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December 2009
Ace Group has hired Paul O’Neill as senior vice-president and chief underwriting officer for its North America property and specialty lines division.
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AIG is planning to pay its outgoing general counsel, Anastasia Kelly, several million dollars as severance pay.
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Zurich Financial Services has completed the placing of a $225m catastrophe bond.
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David Disiere, CEO of Dallas-based Deep South Insurance Group, has decided to quit.
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Florida insurer Magnolia Insurance has been put under state supervision.
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Strong reinsurance underwriting profits, a recovery in the global investment markets and a lack of premium growth for primary underwriters have resulted in a disciplined softening of reinsurance pricing in the January 1 2010 renewal season, according to Willis Re.
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The German reinsurer said in a report that losses caused by natural disasters cost the global insurance industry about $22bn this year.
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US insurer PMA Capital Corporation has received regulatory approval from the Pennsylvania Insurance Department for the sale of PMA Capital Insurance Company.
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An Aon Benfield report released today highlights that insurer and reinsurer capital increased greatly from the lows experienced in March 2009, and that the January 1 catastrophe reinsurance renewals were focused on rate decreases in the market’s peak zones of US hurricane and US earthquake.
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US property/casualty insurer United Insurance Holdings has appointed Joseph Peiso as chief financial officer.
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US Risk Insurance Group, the seventh-largest managing general agency and surplus lines wholesaler in the US, has expanded into the specialty reinsurance brokerage marketplace.
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Reinsurers’ nine-month underwriting results were better than expected because of the unusually low level of natural catastrophes in the third quarter, according to the latest edition of the Aon Benfield Aggregate quarterly report.
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AIG has halted moves to sell a stake in its commercial and general insurance operations, which were renamed Chartis this year, according to a report from Reuters.
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AIG will take at least two years to repay the debt it owes to the US government, its chief executive officer Robert Benmosche said in an interview with Financial Times.
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US insurance broker Aon Corporation has announced the launch of Aon Broking.
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Stephen Burke, president of Comcast Cable Communications, has been elected to the board of directors of Berkshire Hathaway.
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US insurer Markel Corporation has announced that Paul Springman, who has been on a leave of absence since late October, has resigned as president and chief operating officer.
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Marsh & McLennan Agency, a subsidiary of insurance broker Marsh, has acquired The NIA Group, one of the largest independent insurance agencies in the north-east US.
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Insured losses from worldwide natural catastrophic events were $20bn with a total economic loss of $58bn, according to a report from reinsurance broker Aon Benfield.
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The Risk and Insurance Management Society has announced that Terry Fleming will be president for the 2010 term, effective January 1.
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US insurer The Travelers Companies has completed a $500m catastrophe bond deal to protect it against hurricanes in the north-east US.
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Private US property/casualty insurers’ net income after taxes was $16.2bn for the first nine months of 2009, up from the $4.4bn in the first nine months of 2008.
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Rating agency Moody’s has affirmed the Baa2 senior debt ratings and A2 insurance financial strength rating of Bermudian insurer and reinsurer XL Capital.
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The investment division of AIG has postponed its $500m sale to Pacific Century, Bloomberg reports.
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AM Best has affirmed the financial strength rating of A, and issuer credit rating of a+ of Zurich Insurance Company, the main operating company of Zurich Financial Services, Switzerland, and its rated subsidiaries.
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China Pacific Insurance has issued $3.1bn in an initial public offering in Hong Kong, Financial Times reports
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Marsh today announced it has reached an agreement to acquire HSBC Insurance Brokers, a subsidiary of HSBC Bank. Marsh will acquire the firm for £135m ($219m).
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Moody's Investors Service has affirmed the credit ratings of The Hartford Financial Services Group, with senior debt rated Baa3, and its main operating subsidiaries, and changed the outlook of the company and its subsidiaries to stable from developing.
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Standard & Poor's has predicted that US insurers are set to start 2010 on stronger footing, but that challenges persist.
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Conseco has raised about $202.4m in a share sale of 45m shares at $4.75 each.
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A two month extension for the NFIP has been passed by the House of Representatives and is expected to be passed by the Senate and signed by US President Barack Obama.
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New York state insurance superintendent James Wrynn has announced that Joseph Fritsch will become deputy superintendent for accounting and international affairs.
