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Shares of Hartford fell 18% Tuesday to $40.99 after Fitch Ratings revised to “negative” from “stable” its outlook on various Hartford ratings—including issuer default ratings, senior debt and insurer financial strength ratings—on fears of a further deteriorating credit market. Hartford noted that it is confident in its financial strength and in its ability to meet its commitments to customers. “Nothing is more important to us than honoring those promises and maintaining our strong ratings,” it said. Paperless Comment: We work with Hartford. We love Hartford. Hartford is the best company by far outbidding all other carriers we worked with during… Read More »Hartford Says They Are Cool

In the wake of the collapse of major investment banks and the government’s proposed bailout of financial institutions, the Anti-Defamation League (ADL) is reporting a dramatic upsurge in the number of anti-Semitic statements being posted to Internet discussion boards devoted to finance and the economy. Hundreds of anti-Semitic posts regarding Lehman Brothers and other institutions affected by the subprime mortgage crisis have been submitted to discussion boards dealing with finance, with many more arriving by the minute. The messages rail against Jews in general, with some charging that Jews control the government and finance as part of a “Jew world… Read More »ADL Reports Surge in Anti-Semitic Messages on Online Finance Sites in Response To Money Crisis

The Insurance Institute for Highway Safety has found that booster seats are doing a poor job of improving the fit of lap and shoulder belts for children.  Booster seats are meant to do one thing — elevate children so that safety belts designed for adults are in the right position to restrain kids during a crash. Thirteen of the 41 belt-positioning booster seats the Institute evaluated with the University of Michigan Transportation Research did so poorly that the Institute doesn’t recommend them at all. Ten models are best bets, and five were good bets.  Researchers at the University of Michigan… Read More »Booster Seats Not Doing Job

Calif. Gov. Arnold Schwarzenegger has signed legislation to help transform the Golden State’s workers’ compensation insurer, the State Compensation Insurance Fund. Assembly Bill 1874 and Senate Bill 1145 are an important step toward increased transparency and strengthened corporate governance for State Fund, according to the organization. AB1874 expands the State Fund Board of Directors from five to 11 voting members, which will enable the creation of key subcommittees, mandates board training and requires board members to sign financial conflict of interest agreements. Board members will also now receive compensation to ensure the organization can attract and retain quality candidates. SB1145… Read More »Workers’ Comp Insurer Will BE Transformed

The National Association of Chief Information Officers (NASCIO) has awarded the California Department of Insurance third place in the 2008 Recognition Awards for Outstanding Achievement in the Field of Information Technology in State Government.  There were more than 114 submissions to this year’s competition in 10 categories by 30 states. Last month, NASCIO selected 30 state IT initiatives in 10 categories as finalists for the 2008 Recognition Awards for Outstanding Achievement in the Field of Information Technology in State Government. NASCIO named CDI’s Telecommunications Infrastructure Replacement Project as a finalist for outstanding achievement in information communication technology innovations. The Department’s… Read More »California Department of Insurance Recognized for Information Technology Improvement

The Texas Department of Insurance (TDI) has issued a statement and answers to some frequently asked questions regarding AIG insurance companies in Texas. “AIG’s Texas insurance companies are currently financially sound and able to pay claims,” stated Texas Insurance Commissioner Mike Geeslin. “Policyholders should not make any rash decisions about policies issued by an AIG insurance company as their covered claims will be paid and annuity checks will be distributed. “Replacing or liquidating a life insurance policy or an annuity can incur hidden costs and carry tax consequences. Also, there may be a penalty for cancellation of certain types of… Read More »Texas Cautions Consumers on Replacement of AIG Policies

Congress has extended the National Flood Insurance Program through the beginning of March 2009. “While we would have preferred that Congress pass a long-term extension with much-needed reforms, it was vital to ensure that the NFIP would not lapse on Sept. 30,” David A. Sampson, president and chief executive officer of the Des Plaines, Ill.-based Property Casualty Insurers Assn. of America, said in a statement. “If the program were to expire, real estate transactions in flood-prone areas would come to a halt,” he added. “Given the economic challenges our nation already faces, we could not take the chance of allowing… Read More »Flood Insurance Program Extended

WIS ranked as the 12th-largest insurance brokerage of U.S. business with $422.5 million in 2007 brokerage revenues, according to Business Insurance‘s annual rankings.  Wachovia Insurance Services Inc. will not become part of Citigroup in the New York-based banking giant’s $2.2 billion buyout of Wachovia Corp.’s banking operations, a spokesman for the insurance brokerage confirmed.

California Gov. Arnold Schwarzenegger has vetoed three bills he said would have interfered with the state’s workers’ compensation system. SB 1115 Permanent Disability Apportionment would have prohibited discrimination on the basis of race, religious creed, color or status in other protected classes. Current law prohibits improper discrimination and the bill would have injected uncertainty into the apportionment process, according to the American Insurance Association. SB 1717 Permanent Disability Benefits would have increased permanent disability indemnity benefits paid to injured workers by increasing the number of weeks that such benefits are paid. AB 2969 Utilization Review Physicians would have forbid the… Read More »California Governor Vetoes Workers’ Comp Legislation

Specialty boat repairers involved in woodworking, deck and hull repair, engine maintenance, canvas and sail repair and many other marine services face the challenge of obtaining affordable insurance that addresses both their marine and non-marine exposures in a seamless fashion.  Travelers announced this week several substantial enhancements to its Shipwright policy which combines marine general liability, ship repairers’ legal liability and miscellaneous property coverage in a single policy for this specialty market. Travelers’ Shipwright improvements include broadened eligibility along with options for increased property and liability limits, workboat coverage and lower deductibles. Now available for boat repairers with revenues up… Read More »Travelers Offers Enhancements for Boat Repairers Policy