A.M. Best Assigns Ratings to Samsung Vina Insurance Limited
), Pertaining to business development, underwriting, investment, reinsurance capacity and enterprise risk management (ERM). The ratings also acknowledge the company’s solid risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR), the good quality of the underwriting portfolio, a prudent investment practice, a consistent and favorable bottom line and good ERM.SVI continues to report positive net income for fiscal-year 2010, attributable to favorable underwriting and investment results that stems from the good quality of its underwriting book and prudent investment guidelines. A great majority of SVI’s clients are composed of Korean and foreign companies with an international presence. A.M. Best believes SVI will maintain favorable operating income in the near term, emanating from prudent operational guidelines and an expected continuous profit commission income derived from its reinsurers.
Regarding the company’s business plan, which includes consistent profitable operations and no dividend payout policy, A.M. Best anticipates that SVI’s risk-adjusted capitalization will be maintained at a strong level going forward. The management closely monitors the company’s risk-adjusted capitalization and regularly controls the adequacy of the technical reserves and the currency mismatch risk, demonstrating a good ERM practice.
Partially offsetting these positive rating factors are the ownership structure, the increased competition in Vietnam’s non-life insurance industry and the lack of partnerships with non-Korean companies.
SVI is equitably owned by SFM and Vina Re , which compose 95% of gross premiums written. The remaining premium is primarily derived from other foreign companies. The high dependence on the Korean companies could slow down SVI’s growth at the top line if there is any adverse development in the Korean portfolio.
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed.
National Fire And Marine Insurance - News
Law360, New York (August 1, 2011) -- A Nevada federal judge on Thursday denied summary judgment to Assurance Co. of America and other insurers suing National Fire & Marine Insurance Co. for coverage of dozens of suits involving home
The ratings reflect the operational support from SVI's parent companies, Samsung Fire & Marine Insurance Co., Ltd. (SFM) and Vietnam National Reinsurance Corporation ( Vina Re ), pertaining to business development, underwriting, investment,
National Union Fire Insurance Company of Pittsburgh announces a neutral rate change to its other liability occ only and commercial general liability product recall expense coverage endorsement coverage, effective Aug. 8. New Hampshire Insurance Company
The Harleysville event will feature a pre-race memorial ceremony, according to Covolesky. He said the race will start and finish at the insurance company. Jeremy Soles — a former Marine and founder of Team XT.REME, a non-profit support organization
Headquartered in Toronto, Ontario, Granite Claims offers a national presence to the domestic property and casualty insurance industry, with over 300 specialty claims adjusters, marine surveyors and third party administrators coast to coast in Canada.
Insurer Not Covering 1-800 GET THIN Lawsuit - Insurance - Families.com
Insurer Not Covering 1-800 GET THIN Lawsuit
by Jen Thorpe | More from this Blogger
11 Jun 2011 02:44 PM
You may have seen billboards that say 1-800-GET THIN on them. The idea is that if you are interested in getting Lap-Band surgery, you would call that number. The company has been sued for false advertising. Their insurance company, National Fire & Marine Insurance Co., have refused to pay to defend them, because the insurer feels that the surgery company falsely stated information on an application.
The company behind the billboards that say 1-800-GET THIN is, essentially, a weight loss company. The way they help people to lose weight is to provide them with Lap-Band surgery. They are affiliated with Top Surgeons, and also with Beverly Hills Surgery Center.
Lap-Band surgery is a shortened name for Laparoscopic Obesity Surgery. This is something that is designed to help an obese person lose weight. Surgery is done to make a person's stomach much smaller than it would normally be. By "stomach" I mean the actual organ, and not the persons abdomen, waistline, or belly.
A gastric band is placed around the upper part of the stomach, and cinched tight. This forces the person's body to be unable to intake the amount of food that the person could previously eat at one time. Some people find this form of surgery has helped them to lose weight.
However, one thing to keep in mind is that every surgery comes with a certain amount of risk. This is true of Lap-Band surgery as well. A class action law suit was filed by relatives of two women from Southern California who each died just a few days after they received lap-band surgery from clinics that are affiliated with 1-800-GET THIN. The lawsuit involves claims of false advertising, and it, or other lawsuits may involve claims of malpractice.
It is not uncommon for businesses to purchase some form of liability insurance in case they get sued by a customer. The 1-800-GET THIN company had a insurance policy with National Fire & Marine Insurance Co.. In this case, however, the insurer has decided not to cover the legal expenses of the company.
The insurer denied coverage because they say that the companies associated with 1-800 GET THIN falsely stated some information on their insurance application. The insurer said that the application asked the Lap-Band surgery company to verify that none of their affiliated physicians had been "restricted, suspended or revoked within the last five years".
National Fire And Marine Insurance - Bookshelf
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