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State Farm has agreed to stay in Florida, after negotiations with regulators has allowed the company to raise its rates by 14.8%, ending the insurer’s threat to leave the state.
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XL Capital announced Thursday that Clayton Rose has joined the company's board of directors.
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US-based insurer Farmers Insurance Group, owned by Zurich Financial Services in Switzerland, has named William Walrath as state executive director of Michigan.
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Willis Programs, a unit of Willis Group Holdings, has launched a new insurance programme, which provides professional liability cover to law firms.
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US tort costs increased by 1.1% in 2008, according to a Towers Perrin 2009 report on US tort cost trends.
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Attendees at the annual Casualty Actuarial Society (CAS) meeting have been warned that with or without healthcare reform, changes in the medical landscape will have a big effect on workers compensation insurers – both positive and negative.
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Aflac has priced a $400m senior notes offering. The 30-year senior notes, with a coupon of 6.9%, were issued at a price of 98.951 to yield 6.984%.
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Top American International Group employees continue to struggle financially, having taken big personal losses after the near collapse of the giant insurer last year, chief executive, Robert Benmosche told the Wall Street Journal in an interview.
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Goldman Sachs played a bigger role in fuelling the mortgage bets that crippled AIG than has been publically disclosed, the Wall Street Journal has reported.
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Zurich is preparing to bring a catastrophe bond covering California earthquake risk to market.
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Insurance regulators in the US have allowed accounting principles to be changed to temporarily help insurers to build up their capital and statutory surplus levels, Reuters reports.
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US mortgage insurer PMI Group is seeking regulatory support for new policies because it may not be able to raise money through a share sale, Bloomberg reports.
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Negotiations over executive compensation at AIG have ended with the possible departure of the company’s general counsel, Anastasia Kelly, reports the New York Times.
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Kenneth Feinberg, the special master Troubled Asset Relief Program executive compensation, today released his second round of rulings on executive compensation at bailed-out firms, including American International Group (AIG).
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Arbella Insurance, Massachusetts’s third-largest auto insurer, has appointed two vice-presidents.
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The former CEO of AIG’s real estate division has filed a lawsuit against the insurer, The Wall Street Journal reports.
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Hanover Insurance Group has expanded its share buyback programme by $100m.
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Texas insurance commissioner, Mike Geeslin, has revamped the board of the Texas Windstorm Insurance Association, Houston Chronicle reports.
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CRM holdings, a provider of workers’ compensation products and services, has received a Notice of Imminent Enforcement Action from the New York state office of the attorney general.
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The Colorado State University (CSU)’s Tropical Meteorology Project has today predicted an above-average Atlantic basin tropical cyclone season in 2010 and an above-average probability of US and Caribbean intense hurricane landfall.
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Heffernan Insurance Brokers has named Cecille Feliciano as vice president. Feliciano will join the firm’s Los Angeles office.
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US Treasury Secretary Timothy Geithner has extended the government's $700bn bailout fund until October 3 2010.
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United America Indemnity (UAI) has named Thomas McGeehan as its senior vice-president and chief financial officer.
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Firming prices in property and specialty lines such as D&O helped commercial insurance prices to increase slightly (0.3%) during the third quarter of 2009, according to a Towers Perrin commercial lines insurance pricing survey.
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The International Insurance Society has announced the candidates for the 2010 Insurance Hall of Fame Awards.
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US property, casualty and directors’ and officers’ liability (D&O) rates will continue to stabilise in 2010, according to a report by US broker Aon.
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US insurer Geico is planning to hire more than 150 new associates in its Macon office.
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The Restructuring Mechanisms for Troubled Companies (E) subgroup of the NAIC in the US has unanimously adopted the White Paper on Alternative Mechanisms for Troubled Companies.
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UnitedHealth has won preliminary approval of a $350m settlement in a class action lawsuit.
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Crop insurers are likely to secure fewer state funds under the first draft of a proposal released by the US Department of Agriculture, Bloomberg reports.
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The Ace Group today announced the appointment of Michael Furgueson to president of the multinational client group for Ace overseas general.
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The head of human resources at AIG has left the group, leaving the department weakened during pay negotiations with the US government.
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Aon Risk Services is to acquire Allied North America, one of the largest independent surety and construction insurance brokerage firms in the US.
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US pay czar, Kenneth Feinberg, will exempt some AIG executives from a $500,000 salary limit, after five employees threatened to quit, Bloomberg reports.
