Lowell Man Heading to Prison for Role in Auto-Insurance Scam
Saturday, April 07, 2007
Apr. 6--CAMBRIDGE -- A 22-year-old Lowell man will spend a year behind bars before paying $1,200 in restitution for his part in an auto-insurance fraud scheme. Joseph Hamilton pleaded guilty in Middlesex Superior Court yesterday to two counts each of insurance fraud and larceny over $250, and one count of operating to endanger. On April 21, 2004, Hamilton was involved in a staged accident in which a Volvo, driven by Hamilton, was struck on purpose....

 Insurance Won't Pay for Damage If SUV of Mayor Was Stolen
Friday, April 06, 2007
Janelle Tryjankowski's 14-year-old Ford Ranger is damaged but operable. Neither will see a dime from Mayor Byron W. Brown's insurance company if Allstate investigators determine that, indeed, a thief, and not a member of the mayor's family, drove the mayor's Chevrolet sport utility vehicle into their parked vehicles.The two Canisius College students would be on their own with their own auto insurers -- a tough break for Tryjankowski in particular because she did not carry collision insurance on her older truck....

 Report Released on Use of Occupation and Education As Factors in Determining Rates and Underwriting
Friday, April 06, 2007
TALLAHASSEE, Fla., April 5 /PRNewswire/ -- The Florida Office of Insurance Regulation (Office) today issued a report analyzing the insurance industry's use of occupation and education for the underwriting and rating of auto insurance policies. "Let me be perfectly clear," states Commissioner Kevin McCarty, "this practice is legal under current Florida law. In 2003, the Florida Legislature passed Section 626.9741 severely limiting the use of credit scoring in insurance underwriting after this practice was also shown to disproportionately impact minorities and low-income individuals....

 State Farm Cuts Auto Rates, Pays Dividends
Friday, April 06, 2007
State Farm Mutual Automobile Insurance Co., the largest auto insurer in Kansas, will lower its insurance rates in Kansas 3.6 percent and give $19.8 million in dividends to its policyholders.Although amounts will vary, the average dividend per vehicle in Kansas is $41.Policyholders receiving less than $15 will be credited on their State Farm renewal....

 Holiday Britons 'Getting Better Currency Deals'
Thursday, April 05, 2007
Holiday money for Britons travelling abroad is continuing to stretch further, it has been revealed. And those visiting South Africa are getting the best currency deals compared with a year ago, a survey by the Post Office found. South Africa was one of 12 countries surveyed now having better currency rates for Britons than this time last year....

 Man Pleads Guilty to Fraud Must Pay Back Money in Car-Insurance Scam
Wednesday, April 04, 2007
Apr. 3--CAMBRIDGE -- A Revere man involved in a scheme to defraud insurance companies out of thousands of dollars in one of the Lowell's largest auto-insurance fraud rings in the city's history, must pay restitution and perform community service. Prosecutors allege that on three separate dates -- April 21, 2004 in Lowell, May 21, 2004 in Tyngsboro, and May 24, 2004 in Bedford -- Eric Bonnette was involved in staging fake accidents to file false insurance claims. Bonnette allegedly worked for two insurance-fraud "runners" -- Mercy Encarncion, 28, and Damaris "Poochy" Matos, 38, both of Worcester -- who recruited three Worcester residents to loan their cars and participate in the staged accidents....

 Insurance Profiling Faces Ban
Wednesday, April 04, 2007
Apr. 3--TALLAHASSEE -- Florida regulators are preparing draft legislation to ban the use of education and occupation in setting auto insurance rates they say leads to higher rates for minorities. For example, some white-collar professionals get better rates, even though some blue-collar laborers tend to have fewer accidents. "Just because something might be legal doesn't make it right," Chief Financial Officer Alex Sink said in response to the report issued Monday....

 Allstate Outlines CEO Pay Package: $24 Million in 2006 for Ex-CEO Liddy
Wednesday, April 04, 2007
Apr. 3--In his last year as Allstate Corp. chief executive, Edward Liddy received a $24 million pay package in 2006, the Northbrook-based insurer disclosed in a regulatory filing Monday. Liddy, who remains chairman, turned over the CEO job last January to President Thomas Wilson, 49, who received a $7.8 million pay package from the home-and-auto insurer. According to a proxy filed with the Securities and Exchange Commission, Liddy, 61, also received a cash bonus of $5.3 million and $108,000 in miscellaneous compensation, which consisted mostly of $79,500 for the personal use of an aircraft and $14,000 for the personal use of Allstate drivers and cars....

