INSURANCE BRIEFS

INSURANCE BRIEFS

A.M. BEST REVIEWS

GUARDIAN RATINGOLDWICK, N.J. - A.M. Best Co. has placed the "B+" (Very Good) Best's Rating of Guardian Insurance Co., Charlotte Amalie, St. Thomas, Virgin Islands, under review with negative implications after Hurricane Marilyn hit the Caribbean islands Sept. 14-18.

Guardian Insurance primarily writes auto physical damage and auto liability, as well as homeowners, monoline property and special multiple peril coverages, and writes exclusively in the Virgin Islands.

Guardian maintains a property catastrophe program placed in the London and Bermuda markets, which protects the company up to $15 million in catastrophe losses.

The rating will remain under review until Best can better evaluate the

financial impact of the hurricane. On June 30, 1995, the company reported $3.5 million in net premiums written and $4.6 million in policyholders' surplus.

EUROPE SEEN MODEL

FOR BANK INTEGRATION

NEW YORK - The integration of banks and insurance, now under way in Europe, will serve as a laboratory for U.S. financial services companies considering similar coalitions, said John Meyerholz, president of the International Insurance Society.

"If and when U.S. banks and insurers merge products and service along the lines of the European models, they will have a huge base of information on how to do it and what are the winning and losing strategies," Mr. Meyerholz told A.M. Best's Annual Insurance Conference.

The integration of banking and insurance, know as "bancassurance" in Europe, is basically a marketing strategy aimed at increasing sales for a bank or an insurance company by selling the product of one through the distribution system of the other, Mr. Meyerholz said.

The International Insurance Society is a nonprofit organization designed to promote international understanding.

NCCI SEEKS DECREASE

IN UTAH COMP COSTS

SALT LAKE CITY, Utah - The National Council on Compensation Insurance proposed an overall workers compensation insurance loss cost decrease of 10.1 percent to the Utah Department of Insurance.

The filing, potentially affecting all workers compensation policyholders, would go into effect Jan. 1, 1996, if the department approves. This is the second straight decrease filed by the NCCI affecting workers compensation costs in Utah.

Loss costs are the portion of workers compensation rates allocated for projected losses in each job category. Individual insurance companies may use this loss cost information in filing their own voluntary market rates with the state insurance department.

NCCI, based in Boca Raton, Fla., is an information company serving the voluntary and involuntary workers compensation market by providing database products, publications and consultation.

COLLEGE OF INSURANCE

SCHOLARSHIP SLOT OPEN

NEW YORK - The College of Insurance here is accepting applications for the 1996 Harold Jackson Scholarship for the study of ocean marine insurance in England.

Established under the will of Harold Jackson, the former president of Wm. H. McGee & Co., the scholarship includes round-trip transportation to London, lodging expenses for up to one month's stay, tuition and fees for a course of study to be determined by the recipient, and an allowance for food and entertainment.

The scholarship is awarded based on the completion of the AMIM 121 insurance examination prepared by the Insurance Institute of America, an application and a 1,000-word report on the origin of classification societies and the role they should play in the maritime community.

For more information, contact Margaret Montano at (212) 962-4111.

INSURANCE WORKERS GO

ON STRIKE IN INDIA

NEW DELHI, India - An unspecified number of workers in the state-owned insurance sector went on a one-day strike Thursday across India demanding higher wages.

The insurance workers, mainly clerical staff, held demonstrations and sit-ins before their offices demanding wages "commensurate with their expectations."