Insurance News

Posts Tagged ‘State

Insurance veteran Mark Blackburn will retire State Auto Financial Corp. in November, has resigned from the company?s board of directors and has given up his positions as chief operating officer and executive vice president, State Auto said Monday.

Blackburn, 59, joined the company in 1999 after working executive-level jobs at Grange Mutual Casualty Group and General Reinsurance Corp. He was named COO in 2008.

State Auto (NASDAQ:STFC) Read the rest of this entry »

BLOOMINGTON. Ill., /PRNewswire/ — State Farm agent Chad Gregorini, Aspinwall, Pa., is honored this year by the Life and Health Insurance Foundation for Education’s fifteenth annual realLIFEstories. Gregorini insured Pittsburgh Police Officer Stephen Mayhle with a term life insurance policy.

Mayhle was almost not insured. He wanted to cancel his life insurance because money was tight, and he thought his group life insurance policy would be Read the rest of this entry »

State Farm Mutual Automobile Insurance Co. and Nationwide Mutual Insurance Co. are among insurers with the most at risk from Hurricane Earl, which threatens to graze North Carolina on Sept. 3.

The state had about $133 billion of coastal property covered by insurers according to 2007 data from AIR Worldwide, distributed by the Insurance Information Institute. Nationwide, Bloomington, Illinois-based State Farm and North Carolina Farm Bureau Insurance Read the rest of this entry »

TALLAHASSE, Fla., State Farm Florida dropped its plan to withdraw from the property insurance market in hurricane-prone Florida on Wednesday as part of a settlement with state regulators that includes an average 14.8 percent rate increase for homeowners and condominium owners.

The agreement also lets the insurer, which wants to reduce exposure to the greatest storm risks, not renew about 15 percent of its policies.

The deal resolves Read the rest of this entry »

TALLAHASSE, Fla., State Farm Florida dropped its plan to withdraw from the property insurance market in hurricane-prone Florida on Wednesday as part of a settlement with state regulators that includes an average 14.8 percent rate increase for homeowners and condominium owners.

The agreement also lets the insurer, which wants to reduce exposure to the greatest storm risks, not renew about 15 percent of its policies.

The deal resolves Read the rest of this entry »

TALLAHASSE, Fla. ? State Farm Florida dropped its plan to withdraw from the property insurance market in hurricane-prone Florida on Wednesday as part of a settlement with state regulators that includes an average 14.8 percent rate increase for homeowners and condominium owners.

The agreement also lets the insurer, which wants to reduce exposure to the greatest storm risks, not renew about 15 percent of its policies.

The deal resolves Read the rest of this entry »

Dozens of state insurance regulators have descended on Congress, to urge that any federal insurance regulatory reforms should keep in place and build on the existing state-based regulation model.

The nation’s state-based regulatory system, the regulators said in a statement, “has remained a constant in an otherwise erratic economic climate.”

Joining the National Association of Insurance Commissioners pilgrimage to Capitol Hill Read the rest of this entry »

True to her word, Gov. Jennifer Granholm is cracking down on Michigan insurance companies that didn’t go along with her call for a year-long rate freeze. Proposed rate hikes sought by noncomplying insurers — most of the firms writing auto insurance policies here — have been fly-specked as never before.

This pressure from the Office of Financial and Insurance Regulation is ill-conceived and certain to further alienate one of the few Michigan Read the rest of this entry »

INDIANAPOLIS (March 19, 2009) – A proposal to hold down homeowners’ insurance rates in North Carolina would harm rather than help insurance consumers, according to the National Association of Mutual Insurance Companies (NAMIC). The North Carolina House Insurance Committee today is hearing testimony on a proposal to freeze homeowners’ insurance rate modifications that were approved by the insurance commissioner.

“The sponsors of Read the rest of this entry »

Tens of thousands of residents who receive state-subsidized healthcare will avoid any increase in monthly premium costs this year, and some may even pay less, under a plan to be voted on today by state regulators.

Secretary of Administration and Finance Leslie Kirwan confirmed late yesterday that her staff will recommend that the Connector Authority board approve the no-increase measure because of the “severe economic environment.”

Read the rest of this entry »