A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A-’ (Excellent) and issuer credit rating of “a-” of Tunisia’s BEST RE, both with stable outlooks.The ratings of BEST RE reflect its “significant importance to its ultimate parent, SALAMA Islamic Arab Insurance Company (P.S.C.) of the United Arab Emirates [See below], Best explained. The ratings also indicate BEST RE’s “solid business position, strong financial performance, excellent risk-adjusted capitalization upon receipt of an anticipated $50 million capital injection planned for the fourth quarter of 2010, as well as the benefits of operating in a more regulated environment as the company is planning to relocate its operations to Labuan, Malaysia.” Best also said it believes that BEST RE’s business profile is “well diversified both geographically and in terms of lines of business written. G
21 Sep
Posted by Lucas Falkiner as Insurance Tips
Connecticut’s congressional delegation is asking President Obama to reconsider the denial of federal aid for tornado-related damage in Fairfield County.
The delegation wrote to Obama on Tuesday saying the Federal Emergency Management Agency’s rejection of the aid will deprive property owners of money they need to fix the damage and rebuild their lives.
The officials say the EF-1 tornado that hit Bridgeport June 24 caused $3 million in property damage, as well as significant damage in surrounding towns.
Sens. Chris Dodd and Joe Lieberman and Reps. John Larson, Joe Courtney, Rosa DeLauro, Jim Himes and Chris Murphy say most of the people affected are low-income and only 17 percent had insurance covering the damage.
Gov.
Blue Cross Blue Shield of Alabama (BCBSA) has come out with a statement about annual enrollment periods for children with preexisting conditions on their website. This is in response to the Obama administration’s clarification that it will include annual enrollment periods for the children’s preexisting conditions.
Scott P. Serota, president and CEO of the Blue Cross and Blue Shield Association released a statement saying how pleased they are to announce that they will be including an annual enrollment period for the children’s preexisting condition exclusion rule. The a
21 Sep
Posted by Holly Cadman as Insurance News
Some of the biggest health insurance companies have decided to eliminate child-only policies as an option due to the potentially huge and unexpected costs for insuring children. Anthem Blue Cross, Aetna Inc, Cigna, Coventry One, and Humana will halt policies in California, Illinois, Florida and Connecticut as early as Thursday, September 23.
The major health insurance companies are making the move as new federal healthcare laws take place that bars them from rejecting children under age 19 with preexisting medical conditions.
19 Sep
Posted by Lucas Falkiner as Insurance Tips
A new managing general agent facility has formed in Pasadena, Calif. Under the leadership of President Robert Markese and Senior Vice President Hal Thompson, the new company — called Commercial Program Insurance Services — will offer specialized programs, commercial general liability, property, excess, vacant building coverage, professional liability, builders risk, OL&T, workers’ compensation, earthquake, and difference in conditions coverage.
Markese has more than 20 years of experience in the industry. Thompson has more than 13 years of industry experience.