‘Not as consumer-friendly as we would have liked’
Posted on November 3, 2009 at 8:16 amDirect General on Friday closed — temporarily, it hopes — a number of its Florida stores after seeing a spike in losses it thinks are being caused by fraud.
Direct General spokeswoman Courtney Ryder said the inquiry has been under way “for quite some time,” but the company opted for a rather abrupt closure of its stores after it became concerned that fraud was widespread and customers were being affected.
“Many innocent people are being impacted by fraudulent behavior and the wrongs being committed here,” the company said in a statement. “We don’t want our customers to be among them.”
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Agency to help small biz cover their assets
Posted on October 13, 2009 at 2:47 pm
Nashville agency Zander Insurance has developed a data breach protection product aimed at small and mid-sized businesses.
“Most business owners think that their client and employee information has to be maliciously stolen to have a breach when the simple theft of a computer or paper files can devastate a company’s financial stability and consumer confidence,” says Zander.
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First Acceptance wants options-for-shares swap
Posted on October 6, 2009 at 7:21 amAuto insurer First Acceptance wants its shareholders to approve a new incentive compensation plan that would replace more than 600,000 options that have been underwater for more than two years with restricted shares. The options’ average exercise price is $6.64; the stock (Ticker: FAC) hasn’t been above $5 since September 2007. That’s not good for executive talent retention.
Because of the continued challenging economic environment, we believe the Exchange Options are no longer effective as incentives to motivate and retain the members of our senior management. Furthermore, although the Exchange Options are not likely to be exercised as long as our stock price is lower than the applicable exercise price, the Exchange Options continue to impact our financial statements and have the potential to dilute our stockholders’ interests for up to the full remaining term of the Exchange Options, while delivering little or no retentive or incentive value and no opportunity to recapture value from the associated compensation expense, unless they are surrendered or cancelled.
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Insurance software venture in consulting alliance
Posted on October 5, 2009 at 12:31 pmBrentwood-based Specific Software Solutions has hooked up with a Florida-based workers’ compensation insurance consulting firm to gain access to new agents for its modeling software.
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Brentwood Services unit promotes exec
Posted on September 8, 2009 at 6:48 am
Brentwood Services Administrators, which keeps a close eye on companies’ workers’ comp claims, has promoted Rick Whitten to VP in its client services division. He also will continue to run a Charlotte-based subsidiary.
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Permanent General invests in customer service
Posted on September 3, 2009 at 8:08 amThe Nashville-based auto insurer has signed a contract with Atlanta-based Jacada to streamline its customer service technology.
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AIG boss: We’ll wait till the price is right
Posted on August 28, 2009 at 12:23 pmNew American International Group CEO Robert Benmosche says the insurance giant will take its time selling various divisions — including American General, which employs 1,000 in Brentwood.
“That kind of price talk is ridiculous,” he said, without specifying what he considers a fair price. “I’ve told the government that if we have to sell them right now, we may not be able to pay back what we owe.”
That’s the kind of talk AIG investors have quickly come to like: Shares of the company (TIcker: AIG) have more than tripled since he took the helm less than a month ago.
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First Acceptance jumps
Posted on August 21, 2009 at 12:41 pmThere doesn’t appear to be a real solid reason — auto insurance stocks aren’t that closely correlated to housing sales, are they? — but shares of First Acceptance (Ticker: FAC) are up almost 20 percent on light volume.
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New boss over local AIG unit
Posted on August 20, 2009 at 2:42 pm
The reorganizing American International Group has created a new leadership post for its U.S. life and retirement divisions — which includes Brentwood-based American General Life & Accident — and named 10-year company veteran Jay Wintrob to fill it.
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Insurance jobs moving here
Posted on July 24, 2009 at 11:14 amAllstate is closing a claims center in Mississippi and relocating about 30 jobs to its Nashville regional hub and a center in Kentucky.
SEE ALSO: New leader for local Allstate operations
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Jackson death stings concert promoter
Posted on June 26, 2009 at 10:51 amAEG Live stands to lose as much as $40 million from Michael Jackson’s planned London concert series, says Billboard. Three-quarters of a million people bought tickets for the 50-show run that had been scheduled to start next month and word is AEG didn’t have insurance coverage to cover a potential nonappearance by the late pop icon.
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Insurer’s check in the mail for Noranda
Posted on June 25, 2009 at 8:31 amAluminum producer Noranda will get $44 million to settle some of the claims stemming from a January ice storm that knocked out its large Missouri plant. In its most recent quarterly report, the Franklin-based company has $77 million of coverage. (Search for ‘January 26.’)
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AIG to spin off two more units
Posted on at 8:21 am
The government is trading part of the debt extended to American International Group last fall for preferred equity in two of the insurer’s subsidiaries. AIG plans to take American International Assurance Co. and American Life Insurance Co. public and raise more capital after that. There’s still no word on the future of AIG’s American General division, which employs hundreds in Brentwood.
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AIG boss walking
Posted on May 22, 2009 at 1:05 am
Ed Liddy has told the insurer’s board he is out as soon as his chairman and CEO roles are filled by two different people.
I am proud that we are now implementing this repayment plan. As we all know too well, our pace of success will depend on global economic conditions and financial markets. It is likely to take several years. All of you should have a leadership team committed to a similar time horizon and prepared to carry the plan to completion.
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First Acceptance motors on
Posted on May 11, 2009 at 10:47 pmAuto insurer First Acceptance (Ticker: FAC) continues to tiptoe its way through the recession. Premium volume is way off, but so are costs. In addition, selected price hikes are lifting profits.
We attribute this improvement to the impact of the rate increases taken in early calendar 2008 in Florida, Illinois, Indiana, Texas and South Carolina and the continued improvement in our underwriting and claim handling practices, as well as favorable severity trends most notably in our property damage and physical damage coverages.
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