No-Cover Drivers Are Heading for the Scrapheap ; As Operation Takeaway Gathers Pace, Britain's Uninsured Motorists Face a Crushing Blow
Posted 10:45 AM Dec-18-2005
If you're driving home for Christmas, you'd better make sure you're insured " or else your car could end up crushed into a cube and packed off to China. Since a pilot scheme got under way last April in County Durham, more than 1,000 cars have been impounded and 632 turned into scrap metal as officers have swooped on uninsured drivers. Operation Takeaway' has slowly been copied and rolled out by police forces across the country since July, supported by a revamped police database that lists the insurance status of every car....
WEALTH CHECK: 'Can I Have It All: World Travel and a Pension?'
Posted 10:45 AM Dec-18-2005
A vet has set her sights high, but will funds last? Zoe, who works at a practice in Bognor Regis, West Sussex, has a basic salary of pounds 24,500. Her savings include pounds 2,000 in a Nationwide Flex current account, which pays 3 per cent (as long as she puts in a minimum pounds 1,000 a month), and pounds 5,000 in a mini cash individual savings account (ISA) " also with Nationwide " paying 4.6 per cent....
Average Cut of $95 OK'D in Auto Rates
Posted 10:45 AM Dec-17-2005
Dec. 16--The Romney administration yesterday ordered the average statewide auto insurance premium back down below $1,000 for the first time since 2003, roughly splitting the difference between the rate proposals of the state's auto insurers and Attorney General Thomas F. Reilly. Governor Mitt Romney said the 8.7 percent reduction was the biggest decrease in auto insurance rates in more than 25 years, but Reilly said it was less than half of what it should have been. Reilly, who had campaigned heavily around the state for the 18 percent reduction, said Romney had a chance to give real relief to Massachusetts drivers and decided instead to give more than half of it away to the state's auto insurers....
Auto Rate Cut Under Review By Massachusetts Attorney General
Posted 10:45 AM Dec-17-2005
Dec. 17--Attorney General Thomas F. Reilly was studying the Romney administration's 8.7 percent auto insurance rate reduction yesterday amid speculation he would appeal the ruling. Even though the decrease was the biggest in more than 25 years, Reilly had insisted in regulatory filings and at numerous press conferences that an 18 percent reduction, or a $200 drop was warranted. Reilly's spokeswoman Sarah Nathan said yesterday the attorney general's office was reviewing Bowler's decision but declined to say whether an appeal to the Supreme Judicial Court was in the works....
MD Insurance Advocates Urge Lawmakers for Auto Insurance Reform
Posted 10:45 AM Dec-17-2005
Insurance advocates urged lawmakers this week to drop the amount of car insurance Maryland drivers must buy and to allow the state's riskiest drivers to pay for insurance in installments....
CAR INSURANCE RATES COME CRASHING DOWN; But AG Says 8.7 Percent Drop Not Enough
Posted 10:45 AM Dec-17-2005
Massachusetts drivers will see their auto insurance rates slashed by 8.7 percent next year - the largest reduction in 25 years.But the good news for motorists provided immediate political fodder after Gov. Mitt Romney announced it yesterday.Romney called the rate cut - an average reduction of about $95 per policy - an early "gift" to Bay State drivers....
Infinity Property and Casualty Corporation Earns Latin American Agents Association's 'Auto Market of the Year' Award
Posted 10:45 AM Dec-15-2005
BIRMINGHAM, Ala., Dec. 14 /PRNewswire-FirstCall/ -- Infinity Property and Casualty Corporation announced today that it was presented the "Auto Market of the Year" award at the recent Latin American Agents Association ("LAAA") annual Christmas Gala in California. Infinity was chosen as the top auto market for the second time in the past five years, competing against all personal auto insurance carriers operating through independent brokers and agents in California for the honor. At last year's gala, Infinity was honored with the "Community Advocate of the Year" award given to insurance professionals who have made significant and important contributions to the community....
All-American Legacy Lives on As Vasser, Moran, Jr. Join GAINSCO Auto Insurance Team at the Rolex 24 at Daytona
Posted 10:45 AM Dec-15-2005
DALLAS, Dec. 14 /PRNewswire-FirstCall/ -- GAINSCO/Blackhawk Racing's assault on the crown jewel of American sports car racing will be powered by four American open-wheelers hungry for a title, as 1996 Champ Car champion Jimmy Vasser and Toyota Atlantic standout Rocky Moran, Jr. will join regular- season drivers Bob Stallings and Alex Gurney behind the wheel of the No. 99 GAINSCO Auto Insurance Pontiac Riley at the 2006 Rolex 24 Hours of Daytona, Jan. 26-29.His father, Rocky Moran, raced for Gurney's team throughout the 1980s and 1990s and helped propel the Gurney Eagle into Victory Lane at the 1993 running of the 24 Hours of Daytona....
