News

Severe flooding in China this summer has caused massive destruction and tens of billions of dollars in damage, but is unlikely to have a large impact on the insurance industry, Guy Carpenter's Instrat unit said.

Columbus, Ohio-based specialty property and casualty insurer Bancinsurance Corp. plans to go private, offering $8.50 a share for its common stock in an all cash offer.

California Governor Arnold Schwarzenegger is opposing a suggested 29.6 percent workers' compensation rate increase as the state's Workers Compensation Insurance Rating Bureau

Serving his last term as Governor of Vermont, Jim Douglas gave assurances that the state's focus on captive insurers would not waver in his absence.

State Auto Financial Corp. said it no longer wants to be in the nonstandard automobile insurance business and is selling a subsidiary that sells that insurance to Hallmark Financial Services Inc.

As Congress prepares for 2011 discussions on an optional federal charter, a new association representing small-to-midsize insurers will focus primarily on opposing any federal regulation of the industry.

A woman in New York has signed her way into criminal charges and some jail time after getting mixed up with forgery and fraud.

Despite reinsurance costs remaining at "relatively high" rates, Florida domestic insurer Homeowners Choice Inc. said it recorded 2010 second-quarter net income of $1.3 million, compared to $3 million a year ago.