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California Commercial Insurance News
Staffing firm pays $20 million to settle fraud allegation
January 25, 2010
A Bellflower company that provides temporary workers to businesses has agreed to pay $20 million in restitution and penalties in a workers' compensation insurance fraud case brought by California Insurance Commissioner Steve Poizner.
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Expanding Reach, Commercial Insurance Broker Tim Pine opens new Northern California Office
Decemeber 16th, 2010
Commercial Insurance Broker, Tim Pine, has opened an office located in the heart of San Francisco. Tim is a commercial insurance broker for regional independent insurance brokerage, Arroyo Insurance Services. With 11 offices throughout the state having a strong presence in the Bay Area was an obvious place for expansion. "Arroyo Insurance is a great brokerage with over 100 employees servicing clients all over the state.
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California Considers Expanding Electronic Insurance Transactions
By Patricia-Anne Tom
June 16, 2009
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While California's economy nears crisis, with the state Legislature's seeming inability to agree on a budget before the July 1 fiscal deadline, the state Legislature still is
evaluating bills for legislative action, insurance measures included.
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California Commercial Markets Advised by group the Economic Crisis is Reshaping the Commercial Insurance Pricing Cycle
Recession is Affecting Both the Supply of, and Demand for, Insurance Coverage
(BUSINESS WIRE)--Advisen Ltd., the leading provider of exposure information, insurance market data, risk analytics, and workflow technology to commercial insurance executives, today released the findings of important new research into the influence of the global economic crisis on the commercial insurance industry. Commercial insurance follows a boom-and-bust pricing cycle that, conventional wisdom proclaims, is largely uncorrelated with broader economic cycles. But Advisen found that the current recession is different. The severity of the economic crisis will adversely impact both the top lines and bottom lines of commercial insurers, making for a turbulent 2009.
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Why the world's biggest insurance company is still getting
taxpayer funds?
By Jim Puzzanghera March 9, 2009 - AIG is too interconnected to
fail, some experts say. Its ties with other companies, markets and
economies are so numerous that consequences of its collapse are
unforeseeable. To understand why federal officials keep
pumping astronomical sums of money into companies such as insurance
giant American International Group Inc., it might help to take a
high-altitude view of the situation.
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Comment: I am as shocked as many that AIG is in the situation
that they are, they have such a strong insurance division that is
being destroyed by the financial chaos their investments created.
Arroyo Insurance Services Sees Increase New Business
Orange County, CA (PRWEB) January 13, 2009 -- California Businesses
are facing a lot of challenges in the current economic environment,
and one of the biggest challenges is maintaining their various
insurance policies while still staying in the black. The first days
of 2009 have shown that many businesses are actively shopping to
make sure they are receiving the best possible value. Arroyo
Insurance Services offers California businesses access to over 50 A+
rated insurance carriers for a wide range of insurance policies
including worker's compensation, business auto insurance, and
general liability. Arroyo Insurance Services has $120 million in
written premium and can help businesses that are looking to save on
insurance costs while still getting the best coverage.
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Comment: This is a PR release I dropped
in early January about new business and some trends we are seeing.
California Public Sector Reports Explosion in Workers Compensation,
Liability Claims
Deecember 1, 2008 -
Liability and workers compensation claims against the public sector
are multiplying at an unprecedented pace, according to a report from
a tracking database maintained by a risk management research
organization.
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Comment: Does this have anything to do with the state of out economy
as people look for easy ways to defraud our California State public
entities?
California Deploys Enforcement Officers in Santa Barbara
November 24, 2008 -
California Insurance Commissioner Steve Poizner has activated a
disaster fraud task force in Santa Barbara, which includes the
California Department of Insurance (CDI) Fraud and Investigation
Divisions, the Santa Barbara Police Department, the Santa Barbara
County Sheriff's Office, the Santa Barbara County District
Attorney's Office, and the California Contractors State License
Board.
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Comment: This is a good step in the right direction, we just need
more enforcement to clean up the bad seeds.
Insurance Company News
News:
IA.M. Best Affirms Ratings of Travelers Insurance
Company Limited
OLDWICK, N.J., NOVEMBER 17, 2008 -
A.M. Best Co. has affirmed the financial strength rating
of A (Excellent) and issuer credit rating (ICR) of "a+"
of Travelers Insurance Company Limited (TIC) (United
Kingdom). The outlook for both ratings remains stable.
The ratings continue to reflect TIC's excellent
risk-adjusted capitalization and operating performance
as well as its strong UK business profile. The ratings
also factor explicit parental support in the form of a
guarantee in respect of all TIC's liabilities provided
by St. Paul Fire and Marine Insurance Company, a
subsidiary of TIC's ultimate parent, The Travelers
Companies, Inc.
Read More...
AIG Cuts Jobs, Drops Name From Auto Insurer It Wants to
Sell
NEW YORK, Nov 25, 2008 (A. M. Best via COMTEX) American
International Group Inc. has cut jobs at and is taking
its name off of an auto insurance unit that is part of
the assets the insurer is trying to sell, the company
said.
AIG Direct will be rebranded as 21st Century Insurance,
the name it had before AIG bought out the company last
year, said AIG spokesman Nicholas Ashooh.
Read more...
OLDWICK, N.J.,
NOVEMBER 10, 2008
A.M. Best Co. has affirmed the financial strength
ratings (FSR) and issuer credit ratings (ICR) of the
insurance subsidiaries of American International
Group, Inc. (AIG) (New York, NY). In addition, A.M.
Best has affirmed the ICR of "bbb" of AIG. All the above
ratings have been assigned a negative outlook.
Read more...
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We help our clients reduce expenses while maintaining or improving
their over all insurance coverage.
- Average Reduction in Premium 10-20%
- We work for you
- Reduce time managing insurance programs
- Identify Coverage gaps
- Risk analysis
Contact us
Why work with Timothy R. Pine Insurance Services:
- 3 Generations of Insurance Experience
- Choice -Admitted A Rated Carriers
- Dedicated account manager
- 4 Hour turn around on certificates
- Loss prevention program
- Workers Comp Claims Management
- Personalized Risk Assessment
- 98% Client Retention rate
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