A New York-based automobile insurer will pay out $992,000 to customers it overcharged and pay a $360,000 fine for improperly imposing a 30% rate hike.

Admiral Group, the parent company of Glen Allen, Va.-based Elephant Insurance, has announced new reinsurance contracts to help expand its new auto insurance operation in the United States.

Hannover Life Reassurance Co. of America, which provides reinsurance for life and health insurance companies, said it has been approved as an accredited reinsurer in New York.