MARCH STORM LOSS
HARTFORD, Conn. - Travelers Corp. estimated that losses from the winter storm that struck the East and Gulf coasts March 11-14 will total approximately $18 million after taxes and reinsurance recoveries.
Most of Travelers' claims are for wind damage in Alabama, Florida, Georgia and North Carolina. The insurer expects to receive about 13,000 auto, homeowners and commercial property claims.
MASS. RATE HIKE SOUGHT
FOR MALPRACTICE COVER
BOSTON - The Medical Malpractice Joint Underwriting Association in Massachusetts asked for a 7.5 percent hike in malpractice insurance rates for 1994. If approved, it would be the first increase for Massachusetts doctors since 1989.
Richard Moore, president of the Medical Malpractice Association, said the hike is justified, considering the increase in suits filed against doctors and normal inflationary pressures. Some medical societies have already called for reforms in malpractice laws.
The Massachusetts Medical Society's support for the rate hike proposal improves the chances it will be approved by the state. In years past, the doctor's group has requested smaller rate hikes than the association.
RE CAPITAL REPORTS
STAMFORD, Conn. - Re Capital Corp. officials said the company's quarterly dividend increased 17 percent to 7 cents a share from 6 cents a share, to be paid May 18 to shareholders of record.
Officials also announced an annual stockholders meeting on May 19 in Stamford.
Re Capital is a holding company with one operating subsidiary,
Re Capital Reinsurance Corp., a property and casualty reinsurer.
LIFE GROUP TO SPONSOR
'PREMIUM DOLLAR' SHOW
NEW YORK - The American Council of Life Insurance is the newest sponsor of "The Premium Dollar Today," a weekly half hour insurance television show on the USA Network.
The American Council of Life Insurance represents more than 600 life insurance companies. They hold 90 percent of the life insurance in force in the United States and almost 93 percent of the insured pension plan business.
"The Premium Dollar Today" is broadcast every Tuesday from 6 a.m. to 6:30 a.m., Eastern Standard Time.
ACLI joins other sponsors Reliance National, The Society of Chartered Property and Casualty Underwriters, KPMG Peat Marwick Financial Services and the A.M. Best Co.
AIG SUBSIDIARY WINS
NIKKEI BUSINESS AWARD
NEW YORK - Publishers of the Nikkei business newspapers in Japan have awarded American Life Insurance Co., a subsidiary of American International Group Inc., the 1992 Nikkei Financial Daily Award for Creative Excellence for its issuance of Living Benefit Life Insurance policies.
American Life introduced the insurance policy in Japan in 1992. It pays benefits of policyholders who have been diagnosed with certain forms of cancer or who do not recover for more than 60 days after a stroke.
Nikkei newspapers present the annual awards to foreign-owned companies operating in Japan. Its reporters nominated about 10,000 products.