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Insurance Journal delivers the latest business news for the Property/Casualty insurance industry

• California Insurance Commissioner, Insurers Settle on Iran Investments
  California Insurance Commissioner Dave Jones and a group of insurers have settled litigation over insurer investments in companies doing business in Iran, it was announced on Friday. The terms of the settlement permit the Jones to “maintain a public list …
• Best Revises Chartis, Lexington & Members Outlooks to Stable; Affirms Ratings
  In connection with its revision of its outlook on AIG, A.M. Best Co. has affirmed the financial strength ratings of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Chartis US Insurance Group and its members and the Lexington …
• Best Revises AIG and Subs Outlook to Stable; Affirms Ratings
  A.M. Best Co. has revised the outlook to stable from negative and affirmed the issuer credit rating (ICR) of “bbb” of American International Group. It has also revised the outlook to stable from negative and affirmed the financial strength ratings …
• Swiss Re’s Chief Economist Sees Fed Actions Calming Debt Crisis
  Swiss Re’s Chief Economist, Kurt Karl, has predicted that the decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points would help calm some of the turmoil in the global financial markets. …
• Arctic Ice Melt Lifts Hopes for Russian Maritime Trade
  When severe snowstorms prevented life-sustaining fuel supplies from reaching the frozen Alaskan town of Nome, U.S. officials turned to a Russian company for help. The relief mission through perilous, ice-choked seas was the first mid-winter fuel delivery to western Alaska, …
• Chubb Posts $452M in Q4 Profit, Approves $1.2B Share Buyback
  The Chubb Corporation reported fourth-quarter net income of $452 million, down 27 percent from $620 million net income reported during the same period one year ago. The Warren, N.J.-based insurer said the results were hurt by catastrophe losses as well …
• U.S. Taxpayers Still Owed $132.9B From Bailout
  A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven’t repaid from the financial bailout, and some of that will never be recovered. The bailout launched at the height of the financial crisis in September 2008 …
• Safety Groups Say Teen Traffic Deaths Rising in Virginia
  Safety groups are urging teenage drivers in Virginia to wear seat belts and slow down following a sharp increase in fatal wrecks. Preliminary statistics show that traffic accidents killed 11 people ages 16 to 20 between Jan.1 and Jan. 24. …
• Disaster Loan Deadline Nears For November Nevada Fire
  The deadline is nearing for Nevada residents and businesses affected by November’s brush fire in Reno to apply for Small Business Administration disaster loans. The Caughlin Fire burned more than 3 square miles and destroyed or damaged 42 homes. The …
• Honolulu Rail Project Legal Bills Top $1.87M
  Legal bills for Honolulu’s rail project have totaled more than $1.87 million with seven law firms hired. The $5.27 billion, 20-mile rail project is facing a federal lawsuit by opponents including former Gov. Ben Cayetano, who recently announced he’ll run …
• Penn.-based Glatfelter Appoints President of Healthcare Practice
  Glatfelter Program Managers, a business unit dedicated to Glatfelter Insurance Group’s program business, appointed Bruce Williams as president of the newly formed Glatfelter Healthcare Practice division. Based in York, Penn., Williams has 37 years of experience in the insurance industry …
• California to Vote on New ‘Clean Car’ Regulations
  California, whose greenhouse gas emissions standards lead the U.S., is poised to vote on pushing them further. The new rules, if approved, would require automakers to build cars and trucks by 2025 that emit about three-quarters fewer smog-producing pollutants and …