Politics in Play on Auto Rates
Posted 10:45 AM Dec-15-2005
Dec. 15--Attorney General Thomas F. Reilly has transformed the regulatory process of setting the auto insurance rate into a referendum of sorts on the Romney administration, but Reilly may win no matter what the outcome. If Insurance Commissioner Julianne M. Bowler sets a rate close to the 18 percent reduction Reilly is seeking, the attorney general can crow about shaving $200 off the state's average premium. If Bowler goes too far in the other direction, Reilly can lambaste her and the Romney administration for caving in to the state's insurers....
Hallmark Financial Services, Inc. Announces Agreement to Acquire Aerospace Holdings, LLC
Posted 10:45 AM Dec-14-2005
FORT WORTH, Texas, Dec. 13 /PRNewswire-FirstCall/ -- Hallmark Financial Services, Inc. today announced that it has executed a definitive agreement to acquire Aerospace Holdings, LLC. Aerospace, through various wholly-owned subsidiaries, including Aerospace Insurance Managers, Inc., markets and services general aviation property and casualty insurance products, with a particular emphasis on private and small commercial aircraft. "We are very pleased to announce the acquisition of Aerospace Holdings, LLC, one of the premier aviation insurance operations in the U. S. today," stated Mark E. Schwarz, Hallmark's President and Chief Executive Officer. Mr. Donnell has over 35 years experience in the general aviation market and leads a seasoned team of underwriters and claim adjusters, most of whom have over 20 years experience and are themselves experienced pilots," Mr. Schwarz continued....
When It Comes to Car Crashes, It's ``About Time'' - Managing The Accident Claims Process Yourself Can Take Days - Now It Takes About 15 Minutes, Thanks to a New Level of Service From Progressive Available to St. Louis Drivers
Posted 10:45 AM Dec-14-2005
More than 12,800 car crashes will happen in Metropolitan St. Louis this year. With the opening of a Bridgeton Service Center, The Progressive Group of Insurance Companies (Progressive), the third largest auto insurance group in the country and in Missouri, is offering drivers the choice of using a re-engineered accident claims repair process that takes only minutes - not days - of their time.With the new "concierge" level of claims service, the driver simply drops off the damaged car at one of Progressive's 24 Service Centers in the U.S. and, in about 15 minutes, can leave the center in a rental car assured that a claims representative will handle the repair process from beginning to end....
OP-ED; Auto Insurers Driving at Undeserved Windfall
Posted 10:45 AM Dec-14-2005
Massachusetts drivers have had it with the outrageously high cost of auto insurance. Because of inaccurate loss projections, each driver unnecessarily paid an extra $100 last year for auto insurance. Year after year, the governor's appointed insurance commissioner sides with auto insurers and overlooks facts that support much-deserved rate cuts....
Auto Insurance Industry Urges Maryland Reforms
Posted 10:45 AM Dec-14-2005
Insurance advocates yesterday urged lawmakers to drop the amount of car insurance Maryland drivers must buy and to allow the state's riskiest drivers to pay for insurance in installments.The recommendations come as a task force examining why auto insurance rates are higher in Prince George's County and Baltimore City prepares to issue recommendations on how to alleviate the problem. Last year more cars were stolen in Prince George's County, about 18,000, than in the entire state of Virginia, about 17,000, according to insurance company Geico. And with more claims landing on the industry's bottom line, Snyder said, Costs equal rates.Officials from the Maryland Automobile Insurance Fund also recommended the state let drivers with MAIF coverage pay their insurance through installment plans....
Randolph Targeted for Auto Insurance Fraud; Successful State Task Force Moves Focus to Suburbia
Posted 10:45 AM Dec-14-2005
RANDOLPH - A crackdown credited with reducing phony accident claims in the state's largest cities has now reached the suburbs.Norfolk County District Attorney William Keating, Randolph Police Chief Paul Porter and the executive director of the Insurance Fraud Bureau of Massachusetts, Daniel Johnston, launched a new task force yesterday that will investigate bogus insurance claims."We want to make sure that the residents of the community are not paying more than they should be for (car) insurance," Keating said....
How Insurance Fraud Costs Us All
Posted 10:45 AM Dec-13-2005
You may think you've never been a victim of fraud, but the fact is all of us are victims of auto insurance fraud because it leads to higher premiums. Experts say to beware of dishonest car owners and auto body shops because they could cost everyone in the long haul.A video report from Allstate (NYSE:ALL)You can reach the story directly by going to http://www.newstream.com/home.aspx?story=31370This multimedia news story is for free and unrestricted use on your news information site (and for print or broadcast too)....
