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September 2010
American International Group has appointed 11 bookrunners for its pan-Asian life insurance unit’s IPO, The Wall Street Journal reports.
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The National Association of Insurance Commissioners in the US has appointed BlackRock to evaluate commercial mortgage holdings for the insurance industry.
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Title insurance premiums written during the second quarter of 2010 dropped 8.5% as compared with the same period a year ago, according to the American Land Title Association (Alta).
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American International Group has filed an application with the Hong Kong Stock Exchange to list its Asian life insurance unit, AIA, reports Reuters.
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Hurricane Earl weakened slightly to a Category 3 storm on Thursday as it approached the North Carolina Coast, reports Reuters.
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It looks as though only time will pull the marine insurance out of stable but competitive waters as the global economy gradually heals itself.
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The reinsurance sector will be exposed to insured loss from the Atlantic storm season as their reserve capital was used to offset low premiums, according to Fitch Ratings, Reuters reports.
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Sterling National Corporation, a subsidiary of Australian insurance firm QBE, has acquired Seattle Specialty Insurance Services.
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US broker Brown & Brown has acquired all the assets of Crowe Paradis and two related entities.
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Taiwan's Fubon Financial has come forward as a possible buyer of American International Group's Taiwan unit after the collapse of a planned $2.2bn sale to a Chinese-led group, reports Reuters.
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Arthur J Gallagher & Co, the international insurance brokerage and risk management services firm, has acquired Old Greenwich Consulting Group located in New York.
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As Hurricane Earl approaches the east coast of the US, AIR Worldwide has estimated that already insured losses from Hurricane Earl’s passage near the northern Leeward Islands earlier this week are between $50m and $150m.
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Presidential Life has appointed Duncan Szeto as the new chief actuary of its operating unit, Presidential Life Insurance.
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European reinsurer Swiss Re is planning to repay investments from Berkshire Hathaway, Bloomberg reports.
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August 2010
AM Best has raised the issuer credit ratings (ICRs) to “a+” from “a” and has also provided the financial strength rating (FSR) of “A” to Ameriprise P&C Companies and its members.
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CNA has appointed Jerry Williams as assistant vice president of business development.
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A former senior vice president at brokerage firm Aon Corporation has set up a new firm called Benefits & Risk Solutions.
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Hurricane Earl is moving up the eastern US seaboard. If its course follows the western most forecasts, Earl could make contact with the US coast this weekend, according to catastrophe modelling firm AIR Worldwide.
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Canada-based Manulife Financial is offering a mixed shelf of up to $9.4bn of securities in Canada and the US, Reuters reports.
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Government officials have rejected the planned $2.15bn sale of American International Group’s Taiwanese life insurance unit, Nan Shan, to a Hong Kong consortium, reports the Wall Street Journal.
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Taiwan will review an offer for Nan Shan this week, The Wall Street Journal reports.
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US insurance and wealth management company The Hartford has named Dr David Williams medical director of its individual life Insurance division.
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The lawyers of Allen Stanford and two accounting executives who worked for him want to distance their clients from the alleged financial wrongdoing insurer Lloyd's of London cites as a reason to void a policy covering their defence fees, reports Reuters.
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Tropical Storm Earl became a hurricane over the weekend and is likely to become a category three hurricane later today, before heading north towards the US East Coast, reports the RMS/Reactions catastrophe centre.
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Marsh, the global insurance broker and risk advisor, has appointed Jay Sharma as multinational client service director.
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Second-quarter 2010 earnings for US publicly traded property/casualty insurers were down, largely as a result of catastrophe losses, but capital positions remain solid, according to Moody's Investors Service.
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Major US property/casualty reinsurers wrote $12.3bn of net premiums during the first half of 2010, a decrease from the $12.8bn net premiums written in the first six months of 2009.
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California workers compensation written premium was around $2.9bn in the first quarter of 2010, approximately 12% above the written premium reported for same period last year.
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American International Group has scrapped plans to sell a strategic stake in its Asian life insurance business ahead of an initial public offering on the Hong Kong stock exchange, AIA, reports Reuters.
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The insurance-linked securities market had an impressive second quarter. It was so good some believe full year cat bond issuance could now beat last year’s total.
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Hurricane Danielle has reached major hurricane status, becoming the most intense storm of the 2010 season, while Tropical Storm Earl is likely to intensify to a hurricane in the next few days, according catastrophe modelling firm Risk Management Solutions.
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Hank Greenberg, former AIG CEO, has settled lawsuits alleging he deceived investors while managing the insurer, Bloomberg reports.
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Manulife Financial and Switzerland’s Ace are among potential buyers for New York Life Insurance’s Asian assets, Reuters reports.
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A number of private equity firms are reviewing the books of Transamerica Reinsurance, which its Dutch parent Aegon has put up for sale, reports the Wall Street Journal.
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Aetna has raised $750m in a sale of 10-year notes, The Wall Street Journal reports.
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CNA has appointed James Stegemiller as commercial underwriting officer for San Francisco.
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European Union regulators have approved MetLife’s $15.5bn acquisition of American Life Insurance (Alico) and Delaware American Life Insurance.
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US-listed property/casualty insurers grew their book values and posted respectable operating earnings per share and returns on equity in the second quarter of 2010, according to a Morgan Stanley review.
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The question of where or not the attorney fees of Allan Stanford and his co-defendants are covered by directors’ and officers’ liability (D&O) insurance is being debated in a three-day US bench trial.
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Swiss asset manager, Alternative Beta Partners, has unveiled a securities cat bond index, Reuters reports.
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New York state judge has awarded US insurer Travelers $262.3m plus interest in a 17-year-old reinsurance asbestos coverage case, the facts of which date back to the late 1940s, reports CNBC.
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The system over the open waters of the Atlantic has strengthened to become Hurricane Danielle – the second hurricane of the 2010 Atlantic season, reports the RMS Catastrophe Centre.
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US insurer Eastern Insurance Holdings has unveiled its succession plan for the CEO role.
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AIG's aircraft leasing unit ILFC has repaid nearly $4bn in debt to its parent, after completing a $4.4bn bond sale to investors on Friday and it is now expected to be able to fund itself. AIG has used the payment to reduce its debt to the Federal Reserve.
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AIG has won the dismissal of a $34.4m judgement in a lawsuit accusing it of fraudulently inducing an Axa affiliate to enter two reinsurance contracts, Reuters reports.
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Beazley, the international specialist insurance businesses, is expanding its environmental liability team on both sides of the Atlantic with the recruitment of two senior underwriters, James Wilkins and Nicholas Pearson.
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The insurance brokerage industry remains financially solid despite the weak US economy and soft commercial property/causality insurance market, according to the Moody's Investors Service Industry Scorecard report.
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The Federal Reserve is planning to lower American International Group (AIG)’s credit line by around $3.6bn, Bloomberg reports.
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Despite a challenging capital markets environment, ILS continue to provide value to sponsors and investors, according to Aon Benfield Securities, the investment banking division of Aon Benfield.
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The US National Hurricane Centre has said that the Tropical Storm Danielle may become a hurricane by the night of Tuesday August 24.
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Allianz Life Insurance Company of North America has appointed Marty Vanderzanden as director of Special Investigations.
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Underwriters and their bosses that fear that they may be liable for claims to arise from the Deepwater oil spill in the Gulf of Mexico will have breathed a sigh of relief if they read the New York Times this week.
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Reserve releases have helped prop up the US property/casualty industry’s results. But releases are running out and a period of reserve deficiencies lies ahead.
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PMA Capital has appointed John Cochrane as its senior vice president and CFO.
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Aon, the world’s largest insurance brokerage firm, is planning to issue $1.5bn of senior notes, Bloomberg reports.
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A federal appeals court has decided to partly restore part of a nationwide class-action lawsuit that accused a large group of insurers and brokers of bid-rigging.
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Climate change could increase the risk of hurricanes and storms in the Caribbean and threaten future development in the region, according to a new study released by the Caribbean Catastrophe Risk Insurance Facility
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AIG is preparing for its first debt offering since the troubled insurer nearly went under during the financial crisis, reports the Wall Street Journal.
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Aon Benfield Securities has announced the launch of the Aon Benfield ILS Indices, which provide a quantitative view of monthly ILS returns since December 2000.
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US insurer Hartford Financial Services Group has named Andy Napoli as president of consumer markets.
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The trend of strong returns for the insurance-linked securities market since the financial crisis has continued in the first half of 2010 and could beat last year in terms of issuance, according to a Swiss Re ILS market update.
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Canadian life insurer Manulife Financial is seeking to raise $900m through a sale of unsecured senior debt notes.
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The NAIC's Solvency Modernisation Initiative Task Force has released an updated SMI Roadmap during its Summer National Meeting in Seattle, Reactions’ sister website Insurance Capital Risk reports.
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Aviva and analysts alike do not believe the value of the offer adequately recognises the fact that Aviva is a leading general insurance business in the UK and Ireland, and the number two player in Canada.
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The overhaul of accounting standard proposed in the IASB’s recent exposure draft would be a pain for insurers to comply with. But the benefits outweigh the inconvenience.
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Kingsway Financial Services has posted its financial results for the second quarter of 2010. The company’s net loss was $18.5m for the second quarter of 2010 as compared with $38.4m in the second quarter of 2009.
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The remnants of Tropical Depression Five have reorganised after losing strength last week and the system has a 60% change of becoming a tropical cyclone in the next 48 hours, according to catastrophe risk modelling firm AIR Worldwide.
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Chartis, Ace and Zurich, alongside BP’s other directors’ and officers’ liability insurers, could face substantial exposure to claims stemming from the Deepwater Horizon disaster, according to law firm Edwards, Angell, Palmer & Dodge.
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Florida voters believe changes to the insurance laws over the past four years that promised to improve conditions for consumers have failed, with 86% of homeowners believing their homeowners’ insurance situation has either stayed the same or become worse, according to a public poll.
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The US government’s failure to gather information about which countries’ institutions would benefit from some of its rescue actions meant the US bore the brunt of the risk and costs associated with the financial crisis bailout, according to a Congressional Oversight Panel report.
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Guy Carpenter & Company has added Erik Manning to the firm’s Global Specialties, which is comprised of marine, energy, aviation, retrocession and Bermuda business.
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The Workers' Compensation Insurance Rating Bureau of California has submitted a filing to the California Department of Insurance recommending an approximate 29.6% increase in pure premium rates effective January 1 2011.
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US insurer Ace has announced that John Keogh, chairman, insurance – overseas general, has been named to the additional position of vice-chairman, Ace Limited and Ace Group Holdings.
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American International Group (AIG) has begun discussions with potential investors to sell stakes in its Asian life insurance unit AIA in preparation of an initial public offering, Reuters reports.
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Even when he is on vacation, Reactions’ contributing editor Garry Booth cannot help but think about the implications for the insurance industry.
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Ironshore, the broker-sourced specialty commercial property and casualty insurer, has announced that its UK-based Pembroke Syndicate 4000 has introduced a professional indemnity product to provide comprehensive coverages for the oil and gas industry worldwide.
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The Navigators Group has appointed Robert Mendelsohn to its board of directors.
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Willis Group Holdings, the global insurance broker, has appointed Alastair Burns as managing director of its Insurance Facilities Practice, part of Willis Global Placement division that co-ordinates worldwide insurance placement strategy for the benefit of Willis clients.
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Ace Canada, the Canadian-based operating division of the Ace Group, has appointed Bruce Walker as chief financial officer.
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While capacity is still abundant in the aviation market, the string of losses in June and July look set to bring 2010 perilously close to a fourth consecutive year with limited returns for many underwriters, according to Aon.
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Chinatrust Financial Holdings has reiterated that it is willing to buy American International Group’s Taiwan life insurance unit if the joint deal with China Strategic Holdings and Primus falls through, Reuters reports.
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Fortress Investment Group has announced it plans to acquire 80% of American International Group’s consumer credit unit.
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As the fifth anniversary of Hurricane Katrina approaches, the Property Casualty Insurers Association of America has released a white paper that shows the lessons learned from the event continue to have a profound effect on the industry.
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Lockton has appointed Shelly Horwitz as an account executive in the retirement and financial services area, Lockton Investment Advisors and Lockton Financial Advisors.
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Mondial Assistance has appointed Beth Godlin as managing director of Mondial Assistance USA.
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Moody's has assigned a rating of B1 to International Lease Finance Corporation's $500m senior unsecured notes due 2017 and revised the AIG aircraft leasing unit’s outlook to stable from negative.
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Tower Group has reported net income of $28.3m in the second quarter of 2010 as compared with $30.6m in the second quarter of 2009.
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International Lease Finance Corporation (ILFC) is planning to raise about $2.5bn of senior secured notes in three parts.
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AIG's underlying insurance operations show continued signs of stability, which bodes well for the troubled insurer. But analysts remain concerned about the impact of the government’s exit and the company’s recapitalisation efforts.
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Chartis, the property/casualty arm of AIG, today announced an increase in underwriting capacity from the oil rig unit of its global marine and energy division.
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Great-West Lifeco has raised $485m in a bond sale.
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Royal Bank of Canada (RBC) is seeking buyers for its US insurance unit, Bloomberg reports.
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Warren Buffett’s Berkshire Hathaway has reported net earnings of $1.96bn in the second quarter of 2010 compared with $3.30bn in the second quarter of 2009.
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Net income doubled in 2009 over 2008 for a composite of 195 US captive insurers followed by rating agency AM Best, driven by the recovery of the industry’s investments.
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Eight catastrophe bond transactions totalling $2bn in risk capital were completed in the second quarter of 2010, making it the second most active second quarter on record, according to a new report by Guy Carpenter.
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US insurer The Hanover Insurance Group today announced that Gerald Merritt has joined the company as president of its professional liability business.
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American International Group fell to a $2.7bn loss for the second quarter as a result of charges associated with the sale of one of its Asian life insurance units.
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CNA Financial is selling $500m of senior notes in a public offering.
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US insurance firm CNA has announced John Ryszetnyk and Roger Ecoff have joined its ocean marine operation as assistant vice-president and as risk control consulting director, respectively.
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Harbinger Capital Partners is nearing a deal to acquire the US life insurance unit of Old Mutual, Bloomberg reports.
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Manulife Financial has posted a loss of $2.4bn for the second quarter that ended June 30, 2010.
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US insurance firm Markel Corporation has reported net income per share of $2.12 for the quarter ended June 30 2010 compared with $3.34 for the second quarter of 2009.
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Global insurance broker Aon has responded to the US President's Working Group on Financial Markets' request for comment on the long-term availability and affordability of terrorism risk insurance.
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As of Thursday 5 August, Tropical Storm Colin has regenerated over the Atlantic, just over 48 hours after it dissipated as a tropical system, reports the RMS/Reactions Catastrophe centre.
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According to the US Government Accountability Office, the Treasury team that manages the AIG bailout investment has been investigating a number of possible exit strategies but will not employ one until AIG has repaid its debt to the FRBNY.
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Allstate has reported a $441m operating income increase in the second quarter of 2010 compared to $297m in the same period of 2009.
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Liberty Mutual Group has reported net income of $220m for the three months ended June 30 2010, a decrease of $48m from the same period in 2009.
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New changes to financial services legislation in the US will increase business opportunities for the London market and make it easier for companies to insure US risks, believes Dave Matcham, chief executive officer of the International Underwriting Association.
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The National Oceanic and Atmospheric Administration has cut its forecast for hurricane activity in the Atlantic Basin this hurricane season, but is still expected to be very active.
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Bermudian reinsurance company PartnerRe has reported net income of $191m for the second quarter, down from $474m in the same quarter last year.
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Sun Life Financial has received net income of $213m in the second quarter of 2010 as compared to $591m in the second quarter of 2009.
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US insurance firm The Hartford has reported net income of $76m for the second quarter, compared with a net loss of $15m in the same quarter last year.
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HCC Insurance Holdings' net earnings for the second quarter of 2010 were $83.4m as compared with $91.6m during the second quarter of 2009.
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Illinois Democrat Debbie Halvorson is seeking new rules for life insurance firms profiting from accounts holding death benefits from policies of dead US soldiers and veterans, Bloomberg reports.
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Marsh & McLennan Companies (MMC) today reported a second quarter net income of $236m, compared with a loss of $193m in the same period last year.
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MetLife is seeking to sell 75 million shares of common stock to the public. The US insurer is also planning to offer about $3bn in senior debt in several series with varying maturities and interest rates.
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Insurance rates in the power sector are expected to soften further in 2010, despite conditions that would normally foreshadow a hardening market, according to the latest Power Market Review from Willis, a member of Willis Group, the global insurance broker.
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Bermudian insurance and reinsurance company XL Group has reported net income for the second quarter of 2010 of $191.8m, compared with $79.9m for the second quarter of 2009.
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CNA Financial Corporation has reported a net income of $283m in the second quarter of 2010 compared with a net income of $105m in the second quarter of 2009.
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The good news in the recently-passed US financial services reform is that the insurance industry has not been anywhere near as badly swept up in the backlash as some feared. The bad news is, says Reactions' editor Michael Loney, is it will still be a pain for the industry.
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The New York attorney general has subpoenaed six more life insurers to probe into how they make payouts to policy beneficiaries, The Wall Street Journal reports.
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Deepwater Horizon will not be a market-turning event for the property/casualty insurance industry, according to Towers Watson. However, the insurance policies of all parties directly involved are likely to be exhausted and other corporations that were indirectly involved will be targeted.
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A New York monoline bond insurer has filed a lawsuit suit against its reinsurer for backing out of a contract and forcing the insurer to take responsibility for a bond insurance policy after the policy became risky and unprofitable, according to law firm Goldberg Segalla.
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Aviva USA, part of Aviva, the world's fifth largest insurance group, has named Christopher Welp as executive vice-president of insurance operations for the Des Moines-based company.
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July 2010
The Federal Reserve Bank of New York has said that the toxic assets the US government took over from American International Group (AIG) during the financial crisis are gaining value for the first time, the Associated Press reports.
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This week, Swiss Re announced what is says is a first-of-its-kind agreement with the Alabama State Insurance Fund to provide a three-year parametric insurance cover for hurricane exposure. Reactions spoke to Swiss Re to talk about what this means for the state.
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Allianz Life Insurance of North America has appointed 11 regional vice-presidents for Allianz Life Financial Services.
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Global insurance broker Aon Corporation has reported results net income for the second quarter of 2010 of $153m, compared with $149m for the same quarter last year.
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Argo Group US, a subsidiary of Bermuda based Argo Group International Holdings, has announced the formation of its Argo Management Liability platform, an expansion of the company’s management liability and professional lines capabilities.
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OneBeacon Insurance Group has reported 2010 second quarter net income of $8.6m compared with $134.4m in the same period in 2009.
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Canadian insurance firm Fairfax Financial Holdings has announced net earnings of $325.2m in the second quarter of 2010, compared to net earnings of $275.4m in the second quarter of 2009.
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The property/casualty insurance industry has suffered from sharp declines in asset values resulting from weak investment conditions and other difficulties in the financial markets, but generally to a lesser degree than other sectors, according to Standard & Poor's Ratings Services.
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Frank O’Halloran has a tough return target for Australian insurance and reinsurance group QBE and he is not budging, despite stagnant pricing, falling investment returns and first-half catastrophes.
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W R Berkley has appointed Douglas Powers as president and CEO for Carolina Casualty Insurance. He has replaced William Haines, effective immediately.
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The Council of Insurance Agents and Brokers has announced several staff appointments and the retirement of senior vice-president, Barbara Haugen.
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US insurance regulators are searching for a firm to assess commercial mortgage-backed securities, Bloomberg reports.
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Lincoln Financial Group has reported $255m net income for the second quarter of 2010. The US insurance group reported a net loss of $161m in the second quarter of 2009.
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WellPoint has received net income of $722.4m in the second quarter 2010 as compared to $693.5m in the second quarter of 2009.
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A study by the Government Accountability Office into state regulation of risk retention groups has been welcomed by the National Risk Retention Association.
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Large losses sustained in the Gulf of Mexico will not have the same market-changing impact on the upstream energy insurance market as other events such as Hurricane Katrina, according to a new report published by Marsh.
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With such a diverse range of damages and costs, legal experts and attorneys have predicted the Deepwater Horizon disaster could be one of the most drawn-out and costly battles in US legal history, the Associated Press reports.
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Australian insurer QBE has appointed Steven Gransbury underwriting leader for its Specialty Accident & Health Division.
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Willis Group Holdings, the global insurance broker, today reported net income from continuing operations for the second quarter of 2010 of $89m compared with $87m in the same period a year ago.
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US insurer Ace today reported net income for the second quarter of $677m, compared with $535m in the same period last year.
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Axa Equitable Life Insurance has appointed David O’Leary as its executive vice-president .
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Although it is early in the reporting season for US insurance firms second-quarter results, already it can be seen that catastrophe losses are hurting results. Both Chubb and Travelers have reported second-quarter catastrophe losses.
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Floridian homeowners insured by the Citizens Property Insurance will experience an average 10.2% rate hike next year if approved by the Florida Office of Insurance Regulation, reports the Palm Beach post.
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US broker Arthur J Gallagher & Co has reported a 2010 second quarter net earnings of $44.0m compared with $43.8m in the second quarter of 2009.
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Insurance broker Marsh has appointed Elizabeth Demaret as managing director and multinational client service director.
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Bermuda based RenaissanceRe Holdings has reported net income of $210.2m in the second quarter of 2010, compared with net income available $271.2m for the second quarter of 2009.
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Reinsurance Group of America (RGA) received net income of $127m in the second quarter of 2010 as compared to $153.2m in 2009.
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The US state of Rhode Island is reviewing the first-ever proposed discharge and liquidation of obligations of a solvent insurer in the US, according to law firm Morrison & Foerster.
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Global reinsurer Swiss Re has announced a first-of-its-kind agreement with the Alabama State Insurance Fund, to provide a three-year parametric insurance cover for the state's primary catastrophic hurricane exposure.
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AM Best has affirmed the financial strength rating of A+ and issuer credit rating of “aa-” of The Toa Reinsurance Company in Japan.
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Verisk Analytics has launched its Verisk Catastrophe Index. The new service, which will provide highly granular loss estimates of insured property damage after catastrophes, is currently available for US hurricanes.
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The CEA, the European insurance and reinsurance federation, has written to the US House of Representatives to express its concerns over proposals to change the US tax treatment of reinsurance between affiliated entities.
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FBR Capital Markets has reduced the second quarter profit of U.S. home and auto insurer, Allstate, by more than half, Bloomberg reports.
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Citigroup and JPMorgan Chase, along with other banks, sold protection to Goldman Sachs against a failure of AIG, Bloomberg reports.
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Guy Carpenter files suit against Lockton Re arising from a dispute over brokerage fees for placing reinsurance coverage, according to law firm.
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Navigators Management Company, the principal underwriting agency subsidiary of Navigators Group, has introduced an enhanced suite of environmental liability coverage tailored specifically for contractors and consultants.
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Transatlantic Holdings, has reported net income of $111m for the second quarter of 2010 compared with $112m for the second quarter of 2009.
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WR Berkley Corporation has reported net income for the second quarter of 2010 of $110.2m compared with $97.4m for the second quarter of 2009.
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Tropical Storm Bonnie could worsen the environmental toll of the oil spill as it crosses the southern Florida peninsula and enters the Gulf of Mexico early Saturday morning, according to catastrophe risk modelling firm AIR Worldwide.
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Fairfax Financial will sell eight million preferred shares ‘Series G’ worth nearly $200m in Canada to a syndicate of underwriters.
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Hyatt Legal Plans, a subsidiary of MetLife, has bought Allstate’s group legal plans business. The Cleveland-based unit acquired Signature LegalCare for an undisclosed amount.
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MGIC Investment has appointed Mark Zandi to its board of directors. Zandi has joined the firm from Moody’s Analytics, where he was a chief economist.
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A set of scribbled notes helped the head of AIG Financial Products unit avoid prosecution for deceiving investors on the state of AIG’s financial health in the run up to the $182bn US federal bailout in 2008, reports the Wall Street Journal.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act should not have an immediate credit impact on ratings and could even help US insurance/reinsurance companies maintain their competitive positions in the global marketplace, according to S&P.
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US insurance group The Chubb Corporation has reported net income in the second quarter of 2010 of $518m compared with $551m in the second quarter of 2009.
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Fidelity National Financial (FNF) has earned revenues of $1.5bn in the second quarter that ended June 30, 2010, down from $1.56bn in 2009.
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Legislation that would have expanded the National Flood Insurance Program to include wind was pulled from a final vote by the US House of Representatives today.
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Scor Global’s property/casualty and specialty treaty renewals at end of June have resulted in premium growth of 19% at constant exchange rates.
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The Travelers Companies has cut its full-year profit outlook by 10 cents after posting a fall in second quarter income.
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Leslie Margolin has quit from her role at US health insurer, WellPoint, The Wall Street Journal reports. She was acting as the president of the Anthem Blue Cross unit in California.
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Westcor Land Title Insurance (Westcor) has expanded its business to enter the New England market. Chris Strynar will head the team as the regional manager and Harold Clarke will be senior underwriter for New England.
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Insurance broker Aon Corporation has announced it will start receiving contingent commissions again. Rims is not happy with the decision.
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Willis Group Holdings, the global insurance broker, has responded to the announcement by Aon Corporation that it would resume accepting contingent commissions “where appropriate and legally permissible”.
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CNA has named Michael Furlong as vice-president of underwriting for its specialty lines group. He will be responsible for the global insurer’s lawyers professional liability programme.
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The aviation division of Bermuda based insurer Ironshore has entered a treaty reinsurance program with the Starr Group to provide protection against commercial satellite risk.
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MGIC Investment’s net income for the quarter ended June 30, 2010 was $24.6m as compared with a net loss of $339.8m for the same quarter in 2009.
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The Dodd-Frank bill was signed into law today. PCI has urged a careful approach to adding federal oversight to the state-based insurance regulatory system with the creation of a Federal Insurance Office.
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UnitedHealth Group has received revenues of $23.3bn in the second quarter of 2010. The firm reported earnings from operations to be $1.9bn and net earnings to be $1.1bn in the second quarter of 2010.
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Western Provident Association (WPA) has appointed Northern Trust to act as its global custodian.
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The German Ambassador to the US, Klaus Scharioth, has sent a letter to the US House Ways and Means Committee chairman, Sandy Levin, registering the opposition of the German government to the Neal bill.
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Guarantee Insurance Company has appointed Chris Rhoden as underwriter, alternative markets.
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In an era of increasingly frequent, costly and uncertain litigation in the insurance and reinsurance industry, mediation offers a relatively inexpensive way for parties to resolve disputes, according to Katherine Billingham and Peter Scarpato, the CEO and president respectively of the Re/insurance Mediation Institute.
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Excess capacity chasing market share in the commercial property/casualty marketplace has resulted in another quarter of declining renewal pricing, according to the CIAB second-quarter Commercial P/C Market Index Survey.
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Catastrophe risk modelling firm AIR Worldwide has released its latest US hurricane model, including updates to the hazard and vulnerability components of the model.
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Bank of America is planning to offload the insurance unit it took over in the purchase of Countrywide Financial, Bloomberg reports.
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The Aon/Hewitt transaction announced last week is the latest in a long run of acquisitions in the insurance brokerage market. This trend looks set to continue, according to rating agency Moody’s.
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US insurance brokerage firm Brown & Brown has reported net income for the second quarter of 2010 of $41.2m.
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Insurance broker Aon has signed a four year shirt sponsorship deal with Manchester United football club, replacing AIG. Reactions' contributing editor Garry Booth, says he hopes they know what they are doing.
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Ensco has been added by Greenlight Capital Re as one of its six biggest holdings, Bloomberg reports. On June 30, the offshore oil driller joined the list of Greenlight’s biggest investments.
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RMS has updated its US Terrorism Risk Model to include places of worship, and the cities of Dallas in Texas and Jersey City in New Jersey have been upgraded in their threat. Overall, the expected annual insured loss in the US for 2010 was cut by 12%.
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Ohio attorney general Richard Cordray has announced a $725m securities class action settlement against AIG and certain individual directors and officers.
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ProSight Specialty Insurance will buy NYMagic for $230m, The Wall Street Journal reports.
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The insurance arm of Bermudian insurance and reinsurance firm Axis Capital has formed a design professionals and environmental liability unit.
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The value of insurance-linked securities (ILS) listed on the Bermuda Stock Exchange (BSX) has reached more than $1bn.
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CNA Financial has said it has struck an agreement to transfer its legacy asbestos and environmental pollution liabilities to Berkshire Hathaway’s National Indemnity Company.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act financial services regulatory reform legislation has been passed. Trade groups expressed approval of the act, which includes long-awaited surplus lines reform.
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Arthur J Gallagher & Co, an international insurance brokerage and risk management services firm, today announced that it has entered into a $500m unsecured credit facility.
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Harvey Golub, chairman of American International Group (AIG), has quit the US insurer after clashing with CEO Robert Benmosche.
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Insurance broker Marsh has launched a new global rail practice and appointed three industry veterans to lead it.
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The US House has passed the Flood Insurance Reform and Priorities Act of 2010 – legislation that will extend that National Flood Insurance Program for five years.
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Sentry Insurance has appointed Peter McPartland as president and COO, The Business Journal reports. He will be joining in August and will be based in Stevens Point.
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Ace Group’s US-based retail operating division, Ace USA, has set up a specialised underwriting unit to meet the insurance needs of the rapidly developing renewable energy market.
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Berkshire Hathaway scaled back its most unusual and risky insurance policies as prices declined and the company prepared for its biggest acquisition, Bloomberg reports.
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The 16 private insurance companies that participate in a US federal crop insurance programme have agreed to a plan to cut their subsidies by $6bn over the next 10 years.
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Essent Guaranty’s parent company, Essent Group, has secured an additional $100m in capital commitments from investors.
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US specialty insurer Markel Corporation and Aspen Holdings have entered into a definitive agreement for the acquisition by Markel of subsidiary Aspen, a privately held insurance group.
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The US House Ways and Means Select Revenue Measures Subcommittee has held a hearing on the taxation of reinsurance between affiliated entities.
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A $325m reserve financing transaction has closed between two principal life and annuity operating subsidiaries of Aviva USA Corporation and Crédit Agricole Corporate and Investment Bank.
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Credit Suisse is urging a New York judge to dismiss an Ambac Financial Group lawsuit related to mortgage-backed securities transactions, Bloomberg reports.
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Endurance Specialty Holdings has hired Gene Mason as senior president and head of professional lines for its US wholesale insurance division.
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The investment firm managed by Bruce Berkowitz has increased its share in AIG, Bloomberg reports.
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Global Indemnity has appointed James Crystal as a director on the board. Crystal is chairman and CEO of insurance brokerage Frank Crystal & Company.
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Underwriters face a big challenge assessing the risk to a film project that uses celebrities that have got into trouble.
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The Hartford Financial Services Group, the US insurance and wealth management company, has announced that Gail McGovern has decided to resign from The Hartford’s board of directors.
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Munich Re has restructured its US-based specialty primary insurance operations. The German insurer has combined the management teams of Hartford Steam Boiler and the specialty insurance division.
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US property/casualty insurer Hanover Insurance Group has announced estimated second-quarter losses from catastrophes of approximately $85m.
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Industry research conducted by Wolters Kluwer Financial Services has revealed that lateness is the most frequently used reason by insurers for not paying a claim.
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Insurers received a break last month when the US bill “Dodd-Frank Wall Street Reform and Consumer Protection Act” preserved the role of state insurance regulators, but according to Deloitte there are still areas of the act involving consumer protection and measures to “de-risk” the financial system that will have broad implications for insurers.
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The US property/casualty insurance industry’s profits increased to $11.5bn from a loss of $900m in the first quarter of 2010 despite an unusually high level of natural catastrophe losses.
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Zurich in North America, part of the global insurance-based financial services provider Zurich Financial Services Group, has named Sean Dalton head of marine for Global Corporate in North America business unit.
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Berkshire Hathaway may post an $800m writedown related to asset drops in the second quarter, a Stifel Nicolaus & Company analyst told Bloomberg.
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Fireman’s Fund Insurance has decided to increase its reserves for asbestos and environmental risks.
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Fitch Ratings has revised American International Group (AIG)’s rating outlook to stable from evolving, reflecting Fitch's view that AIG's re-structuring plan and improving capital market conditions have increased the strength of the company.
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Liberty Mutual Insurance has sued Goldman Sachs for fraudulently misleading it into buying preferred stock of mortgage financier, Fannie Mae, Reuters reports.
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Moody's has affirmed the Baa2 senior unsecured debt ratings of Aon Corporation and changed the rating outlook to negative from stable following the announcement that Aon plans to acquire the human resource consulting firm Hewitt Associates.
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Allianz Life Insurance Company of North America has appointed Debra Repya as the new senior director of advanced markets.
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AM Best has affirmed the ratings of TD Reinsurance (Barbados). The firm has given the financial strength rating of A and issuer credit rating of a. The outlook of the ratings is stable.
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German reinsurance firm Munich Re has completed a catastrophe bond on behalf of the Massachusetts Property Insurance Underwriting Association.
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The combined impact of lower insurance costs and lower risk management administrative costs led to a 3.1% drop in average total cost of risk (TCOR) per $1,000 of revenue in 2009, according to Rims.
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The New York Insurance Department will hold a public hearing on August 20 to explore the possibility of increasing insurance capacity in New York by easing unauthorised insurers’ access to excess and surplus lines.
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The Ace Group of insurance and reinsurance companies has appointed David Furby as division president, commercial property/casualty, for Ace’s overseas general operations.
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Standard & Poor’s has announced it will add the property/casualty insurer to its S&P 500 stock index after close of trading on July 14, reports Reuters.
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Aviation insurance looks set to deliver strong returns in 2010 for the first time in four years. However the line remains fragile and a single loss could lead to a dramatic change, according to an Aon report.
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Axis Global Accident & Health, a division of Axis Capital Holdings, will now write accident and specialty health reinsurance cover from Ireland and the UK, complementing its existing offerings in the US.
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Aegon has appointed Bank of America as adviser, Reuters reports. The bank will advise the Dutch insurer on the sale of its US reinsurance unit, Transamerica Reinsurance.
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Guardian Life Insurance Company of America is purchasing a non-controlling interest in Lowe’s investment management subsidiary, Lowe Enterprises Investors.
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QBE Insurance Group has appointed Robert Byler as president and head of programme business for its Americas division based in New York.
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The Ace Group of insurance and reinsurance companies has appointed six additional global client executives: Jeff Carr and Shaun Edwards in London, Olivier Roussel in Paris, Wolfgang Ruffert in Frankfurt, Andrea Pearson in Los Angeles and Karen Sawyer in New York.
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Aspen US Insurance has announced the formation of a new management liability team led by Fred Cooper, who will serve as executive vice-president and chief directors’ and officers’ underwriter.
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The first half of 2010 natural catastrophe losses have exceeded the total for 2009, according to Munich Re.
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A US judge has thrown out the bid-rigging convictions of two former Marsh & McLennan Company (MMC) executives, reports Reuters.
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Ahead of mid-year reinsurance treaty renewals, rates for US property/casualty business continued to decline, according to MarketScout.
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A US federal judge has authorised for AIG to pursue a lawsuit that accuses its rivals of illegally conspiring to cause AIG harm in the workers compensation market, Reuters reports.
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The CIRC has granted approval for the China based subsidiary of US insurance group The Chubb Corporation to establish a branch in Nanjing, Jiangsu Province.
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Several flood and severe weather events in China, Brazil, the US, and parts of Central Europe caused billions of dollars of economic losses in June according to an Aon Benfield report.
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US corporate risk managers are reporting a serious and growing detachment between themselves and their insurance brokers and carriers, according to strategy management research firm Greenwich Associates.
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BP, the UK oil company at the heart of the Deepwater Horizon disaster, last month asked Anadarko Petroleum and Mitsui Oil Exploration Company of Japan, to pay $383m out of around $1bn in cleanup costs for the well in May, the New York Times reported.
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Connecticut is probing a large security breach that occurred at US health insurer WellPoint, Bloomberg reports.
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Property/casualty trade groups have praised the passing of the House passage of the “Dodd-Frank” Wall Street Reform and Consumer Protection Act (HR 4173), especially now that the $19bn bank tax, which would have effected the largest p/c companies, has been scrapped.
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All 16 members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their policies for hurricane and earthquake coverage for the 2010/11 year beginning on 1 June – the start of the hurricane season.
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Brown & Brown of South Carolina has purchased Commonwealth Insurance Group.
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Robert Benmosche, American International Group’s (AIG) CEO, has threatened to quit following a deep rift with Harvey Golub, the company’s government controlled chairman, the Wall Street Journal reports.
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OneBeacon Insurance Group has completed the sale of its traditional personal lines business to Tower Group.