. At $1,229, Ontario has the second
highest average premium and is the only province with private,
competitive auto insurance that has an average insurance premium
exceeding $1,000. Saskatchewan has the third highest average premium
at $1,063 followed by Manitoba at $1,029. “The results suggest that government-run auto insurance is less
efficient than auto insurance provided by a regulated, competitive
market,” said Brett Skinner, Fraser Institute director of health,
pharmaceutical and insurance policy research and author of the
report. “Independent study after independent study come to the same
conclusion: public auto insurance is more expensive on average than
competitive, private models, despite contrary claims by government
auto insurers. ”
The complete report, Personal Cost and Affordability of Automobile
Insurance in Canada (2008 edition), is available at.
Electric Insurance Appoints Southwest Insurance Brokers
MarketWatch
, Nov 17, 2008 (BUSINESS WIRE) –
Electric Insurance Company, a national provider of auto, homeowners,
condominium, and renters insurance, announced today that it has
appointed Southwest Insurance Brokers, a full service personal lines
insurance agency, as an independent agent for the marketing of its
personal lines insurance products to the greater Phoenix, Arizona
market. The agency was licensed to distribute these products as of
September 9, 2008. “The appointment of Southwest Insurance Brokers allows us to expand our
geographic coverage in Arizona through a well-respected independent
agency,” said Michael Mucher, Vice President, Sales and Marketing,
Electric Insurance Company. “Southwest Insurance Brokers is a great
addition to our growing list of independent agents in the Southwest. ”
Southwest Insurance Brokers, L.
United Insurance Holdings Corp. Reports 2008 Third Quarter …
MarketWatch
United’s CEO, Don Cronin stated, “The last several months have been a
landmark period in our Company’s history, as we completed our merger
with FMG Acquisition Corp. and became a publicly traded company. We
believe that United is well-positioned and capitalized to safely expand
operations and is well equipped to handle potential adverse weather
events. ”
Mr.
Related from Sales-monster: Sunrise Telecom(R) Reports $18.7 Million Sales for Third Quarter …
Integrity Capital Partners Facilitates Disposition of $130 Million …
MarketWatch
, a publicly-traded color science and
technology company, in increasing its cash and eliminating expenses of
unwanted life insurance policies. ICP was given the task of evaluating the viability and continued ownership
of life insurance policies owned by X-Rite that were placed upon the lives of
X-Rite founders who are no longer involved with the company. The life
insurance policies ranged between $5 million and $20 million in face value. ICP marketed the policies to nearly 40 institutional capital sources in an
effort to achieve the best possible price for X-Rite, Inc. “We were excited to have been able to achieve a valuation in excess of 50%
over the cash surrender value for X-Rite on the policies that were sold,”
commented Robert Finfer, CEO of Integrity Capital Partners. “By removing the
policies from X-Rite’s balance sheet, the company received a cash payout of
approximately $20.
AM Best Affirms Ratings of COPIC Insurance Company; Revises …
MarketWatch
Founded in 1899, A. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health care
service industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit.