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Tag Archives: insurance

A.M. Best gives AmFed a 'B++'; outlook is stable

RIDGELAND — A.M. Best has assigned a financial strength rating of B++ (Good) and the issuer credit ratings of “bbb+” to AmFed National Insurance Company and its 100% reinsured subsidiary, AmFed Casualty Insurance Company, collectively referred to as AmFed Insurance Group. The outlook assigned to these ratings is stable. A.M. Best wrote: “The ratings and outlook reflect AmFed’s sound business ...

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Report: Mississippians pay some of highest car costs in U.S.

ACROSS MISSISSIPPI — Wyoming is the most expensive state to operate a motor vehicle and Iowa is the cheapest, according to a new Bankrate.com report, but Mississippi is not too far behind. Bankrate factored in the annual costs of gasoline, insurance and repairs. In Wyoming, a typical driver spends $2,705 per year to operate his or her vehicle. In Iowa, ...

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Report: Mississippi sees biggest hike in home insurance premiums in U.S.

ACROSS MISSISSIPPI — Average annual home insurance premiums in Mississippi increased 15.5 percent during the second quarter of 2014, the largest hike of any of the 25 states that experienced increases, according to the HomeownersInsurance.com Premium Report. The average climbed to $1,170 a year. Nationally, premiums rose to $829 during the quarter, about 2.1 percent higher than in the first ...

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Report: More than 6.5M U.S. homes at risk for storm surge

MISSISSIPPI GULF COAST  — CoreLogic has released its 2014 storm surge analysis featuring estimates on both the number and reconstruction value of single-family homes exposed to hurricane-driven storm surge risk within the United States. According to the findings, more than 6.5 million homes along the U.S. Atlantic and Gulf coasts are at risk of storm surge inundation, representing nearly $1.5 ...

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Kimberla Little not looking back after career change

Working in human resources was not Kimberla Little’s plan. However, when a door opened for the Jackson native to work for Regions Bank, she took the opportunity and hasn’t looked back, rising to become assistant vice president, human resources for Regions Financial Corporation. “My desire was to establish a career in pharmaceutical sales,” she recalls. “I was working in a ...

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It all changed with Katrina

The first Mississippi coastal wind residual market was created by the Legislature in 1972 stemming from a lack of voluntary market options partially as a result of Hurricane Camille losses incurred in 1969.  The first version covered both fire and wind/hail perils, but the plan was amended in 1987 to include wind and hail only while the voluntary market accepted ...

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A.M. Best upgrades Southern Farm Bureau's ratings

RIDGELAND — A.M. Best has revised the outlook to stable from negative and affirmed the financial strength rating of A+ (Superior) and the issuer credit ratings of “aa-” for the members of Southern Farm Bureau Casualty Group (SFB), namely, Southern Farm Bureau Casualty Insurance Company and its wholly owned subsidiary, Louisiana Farm Bureau Casualty Insurance Company. Both companies are headquartered ...

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Medical Assurance's ratings upgraded by A.M. Best

RIDGELAND — A.M. Best has upgraded the financial strength rating to “A (Excellent)” from “A- (Excellent)” and issuer credit rating to “a” from “a-” of Medical Assurance Company of Mississippi (MACM). The outlook for both ratings has been revised to “stable” from “positive.” A.M. Best wrote: “The ratings of MACM are reflective of its strong risk-adjusted capitalization, its history of ...

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Survey: Losses from late April storms could reach $1B

According to a report from a global reinsurance firm, the late April storm system that caused widespread damage and fatalities in Mississippi and 19 other states could be the world’s first billion-dollar storm of 2014. Impact Forecasting, the catastrophe model development center at Chicago-based Aon Benfield, has released the latest edition of its monthly Global Catastrophe Recap report, which reviews ...

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Chaney asks insurers to work with storm victims

JACKSON — To assist Mississippians struggling to overcome significant losses caused by the recent storms, Commissioner of Insurance Mike Chaney has instructed insurers to work with policyholders in impacted areas regarding payment of premiums. The Mississippi Insurance Department has issued Bulletin 2014-3, effective yesterday, which applies to commercial property, homeowners, dwelling fire and commercial and personal automobile policies. Insurers are ...

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