More Choice for New Jersey Business Owners As Progressive Brings Commercial Auto Coverages to the Garden State
Posted 10:45 AM Dec-13-2005
Progressive Corporation (NYSE:PGR):The Progressive Group of Insurance Companies, the third largest commercial auto insurance group in the country, today announced it is now offering commercial auto insurance to New Jersey business owners. This follows the October 3, 2005 announcement that the Group's two brands of private passenger auto insurance - Drive(R) Insurance from Progressive and Progressive Direct(SM) - had become available in the state....
NEWSLINE -BUSINESS; Mall Store Features College Logo Attire
Posted 10:45 AM Dec-13-2005
Specializing in jackets, jerseys and hats branded with more than 350 college logos, the store will employ 80 people, a spokeswoman said. WELLESLEY - Nexus Energy Software Inc., a Wellesley-based firm that develops software for energy companies, has been acquired by Esco Technologies Inc. for $28.5 million.None of the roughly 65 Nexus employees will be laid off or moved as a result of the acquisition, a Nexus spokesman said....
Chicago Tribune Auto Letters Column
Posted 10:45 AM Dec-12-2005
Dec. 11--QUESTION: I've been waiting for a 2006 Honda Civic sedan since mid-October. ANSWER: Yes, the issue is that Honda has more orders than it has cars to fill those orders, which means your problem is a common one--the law of supply and demand. "I'm not sure why the dealer said what he did because there have been no production start-up problems," Honda spokesman Chuck Schifsky said....
Firm to Pay A$69m for AmAssurance Stake
Posted 10:45 AM Dec-12-2005
INSURANCE Australia Group Ltd, Australia's largest car and home insurer,agreed to pay A$69 million (RM199 million) for 30 per cent of AmAssuranceBhd, Malaysia's No....
Police & Courts
Posted 10:45 AM Dec-11-2005
convicted of fraud in auto insurance claimLOCKPORT -- A Niagara County Court jury deliberated for three hours Thursday before convicting a Buffalo man of making a fraudulent auto insurance claim.Hassem told his insurance company that his Mercedes had been vandalized and a compact disc player stolen in the parking lot of Prime Outlets on Military Road, Town of Niagara, Feb. 5....
Inquiry into Pounds 4bn Profits on Loan Cover
Posted 10:45 AM Dec-10-2005
BANKS are being investigated for making huge profits on insurance polices sold alongside credit cards, loans and mortgages. Annual sales of the policies are said to generate premiums of around Pounds 5.4billion. The OFT said yesterday that the banks seem to be profiteering, claiming their 'gross profit margins' are far too high....
AssuranceAmerica Corporation Reports 466% October '05 Profit Increase Over October '04
Posted 10:45 AM Dec-10-2005
Atlanta based AssuranceAmerica Corporation (OTCBB: ASAM.OB), today announced its financial results for October 2005 and the ten months ended October 31, 2005.The Company increased pretax earnings and net income 1,263% for the first ten months of 2005 to $2.0 million, compared with a loss of $175,000, in the same period last year.In announcing October results, Lawrence (Bud) Stumbaugh, President and CEO of AssuranceAmerica Corporation said, "We believe in steadfast and on-going growth of our top and bottom lines, not just the thrill of one or two peak months....
Study Links Drivers, Place of Residence
Posted 10:45 AM Dec-10-2005
SAN FRANCISCO -- Living by a church does wonders for a person's driving record, but drivers who live near a restaurant might want to say an extra prayer before hitting the road, according to the findings of an unusual insurance industry study released Tuesday.The report by Quality Planning Corp., a risk assessment firm owned by the Insurance Services Office, analyzed 15 million auto insurance policies and 2 million claims to map out traffic accidents severe enough to cause property damage.The bottom line: Motorists living within one mile of a restaurant are 30 percent more likely to crash their cars than fellow drivers, according to QPC....
PERSONAL FINANCE : Failing to Shop Around
Posted 10:45 AM Dec-10-2005
Up to 24 million people could be paying over the odds for their home and car insurance because they fail to shop around when renewing their cover. About two-thirds of consumers admit they simply take out a new policy with their existing provider when it is time to renew their insurance without bothering to compare prices, according to market analyst Mintel. Mintel estimates that about 15 million people automatically renew their car insurance without shopping around, while 21 million do the same with their buildings and contents cove...
A.M. Best Upgrades Rating of Peace Hills General Insurance Company
Posted 10:45 AM Dec-09-2005
A.M. Best Co. has upgraded the financial strength rating to B+ (Very Good) from B (Fair) of Peace Hills General Insurance Company (Peace Hills) (Alberta, Canada). The improvement in the company's results has been achieved through controlled growth and sound underwriting which has produced better than average profitability over the last five years. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings....