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North America

Month: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
  • September 2010

    AIG hires 11 bookrunners for AIA listing 03 September 2010

    American International Group has appointed 11 bookrunners for its pan-Asian life insurance unit’s IPO, The Wall Street Journal reports.

  • Insurance regulators hire BlackRock 03 September 2010

    The National Association of Insurance Commissioners in the US has appointed BlackRock to evaluate commercial mortgage holdings for the insurance industry.

  • Title premium insurance drops in Q2: Alta 03 September 2010

    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).

  • AIG applies for AIA IPO 02 September 2010

    American International Group has filed an application with the Hong Kong Stock Exchange to list its Asian life insurance unit, AIA, reports Reuters.

  • Evacuations as weakened Earl nears North Carolina 02 September 2010

    Hurricane Earl weakened slightly to a Category 3 storm on Thursday as it approached the North Carolina Coast, reports Reuters.

  • FEATURE: Murky waters 02 September 2010

    It looks as though only time will pull the marine insurance out of stable but competitive waters as the global economy gradually heals itself.

  • Low premiums to expose reinsurers: Fitch 02 September 2010

    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.

  • QBE subsidiary acquires US specialty firm 02 September 2010

    Sterling National Corporation, a subsidiary of Australian insurance firm QBE, has acquired Seattle Specialty Insurance Services.

  • Brown & Brown acquires advocacy services 01 September 2010

    US broker Brown & Brown has acquired all the assets of Crowe Paradis and two related entities.

  • Buyers step forward for AIG’s Nan Shan unit 01 September 2010

    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.

  • Gallagher acquires employee benefits broker 01 September 2010

    Arthur J Gallagher & Co, the international insurance brokerage and risk management services firm, has acquired Old Greenwich Consulting Group located in New York.

  • Losses from Earl between $50m and $150m 01 September 2010

    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.

  • Presidential Life names chief actuary 01 September 2010

    Presidential Life has appointed Duncan Szeto as the new chief actuary of its operating unit, Presidential Life Insurance.

  • Swiss Re to repay Berkshire investment 01 September 2010

    European reinsurer Swiss Re is planning to repay investments from Berkshire Hathaway, Bloomberg reports.

  • August 2010

    AM Best revises Ameriprise ratings 31 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.

  • CNA names business development head 31 August 2010

    CNA has appointed Jerry Williams as assistant vice president of business development.

  • Former Aon VP sets up new firm 31 August 2010

    A former senior vice president at brokerage firm Aon Corporation has set up a new firm called Benefits & Risk Solutions.

  • Hurricane Earl could clip US east coast 31 August 2010

    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.

  • Manulife to issue $9.4bn securities 31 August 2010

    Canada-based Manulife Financial is offering a mixed shelf of up to $9.4bn of securities in Canada and the US, Reuters reports.

  • Regulators derail AIG’s Nan Shan deal 31 August 2010

    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.

  • Taiwan to assess $2.15bn bid for Nan Shan 31 August 2010

    Taiwan will review an offer for Nan Shan this week, The Wall Street Journal reports.

  • The Hartford names medical director 31 August 2010

    US insurance and wealth management company The Hartford has named Dr David Williams medical director of its individual life Insurance division.

  • Debate over Stanford legal fees heats up 30 August 2010

    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.

  • Earl to intensify and pass by US east coast 30 August 2010

    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.

  • Marsh hires multinational client service head 30 August 2010

    Marsh, the global insurance broker and risk advisor, has appointed Jay Sharma as multinational client service director.

  • US P/C insurers' earnings down, capital solid 30 August 2010

    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.

  • US reinsurer H1 premiums fall, but income rises 30 August 2010

    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.

  • Workers' comp premiums rise in California 30 August 2010

    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.

  • AIG scraps strategic stake plan for AIA 27 August 2010

    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.

  • Convergence Quarterly: Q2 ILS activity 27 August 2010

    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.

  • Danielle now a hurricane, Earl to become one 27 August 2010

    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.

  • Ex-AIG chief Greenberg settles investors’ suit 27 August 2010

    Hank Greenberg, former AIG CEO, has settled lawsuits alleging he deceived investors while managing the insurer, Bloomberg reports.

  • Manulife, Ace eye NY Life Asian assets 27 August 2010

    Manulife Financial and Switzerland’s Ace are among potential buyers for New York Life Insurance’s Asian assets, Reuters reports.

  • Private equity firms review Transamerica sale 27 August 2010

    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.

  • Aetna raises $750m in note sale 25 August 2010

    Aetna has raised $750m in a sale of 10-year notes, The Wall Street Journal reports.

  • CNA adds commercial underwriting officer 25 August 2010

    CNA has appointed James Stegemiller as commercial underwriting officer for San Francisco.

  • MetLife, Alico deal gets EU nod 25 August 2010

    European Union regulators have approved MetLife’s $15.5bn acquisition of American Life Insurance (Alico) and Delaware American Life Insurance.

  • Q2 results impressive despite challenges: analyst 25 August 2010

    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.

  • Stanford’s D&O policy scrutinised in court 25 August 2010

    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.

  • Swiss asset manager unveils cat bond index 25 August 2010

    Swiss asset manager, Alternative Beta Partners, has unveiled a securities cat bond index, Reuters reports.

  • Travelers wins $262.3m in asbestos case 25 August 2010

    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.

  • Danielle becomes second hurricane of season 24 August 2010

    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.

  • Eastern unveils CEO succession plan 24 August 2010

    US insurer Eastern Insurance Holdings has unveiled its succession plan for the CEO role.

  • AIG uses ILFC repayment to reduce Fed debt 23 August 2010

    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.

  • Axa fraud suit against AIG dismissed: report 23 August 2010

    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.

  • Beazley expands environmental liability team 23 August 2010

    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.

  • Brokers remain solid despite challenges: Moody’s 23 August 2010

    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.

  • Fed plans to cut AIG credit line by $3.6bn 23 August 2010

    The Federal Reserve is planning to lower American International Group (AIG)’s credit line by around $3.6bn, Bloomberg reports.

  • ILS market thrives, provides 13% return: Aon 23 August 2010

    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.

  • Tropical storm forms in Atlantic 23 August 2010

    The US National Hurricane Centre has said that the Tropical Storm Danielle may become a hurricane by the night of Tuesday August 24.

  • Allianz names special investigations head 20 August 2010

    Allianz Life Insurance Company of North America has appointed Marty Vanderzanden as director of Special Investigations.

  • BP seeks to limit claims and market exposure 20 August 2010

    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.

  • FEATURE: Sitting on a tiny reserving cushion 20 August 2010

    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.

  • PMA appoints finance chief 20 August 2010

    PMA Capital has appointed John Cochrane as its senior vice president and CFO.

  • Aon to sell $1.5bn notes 19 August 2010

    Aon, the world’s largest insurance brokerage firm, is planning to issue $1.5bn of senior notes, Bloomberg reports.

  • Court ruling re-opens broker bid-rigging debate 19 August 2010

    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.

  • Nat cats could cost Caribbean 9% of GDP 19 August 2010

    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

  • AIG preparing first bond sale since bailout 18 August 2010

    AIG is preparing for its first debt offering since the troubled insurer nearly went under during the financial crisis, reports the Wall Street Journal.

  • Aon Benfield launches ILS indices 18 August 2010

    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.

  • Hartford names consumer markets president 18 August 2010

    US insurer Hartford Financial Services Group has named Andy Napoli as president of consumer markets.

  • ILS issuance likely to surpass 2009: Swiss Re 18 August 2010

    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.

  • Manulife to sell $900m in debt 18 August 2010

    Canadian life insurer Manulife Financial is seeking to raise $900m through a sale of unsecured senior debt notes.

  • NAIC sets dates for US solvency initiative 18 August 2010

    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.

  • ANALYSIS: RSA's “bold move” unlikely to work 17 August 2010

    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.

  • FEATURE: IASB proposes accounting overhaul 17 August 2010

    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.

  • Kingsway Financial posts Q2 results 16 August 2010

    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.

  • Storm system in gulf reorganises 16 August 2010

    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.

  • BP’s D&O insurers on hook for claims 13 August 2010

    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.

  • Florida poll reveals insurance law failures 13 August 2010

    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.

  • Foreign banks benefited from US AIG bailout 13 August 2010

    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.

  • Guy Carpenter boosts global specialties 13 August 2010

    Guy Carpenter & Company has added Erik Manning to the firm’s Global Specialties, which is comprised of marine, energy, aviation, retrocession and Bermuda business.

  • Schwarzenegger opposes workers’ comp hike 13 August 2010

    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.

  • Ace makes Keogh vice-chairman 12 August 2010

    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.

  • AIG begins AIA IPO talks with investors 12 August 2010

    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.

  • COMMENT: A revolutionary holiday reveals lessons for insurers 12 August 2010

    Even when he is on vacation, Reactions’ contributing editor Garry Booth cannot help but think about the implications for the insurance industry.

  • Ironshore launches oil & gas indemnity product 12 August 2010

    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.

  • Navigators adds ex-RSA chief to board 12 August 2010

    The Navigators Group has appointed Robert Mendelsohn to its board of directors.

  • Willis appoints global placement unit MD 12 August 2010

    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.

  • Ace Canada appoints a new CFO 11 August 2010

    Ace Canada, the Canadian-based operating division of the Ace Group, has appointed Bruce Walker as chief financial officer.

  • Aviation outlook deteriorates after losses 11 August 2010

    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.

  • Chinatrust still willing to bid for Nan Shan 11 August 2010

    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.

  • Fortress to buy AIG credit unit 11 August 2010

    Fortress Investment Group has announced it plans to acquire 80% of American International Group’s consumer credit unit.

  • Katrina lessons still felt by the P/C industry 11 August 2010

    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.

  • Lockton hires Principal Financial manager 11 August 2010

    Lockton has appointed Shelly Horwitz as an account executive in the retirement and financial services area, Lockton Investment Advisors and Lockton Financial Advisors.

  • Mondial Assistance names US head 11 August 2010

    Mondial Assistance has appointed Beth Godlin as managing director of Mondial Assistance USA.

  • Moody’s revises ILFC outlook after bond sale 11 August 2010

    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.

  • Tower Group posts Q2 results 11 August 2010

    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.

  • AIG's ILFC to raise $2.5bn 10 August 2010

    International Lease Finance Corporation (ILFC) is planning to raise about $2.5bn of senior secured notes in three parts.

  • ANALYSIS: AIG’s results show signs of stability 10 August 2010

    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.

  • Chartis expands offshore/upstream energy capacity 10 August 2010

    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.

  • Great-West Lifeco raises $485m 10 August 2010

    Great-West Lifeco has raised $485m in a bond sale.

  • RBC seeks buyer for US insurance unit 10 August 2010

    Royal Bank of Canada (RBC) is seeking buyers for its US insurance unit, Bloomberg reports.

  • Berkshire suffers sharp fall in Q2 income 09 August 2010

    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.

  • Captive net income doubled in 2009: AM Best 09 August 2010

    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.

  • Cat bond issuance surges in Q2: Guy Carp 09 August 2010

    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.

  • The Hanover hires liability president from CNA 09 August 2010

    US insurer The Hanover Insurance Group today announced that Gerald Merritt has joined the company as president of its professional liability business.

  • AIG posts $2.7bn loss on Alico costs 06 August 2010

    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.

  • CNA Financial to sell $500m debt 06 August 2010

    CNA Financial is selling $500m of senior notes in a public offering.

  • CNA makes ocean marine appointments 06 August 2010

    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.

  • Harbinger nears Old Mutual US unit buy 06 August 2010

    Harbinger Capital Partners is nearing a deal to acquire the US life insurance unit of Old Mutual, Bloomberg reports.

  • Manulife slumps to $2.4bn loss 06 August 2010

    Manulife Financial has posted a loss of $2.4bn for the second quarter that ended June 30, 2010.

  • Markel posts reduced Q2 income 06 August 2010

    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.

  • Terrorism market won't work without Tria: Aon 06 August 2010

    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.

  • Tropical storm Colin intensifies, targets Bermuda 06 August 2010

    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.

  • AIG Trust and Treasury planning exit strategy 05 August 2010

    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.

  • Allstate reports rise in Q2 results 05 August 2010

    Allstate has reported a $441m operating income increase in the second quarter of 2010 compared to $297m in the same period of 2009.

  • Liberty’s Q2 income falls $48m with cat hit 05 August 2010

    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.

  • London market to gain from Dodd-Frank 05 August 2010

    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.

  • NOAA lowers hurricane forecast, but still high 05 August 2010

    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.

  • PartnerRe net income down in Q2 05 August 2010

    Bermudian reinsurance company PartnerRe has reported net income of $191m for the second quarter, down from $474m in the same quarter last year.

  • Sun Life Financial Q2 results slump 05 August 2010

    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.

  • The Hartford reports “messy” second quarter 05 August 2010

    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.

  • HCC Insurance posts Q2 results 04 August 2010

    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.

  • Halvorson eyes soldiers' insurance rules 03 August 2010

    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.

  • Marsh swings from loss to $236m Q2 profit 03 August 2010

    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.

  • MetLife to offer common stock 03 August 2010

    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.

  • Power market not hardening despite high losses 03 August 2010

    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.

  • XL posts $191.8m Q2 profit 03 August 2010

    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.

  • CNA reports $283m Q2 income 02 August 2010

    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.

  • COMMENT: Dodd-Frank lays groundwork for larger federal role 02 August 2010

    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.

  • Cuomo subpoenas six more life insurers 02 August 2010

    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.

  • Deepwater insured loss $4bn to $6bn: Towers Watson 02 August 2010

    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.

  • NY suit filed for bond reinsurance back out 02 August 2010

    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.

  • Welp to lead Aviva USA’s insurance operations 02 August 2010

    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.

  • July 2010

    AIG’s toxic assets gain value for first time 30 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.

  • Alabama parametric deal may tempt others 30 July 2010

    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.

  • Allianz Life names 11 regional VPs 30 July 2010

    Allianz Life Insurance of North America has appointed 11 regional vice-presidents for Allianz Life Financial Services.

  • Aon reports $153m Q2 income 30 July 2010

    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.

  • Argo expands US professional lines 30 July 2010

    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.

  • Cats dent OneBeacon’s “okay” Q2 results 30 July 2010

    OneBeacon Insurance Group has reported 2010 second quarter net income of $8.6m compared with $134.4m in the same period in 2009.

  • Fairfax raises Q2 income to $325.2m 30 July 2010

    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.

  • Industry coped well with 2009 investment fall 30 July 2010

    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.

  • INTERVIEW: Frank O’Halloran – QBE’s Mr 15% 30 July 2010

    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.

  • W R Berkley names Carolina Casualty CEO 30 July 2010

    W R Berkley has appointed Douglas Powers as president and CEO for Carolina Casualty Insurance. He has replaced William Haines, effective immediately.

  • CIAB appoints senior members, loses one 29 July 2010

    The Council of Insurance Agents and Brokers has announced several staff appointments and the retirement of senior vice-president, Barbara Haugen.

  • Insurance watchdogs to hire CMBS rater 29 July 2010

    US insurance regulators are searching for a firm to assess commercial mortgage-backed securities, Bloomberg reports.

  • Lincoln Financial declares Q2 results 29 July 2010

    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.

  • WellPoint posts $722m net income in Q2 29 July 2010

    WellPoint has received net income of $722.4m in the second quarter 2010 as compared to $693.5m in the second quarter of 2009.

  • GAO study of RRG regulation welcomed 28 July 2010

    A study by the Government Accountability Office into state regulation of risk retention groups has been welcomed by the National Risk Retention Association.

  • Offshore energy costs to increase "modestly" 28 July 2010

    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.

  • Oil rig legal costs could be costliest ever 28 July 2010

    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.

  • QBE hires A&H underwriting leader 28 July 2010

    Australian insurer QBE has appointed Steven Gransbury underwriting leader for its Specialty Accident & Health Division.

  • Willis posts $89m Q2 income 28 July 2010

    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.

  • Ace Q2 profit increases 27 July 2010

    US insurer Ace today reported net income for the second quarter of $677m, compared with $535m in the same period last year.

  • Axa unit names financial protection head 27 July 2010

    Axa Equitable Life Insurance has appointed David O’Leary as its executive vice-president .

  • Cats worsen gloomy results for US insurers 27 July 2010

    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.

  • Citizens seeks 10% rate hike approval 27 July 2010

    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.

  • Gallagher posts $44m Q2 profit 27 July 2010

    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.

  • Marsh boosts multinational client services 27 July 2010

    Insurance broker Marsh has appointed Elizabeth Demaret as managing director and multinational client service director.

  • RenRe’s Q2 profit falls 27 July 2010

    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.

  • RGA posts dip in Q2 profit 27 July 2010

    Reinsurance Group of America (RGA) received net income of $127m in the second quarter of 2010 as compared to $153.2m in 2009.

  • Rhode Island reviewing run-off breakthrough 27 July 2010

    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.

  • Swiss Re to provide Alabama state cat cover 27 July 2010

    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.

  • Toa Re America gets credit rating upgrade 27 July 2010

    AM Best has affirmed the financial strength rating of A+ and issuer credit rating of “aa-” of The Toa Reinsurance Company in Japan.

  • Verisk rolls out catastrophe index 27 July 2010

    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.

  • CEA voices concerns over US tax proposals 26 July 2010

    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.

  • FBR cuts Allstate’s Q2 profit estimate 26 July 2010

    FBR Capital Markets has reduced the second quarter profit of U.S. home and auto insurer, Allstate, by more than half, Bloomberg reports.

  • Goldman bought AIG protection from Citi 26 July 2010

    Citigroup and JPMorgan Chase, along with other banks, sold protection to Goldman Sachs against a failure of AIG, Bloomberg reports.

  • Guy Carpenter files suit against Lockton Re 26 July 2010

    Guy Carpenter files suit against Lockton Re arising from a dispute over brokerage fees for placing reinsurance coverage, according to law firm.

  • Navigators expands environmental cover 26 July 2010

    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.

  • Transatlantic posts $111m Q2 profit 26 July 2010

    Transatlantic Holdings, has reported net income of $111m for the second quarter of 2010 compared with $112m for the second quarter of 2009.

  • WR Berkley profit up in Q2 26 July 2010

    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.

  • Concerns rise over Bonnie's effect on oil spill 23 July 2010

    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.

  • Fairfax to raise $200m in share sale 23 July 2010

    Fairfax Financial will sell eight million preferred shares ‘Series G’ worth nearly $200m in Canada to a syndicate of underwriters.

  • MetLife unit buys Allstate legal plans business 23 July 2010

    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.

  • MGIC adds Moody’s economist to board 23 July 2010

    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.

  • Scribbled note ended probe of AIG’s Cassano 23 July 2010

    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.

  • US reform could be a positive: S&P 23 July 2010

    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.

  • Dip in Chubb Q2 income with heavy cat loss 22 July 2010

    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.

  • Fidelity National posts Q2 results 22 July 2010

    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.

  • Namic praises NFIP wind exclusion vote 22 July 2010

    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.

  • Scor gets 19% premium growth at July 1 22 July 2010

    Scor Global’s property/casualty and specialty treaty renewals at end of June have resulted in premium growth of 19% at constant exchange rates.

  • Travelers cuts outlook, Q2 profits down 22 July 2010

    The Travelers Companies has cut its full-year profit outlook by 10 cents after posting a fall in second quarter income.

  • WellPoint unit president exits 22 July 2010

    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.

  • Westcor enters New England 22 July 2010

    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.

  • Aon to take contingent commissions again 21 July 2010

    Insurance broker Aon Corporation has announced it will start receiving contingent commissions again. Rims is not happy with the decision.

  • Aon’s contingents stand "opaque": Willis 21 July 2010

    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”.

  • CNA boosts specialty lines underwriting 21 July 2010

    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.

  • Ironshore enters global space market 21 July 2010

    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.

  • MGIC posts net income for Q2 21 July 2010

    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.

  • PCI urges careful approach on Dodd-Frank 21 July 2010

    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.

  • UnitedHealth posts Q2 results 21 July 2010

    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.

  • Western Provident appoints custodian 21 July 2010

    Western Provident Association (WPA) has appointed Northern Trust to act as its global custodian.

  • German government raises Neal Bill opposition 20 July 2010

    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.

  • Guarantee hires alternative markets underwriter 20 July 2010

    Guarantee Insurance Company has appointed Chris Rhoden as underwriter, alternative markets.

  • Increased mediation trend seen in disputes 20 July 2010

    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.

  • "Endless capacity" reduces US rates 6% in Q2 19 July 2010

    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.

  • AIR releases latest US hurricane model 19 July 2010

    Catastrophe risk modelling firm AIR Worldwide has released its latest US hurricane model, including updates to the hazard and vulnerability components of the model.

  • BofA plans insurance unit sale 19 July 2010

    Bank of America is planning to offload the insurance unit it took over in the purchase of Countrywide Financial, Bloomberg reports.

  • Brokerage M&A trend to continue: Moody’s 19 July 2010

    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.

  • Brown & Brown posts $41.2m Q2 income 19 July 2010

    US insurance brokerage firm Brown & Brown has reported net income for the second quarter of 2010 of $41.2m.

  • COMMENT: Aon sees Red but will fans cry foul? 19 July 2010

    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.

  • Greenlight Capital Re invests in Ensco 19 July 2010

    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.

  • RMS terrorism model updated, losses reduced 19 July 2010

    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%.

  • AIG to pay $725m settlement 16 July 2010

    Ohio attorney general Richard Cordray has announced a $725m securities class action settlement against AIG and certain individual directors and officers.

  • ProSight to buy NYMagic for $230m 16 July 2010

    ProSight Specialty Insurance will buy NYMagic for $230m, The Wall Street Journal reports.

  • Axis forms design & environmental liability unit 15 July 2010

    The insurance arm of Bermudian insurance and reinsurance firm Axis Capital has formed a design professionals and environmental liability unit.

  • BSX tops $1bn in cat bond listings 15 July 2010

    The value of insurance-linked securities (ILS) listed on the Bermuda Stock Exchange (BSX) has reached more than $1bn.

  • CNA transfers $1.6bn of A&E liabilities to Berkshire Hathaway 15 July 2010

    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.

  • Dodd-Frank legislation is passed 15 July 2010

    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.

  • Gallagher organises $500m credit facility 15 July 2010

    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.

  • Golub quits AIG amid spat with Benmosche 15 July 2010

    Harvey Golub, chairman of American International Group (AIG), has quit the US insurer after clashing with CEO Robert Benmosche.

  • Marsh launches global rail practice 15 July 2010

    Insurance broker Marsh has launched a new global rail practice and appointed three industry veterans to lead it.

  • NFIP gets long-term extension 15 July 2010

    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.

  • Sentry appoints Aetna, Liberty veteran 15 July 2010

    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.

  • Ace USA forms renewable energy unit 14 July 2010

    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.

  • Berkshire pulls back on risky E&S policies 14 July 2010

    Berkshire Hathaway scaled back its most unusual and risky insurance policies as prices declined and the company prepared for its biggest acquisition, Bloomberg reports.

  • Crop insurers agree to $6bn subsidy cut 14 July 2010

    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.

  • Essent raises $100m, issues MI policies 14 July 2010

    Essent Guaranty’s parent company, Essent Group, has secured an additional $100m in capital commitments from investors.

  • Markel buys workers' comp insurer for $135m 14 July 2010

    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.

  • Neal bill debated before House subcommittee 14 July 2010

    The US House Ways and Means Select Revenue Measures Subcommittee has held a hearing on the taxation of reinsurance between affiliated entities.

  • Aviva closes a $325m XXX reserve deal 13 July 2010

    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.

  • Credit Suisse seeks Ambac suit dismissal 13 July 2010

    Credit Suisse is urging a New York judge to dismiss an Ambac Financial Group lawsuit related to mortgage-backed securities transactions, Bloomberg reports.

  • Endurance names US professional lines head 13 July 2010

    Endurance Specialty Holdings has hired Gene Mason as senior president and head of professional lines for its US wholesale insurance division.

  • Fairholme boosts AIG, MBIA stakes 13 July 2010

    The investment firm managed by Bruce Berkowitz has increased its share in AIG, Bloomberg reports.

  • Global Indemnity adds Crystal to board 13 July 2010

    Global Indemnity has appointed James Crystal as a director on the board. Crystal is chairman and CEO of insurance brokerage Frank Crystal & Company.

  • Is Lindsay Lohan too risky to insure? 13 July 2010

    Underwriters face a big challenge assessing the risk to a film project that uses celebrities that have got into trouble.

  • McGovern resigns from The Hartford board 13 July 2010

    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.

  • Munich Re realigns US primary platform 13 July 2010

    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.

  • The Hanover estimates $85m Q2 cat loss 13 July 2010

    US property/casualty insurer Hanover Insurance Group has announced estimated second-quarter losses from catastrophes of approximately $85m.

  • Untimely claims reason for payment errors 13 July 2010

    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.

  • US insurers not in the clear on financial reform 13 July 2010

    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.

  • US P/C profits up despite surge in nat cats 13 July 2010

    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.

  • Zurich appoints global marine head 13 July 2010

    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.

  • Berkshire faces $800m writedown in Q2 12 July 2010

    Berkshire Hathaway may post an $800m writedown related to asset drops in the second quarter, a Stifel Nicolaus & Company analyst told Bloomberg.

  • Fireman’s Fund boosts reserves by $301m 12 July 2010

    Fireman’s Fund Insurance has decided to increase its reserves for asbestos and environmental risks.

  • Fitch revises AIG’s outlook to stable 12 July 2010

    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.

  • Liberty Mutual sues Goldman over losses 12 July 2010

    Liberty Mutual Insurance has sued Goldman Sachs for fraudulently misleading it into buying preferred stock of mortgage financier, Fannie Mae, Reuters reports.

  • Moody’s changes Aon outlook to negative 12 July 2010

    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.

  • Allianz Life names advanced markets head 09 July 2010

    Allianz Life Insurance Company of North America has appointed Debra Repya as the new senior director of advanced markets.

  • AM Best affirms TD Re ratings 09 July 2010

    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.

  • Cat bond issued for Massachusetts pool 09 July 2010

    German reinsurance firm Munich Re has completed a catastrophe bond on behalf of the Massachusetts Property Insurance Underwriting Association.

  • Cost of risk dropped 3.1% in 2009: Rims 09 July 2010

    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.

  • NY to hold E&S export list hearing 09 July 2010

    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.

  • Ace appoints overseas p/c president 08 July 2010

    The Ace Group of insurance and reinsurance companies has appointed David Furby as division president, commercial property/casualty, for Ace’s overseas general operations.

  • Ace to join S&P 500 08 July 2010

    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.

  • Aviation losses in first half 10% below average 08 July 2010

    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.

  • Axis gets into international A&H reinsurance 08 July 2010

    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.

  • BofA to advise Aegon on US unit sale 08 July 2010

    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.

  • Guardian Life to buy Lowe stake 08 July 2010

    Guardian Life Insurance Company of America is purchasing a non-controlling interest in Lowe’s investment management subsidiary, Lowe Enterprises Investors.

  • QBE hires ex-Amtrust chief 08 July 2010

    QBE Insurance Group has appointed Robert Byler as president and head of programme business for its Americas division based in New York.

  • Ace appoints six global executives 07 July 2010

    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.

  • Aspen US forms management liability team 07 July 2010

    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.

  • First-half cat events double 10 year average 07 July 2010

    The first half of 2010 natural catastrophe losses have exceeded the total for 2009, according to Munich Re.

  • More Marsh bid-rigging convictions thrown out 07 July 2010

    A US judge has thrown out the bid-rigging convictions of two former Marsh & McLennan Company (MMC) executives, reports Reuters.

  • Soft market persists for US P/C business 07 July 2010

    Ahead of mid-year reinsurance treaty renewals, rates for US property/casualty business continued to decline, according to MarketScout.

  • AIG gets nod for workers’ comp legal action 06 July 2010

    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.

  • Chubb gets approval for new China branch 06 July 2010

    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.

  • June an expensive cat month: Aon Benfield 06 July 2010

    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.

  • Survey reveals risk managers are dissatisfied 06 July 2010

    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.

  • BP asks for $383m from Anadarko, Mitsui Oil 05 July 2010

    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.

  • Connecticut looks into WellPoint breach 05 July 2010

    Connecticut is probing a large security breach that occurred at US health insurer WellPoint, Bloomberg reports.

  • P/C trade groups support House Dodd-Frank bill 05 July 2010

    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.

  • All members of CCRIF renew for 2010/2011 02 July 2010

    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.

  • B&B buys Commonwealth Insurance 02 July 2010

    Brown & Brown of South Carolina has purchased Commonwealth Insurance Group.

  • Benmosche threatens to quit over Golub spat 02 July 2010

    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.

  • Tower buys OneBeacon personal lines unit 02 July 2010

    OneBeacon Insurance Group has completed the sale of its traditional personal lines business to Tower Group.

Poll

How big would insured catastrophe losses this hurricane season have to be to move reinsurance pricing up?

$0-15bn
7%
$15bn-$30bn
12%
$30bn-$50bn
38%
$50bn-$75bn
31%
$75bn-$100bn
7%
>$100bn
5%

Quote

CEOs won’t move prices until they see blood in the street and have the concern that some of it might be theirs.

Tom Bolt, director of underwriting performance at Lloyd’s of London