 Cochran Caronia Waller Offers Auto Insurance Reserves Study
Wednesday, April 04, 2007
CHICAGO, April 3 /PRNewswire/ -- Cochran Caronia Waller recently issued a research study on auto insurance reserves. Sector deterioration likely: We have changed our outlook on auto insurance stocks to negative based on our analysis of 2006 reserves. Our analysis of auto reserves of the large publicly traded competitors yielded several distinctive themes:...

 Travelers Completes Sale of Mendota Insurance Company to Kingsway Financial Services, Inc.
Tuesday, April 03, 2007
The Travelers Companies, Inc. (NYSE:TRV) announced today that it has completed the sale of Mendota Insurance Company, its non-standard auto insurance unit operating under the Mendota and Mendakota brands, to a subsidiary of Kingsway Financial Services Inc. (TSX:KFS)(NYSE:KFS). The impact of this transaction will not be material to Travelers' ongoing operations. Kingsway has determined to retain all of Mendota's employees in their current locations and the current Mendota management will continue to lead the organization....

 The Commerce Group, Inc. Finalizes Acquisition Of New York Based State-Wide Insurance Company
Tuesday, April 03, 2007
The Commerce Group, Inc. (NYSE:CGI) today announced that it has completed its acquisition of SWICO Enterprises, Ltd., the holding company for Hempstead, New York-based property and casualty insurer State-Wide Insurance Company.About The Commerce Group, Inc.The risk factors referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement made by us or on our behalf....

 High Point Lowers Rates By 10% Effective April 1st
Tuesday, April 03, 2007
RED BANK, N.J., April 2 /PRNewswire/ -- High Point, a leading New Jersey automobile insurer, has recently announced a new 10% discount designed specifically for drivers eligible for its Property and Casualty Insurance Company subsidiary. The new discount is available for New Jersey drivers starting on April 1st, 2007.Now we have found a way to encourage drivers to engage in safe driving behaviors -- and reward them financially for doing so," said High Point President and COO, Jim Tignanelli....

 Businesses May See Savings on Auto Coverage This Year
Monday, April 02, 2007
There are some bargains for businesses this year. It's a good time for businesses to purchase vehicle insurance whether it's for company-owned autos and trucks or liability coverage for employees using their own automobiles."Today, business automobile insurance is very competitive," says Ronnie Tubertini, president and CEO of SouthGroup Insurance and Financial Services, Mississippi's largest privately-owned insurance agency with 180 employees in 17 locations across the state....

 DOWNLOAD ; 1m Hits on TV Ads Website
Sunday, April 01, 2007
FOR those of you who find commercial breaks an irritation it may be hard to be believe, but a new craze is sweeping Britain - watching TV ads on the internet. A website called tellyAds.com has had over a million hits since it was launched a few months ago, and a monthly chart listing the UK's top 20 commercials (below) is being launched this week. Spokeswoman Caroline Ashcroft said: "While many TV viewers regard commercials as an annoying interruption between programmes, others want to watch them again and again....

 Bristol West Announces Select 2.0 in Oklahoma
Saturday, March 31, 2007
DAVIE, Fla., March 26 /PRNewswire-FirstCall/ -- Bristol West Holdings, Inc. today announced that it has begun writing private passenger automobile insurance in Oklahoma. With the addition of Oklahoma, Bristol West now writes insurances in twenty-three states.Jeffrey J. Dailey, Bristol West's Chief Executive Officer, said, "We are very pleased to be able to offer independent agents and insurance consumers in Oklahoma, the 29th largest auto insurance market in the United States, additional choices for their auto insurance needs....

 GAINSCO Reports 4th Quarter and Year 2006 Results
Saturday, March 31, 2007
DALLAS, March 29 /PRNewswire-FirstCall/ -- GAINSCO, INC. today reported net income and net income available to common shareholders for the fourth quarter 2006 of $5.1 million, or $0.21 per common share, basic and diluted (including the favorable impact of a deferred tax benefit, discussed below, of $5.5 million, or $0.23 per share, basic and diluted). This compares to fourth quarter 2005 net income of $5.5 million and net income available to common shareholders of $4.9 million, or $0.23 per common share, basic and diluted (including the favorable impact of a deferred tax benefit of $3.6 million, or $0.17 per share, basic and diluted).For the year ended December 31, 2006, net income was $11.4 million versus $8.9 million for the year ended December 31, 2005....

