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Tag Archives: insurance

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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More than half of eligible residents sign up on health exchange

ACROSS MISSISSIPPI — New figures show 61,494 Mississippi residents have signed up for private health insurance using a federal government website, out of more than 117,000 who were eligible. The U.S. Department of Health and Human Services yesterday released enrollees in each state between Oct. 1 and March 31. Ninety-four percent of Mississippians who bought coverage on the healthcare.gov website ...

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Chaney orders expansion of efforts to meet storm victims' needs

JACKSON — Commissioner of Insurance and State Fire Marshal Mike Chaney is expanding the efforts of the Mississippi Insurance Department (MID) and State Fire Marshal’s Office in assisting victims of Monday’s storms. Chaney and his staff visited Richland, Pearl, Brandon, Louisville and Tupelo Tuesday to assess damage, and he has ordered extra personnel in place in all areas. “The damage ...

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Chaney drops lawsuit against National Flood Insurance Program

JACKSON — The state of Mississippi’s lawsuit against the National Flood Insurance Program (NFIP) will be withdrawn pending the Federal Emergency Management Agency’s (FEMA) implementation of a new law passed by Congress “intended to alleviate some of the draconian rate increases facing Mississippi homeowners,” Commissioner of Insurance Mike Chaney said. Chaney and the Mississippi Insurance Department filed suit Sept. 26, ...

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Fight between county, insurer over courthouse fire continues

ABERDEEN — A dispute over how much an insurance company owes Webster County for its burned courthouse has moved into federal court. The Webster County Board of Supervisors and Atlantic Specialty Insurance Co. have sued each other, with two separate cases now pending in U.S. District Court in Aberdeen. Officials have said an electrical short sparked the fire that burned ...

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Senators push FEMA to implement flood insurance reform

WASHINGTON, D.C. — U.S. Sens. David Vitter (R-La.), Thad Cochran (R-Miss.) and John Hoeven (R-N.D.) have sent a letter to the Federal Emergency Management Agency (FEMA) Administrator Craig Fugate requesting a meeting to discuss a plan to implement the recently passed flood insurance reform law and reinstating rates as Congress intended. The senators want Fugate to explain why property owners ...

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BancorpSouth buying Louisiana-based insurance firm

TUPELO — BancorpSouth Insurance Services Inc., a subsidiary of BancorpSouth Bank, has, signed a definitive agreement to acquire the assets of Lafayette, La.-based Knox Insurance Group, LLC. The transaction is expected to close immediately.  Financial terms of the pending transaction were not disclosed. “The Knox acquisition gives us an opportunity to meaningfully expand our market share in Southwest Louisiana,” said ...

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