News

Six subsidiaries of Chubb & Son have been fined $1.06 million by the Washington State Insurance Department, having been accused of “repeatedly violating state insurance laws.”

Six subsidiaries of Chubb & Son have been fined $1.06 million by the Washington State Insurance Department, having been accused of “repeatedly violating state insurance laws.”

Specialty insurer RLI Corp. saw higher earned premiums as it reported 2010 fourth-quarter net income of $40.3 million, a nearly 32 percent increase over the prior year’s fourth quarter.

Proposed changes to insurance contract accounting will introduce volatility into financial statements, according to Standard & Poor’s.

The Independent Insurance Agents and Brokers of America said it is “unnecessary” to impose a uniform fiduciary standard on the sale of investment products, as the Securities and Exchange Commission recommended in a new study.

Due to a decrease in net favorable prior-year reserve development and an increase in catastrophe losses, The Travelers Companies reported a 30 percent drop in 2010 fourth-quarter net income compared to the prior year’s fourth quarter.