News

Leslie Porterfield, a Foremost Insurance Group independent agent who doubles as a professional motorcycle rider, has made it into the Guinness World Records book for speed, her company said.

Flagstone Reinsurance Holdings Limited announced its board of directors is recommending a plan to change the company's place of incorporation from Bermuda to Luxembourg.

Ten large property and casualty insurers asked leadership of the Senate Banking Committee to exempt the industry from federal oversight in financial services reform legislation that will be marked up.

Insurers with assets of more than $50 billion would not be subject to the pre-funding provisions of the resolution authority that would be created in Senate financial services reform legislation to deal with firms posing a systemic risk to the economy.

Reacting to the health care legislation passed by the House, insurance and employer groups voiced deep concerns over what they see as a lack of provisions designed to reduce costs.

Insurance fraud-related convictions increased by 24 percent last year in New York State, the State Insurance Department's Fraud Bureau reported.