 EDITORIAL: 'Dirty' Auto Rates? No Thanks
Saturday, March 31, 2007
Mar. 30--Strident calls to scrap Massachusetts' auto insurance system are giving way to a more thoughtful discussion about how to stimulate competition without driving premiums through the roof for young and urban drivers. A recent report by a study group convened in January by Governor Patrick manages to point the way toward reform while maintaining basic protections for the drivers of the state's estimated 4 million private cars. The seven-member study group, chaired by state consumer affairs director Daniel Crane, argues for measured change in the only state where the commissioner of insurance sets the annual rate that all insurers use to calculate premiums....

 Lawmakers Give Old Auto Law New Spin
Friday, March 30, 2007
Mar. 28--TALLAHASSEE -- A Senate insurance committee on Tuesday took the Legislature's first major stab at rewriting the state's mandatory automobile insurance laws. In so doing, the members unanimously passed a bill that manages to irritate just about everybody: doctors, hospitals, lawyers and most auto insurance companies. Insurance chairman Sen. Bill Posey, R-Rockledge, on Tuesday revealed the first major revision, which would allow mandatory no-fault coverage to survive until Jan. 1, 2009....

 Senate Votes to Extend State's No-Fault Law
Friday, March 30, 2007
Mar. 28--Florida's no-fault auto insurance system, set to expire in six months, would remain in place under a plan a state Senate committee approved Tuesday. The Senate Committee on Banking and Insurance voted unanimously to extend Florida's no-fault law, which provides a minimum of $10,000 worth of medical coverage, known as personal injury protection, or PIP, to those injured in auto accidents. Under the bill (SB 1880) approved Tuesday, the law would be reenacted for one more year and could be repealed again on Jan. 1, 2009....

 State Auto Financial Announces Web Cast of 2007 Annual Shareholders Meeting
Friday, March 30, 2007
COLUMBUS, Ohio, March 30, 2007 (PRIME NEWSWIRE) -- State Auto Financial Corporation (Nasdaq:STFC) announced today that the company will host a simultaneous Web cast of its 2007 Annual Shareholders Meeting on Friday, May 4, 2007, beginning at 10:00 a.m. Eastern time. The meeting will last approximately one hour and the slide presentation that is used during the meeting will be available on the company's Web site on the morning of the meeting.To attend the simultaneous Web cast, visit the company's Web site at www.STFC.com....

 No-Fault Injury Coverage Provision Set to Expire Oct. 1
Thursday, March 29, 2007
Mar. 27--The clock is ticking on Florida's no-fault automobile insurance law, with the requirement that all the state's drivers carry mandatory personal injury coverage set to expire Oct. 1. Whether Floridians still will have to carry personal injury protection, or no-fault coverage, will depend on the Legislature, which this week will consider several proposals designed to revise the law and keep it in place, rather than have it disappear later this year. Last year, then-Gov....

 Quality Planning Corporation Expands Senior Management Team
Thursday, March 29, 2007
Quality Planning Corporation (QPC), the Rating Integrity Solutions Company, announced two senior-level management appointments. Vivek Vasudeva joins QPC as vice president, product development and operations; Robert U'Ren has been appointed senior vice president and chief marketing officer. Both will be located in QPC's San Francisco head office and will report to Dr. Raj Bhat, QPC's president....

 Panel: State Shouldn't Set All Auto Rates
Thursday, March 29, 2007
Mar. 27--A study group appointed by Governor Deval Patrick is recommending few major changes in the state's auto insurance system, although the seven-member panel says the state's auto insurers should be given flexibility to partially set at least some of their own rates. Currently, regulators set all rates. "The study group believes that the Massachusetts private passenger automobile insurance market is ailing, and that some form of competitive rating is essential to attract and retain insurers willing to write this line of business," the report said....

 Lawyers Can Help Navigate Personal Injury Claims
Thursday, March 29, 2007
Question: I tripped on some steep concrete steps, and badly injured my knee. Two questions: Am I better off hiring a lawyer rather than doing this myself, and what has to be proven to have a case?The California State Bar has an informative booklet you can read online that answers multiple questions, including: 1) do I have to stop after an accident?...

 No-Fault Law's Fate a Source of Hospital Anxiety Hospitals Fear the Costs of Providing Free Care to the Uninsured; Insurers Celebrate the Law's October Sunset.
Thursday, March 29, 2007
The prospect of an auto insurance law fading into history is triggering financial heartache among Florida hospitals.The hospitals rely on mandatory medical coverage provided by auto insurers to help pay for care provided to accident victims, especially those without health insurance. The Florida No-Fault law, scheduled to expire in October, requires drivers to purchase Personal Injury Protection, which pays up to a maximum of $10,000, regardless of fault, for injuries caused in an automobile crash....