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US insurer HCC Insurance Holdings has appointed Judy Bozeman as an independent member of the company’s board of directors.
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The investment exposure of US insurers to bonds of Dubai World and its subsidiaries totals about $590m, says rating agency Moody's in a new report.
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The National Association of Insurance Commissioners (NAIC) has elected its 2010 officers, who will assume their duties following the completion of the winter national meeting on December 8 2009.
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Terry Fleming, the incoming president of the Risk and Insurance Management Society, outlines what his goals are for his term leading the North American risk management trade group in this op-ed piece for Reactions' View From The Top Series.
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The composite rate for property/casualty insurance in the US was down 5% for November 2009, according to a study by MarketScout.
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American International Group has responded to a widely circulated report which claims the group’s loss reserves are deficient.
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Standard & Poor's today rated a cat bond that will cover US insurer Travelers against hurricane risk.
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Assured Guaranty will sell shares worth $499m, the company said in a statement.
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It has been a year to forget for air travelers of a nervous disposition – not to mention aviation underwriters
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California’s insurance commissioner will ask companies doing business in the state to divest about $12bn in indirect investments in Iran’s defence, nuclear, energy and banking industries.
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US insurer OneBeacon Insurance has sold the renewal rights to its non-specialty commercial lines business to The Hanover Insurance Group.
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Pan-American Life Insurance Group has hired Bruce Parker as senior vice-president for its global life insurance business.
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The Independent Insurance Agents & Brokers of New York (IIABNY) has announced that it is prepared to sue the New York State Insurance Department over a regulation rule that would require insurance producers to disclose compensation information to their clients.
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In a letter addressed to the Treasury Secretary and CEO of the Federal Reserve Bank of New York, US Senator Chuck Grassley has demanded to know how taxpayers get a better deal from holding AIG equity instead of debt.
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It has been a roller coaster ride for those in the energy insurance business. Many have found it too exciting – on the buy side as well as the sell side – and have decided to get off.
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The House Financial Services Committee today approved The Financial Stability Improvement Act of 2009 and the Federal Insurance Office Act of 2009.
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US insurer WR Berkley Corporation today announced the appointment of Gillian James to the newly created position of senior vice-president of enterprise risk management, effective December 3 2009.
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The US Senate’s healthcare plan is likely to raise premiums by between 10% and 13% for independent buyers of health insurance by 2016, according to a new report by the US Congressional Budget Office.
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This year was the calmest hurricane year in 12 years, according to the Insurance Information Institute (III).
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US insurer American International Group (AIG) has closed two deals with the Federal Reserve Bank of New York that have reduced the debt AIG owes to the Fed by $25bn.
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November 2009
American International Group’s aviation unit, International Lease Finance (ILFC), may soon receive a bid for half of its business from the head of ILFC and a consortium of private equity investors, reports the Financial Times.
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American International Group’s (AIG) shares dropped on Monday ostensibly as a result of a damning Bernstein Research analysis that claimed AIG’s loss reserves are $11bn deficient and may hinder the company’s ability to repay its debt to the government.
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Cooper Gay has opened an eighth office of its Cooper Gay Risk Services subsidiary in Atlanta, Georgia.
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A survey of reinsurers’ statutory underwriting results conducted by the RAA shows a group of 19 US property-casualty reinsurers wrote $18.7bn of net premiums during the first nine months of 2009.
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American International Group will pay an annual stock salary of $3.5m to its chief financial officer for 2009, and $5.1m to the chief executive of its commercial insurance company.
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American International Group (AIG) has entered into an agreement to settle its disputes with its former chairman Hank Greenberg, its former chief financial officer Howard Smith, C.V. Starr & Company, and Starr International Company.
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William Gallagher Associates (WGA) has appointed Jamie Balboni as its property/casualty practice head.
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Ambac Financial Group’s chief financial officer Sean Leonard is resigning from the firm, the US bond insurer said Tuesday.
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Financial Guaranty Insurance Company (FGIC) has announced that the New York Insurance Department (NYID) ordered FGIC to suspend paying any and all claims effective from November 24.
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The regulation governing no-fault auto insurance needs to be revised to combat abuse and fraud and keep rates from skyrocketing, says insurance superintendent James Wrynn.
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QBE Insurance Corporation and its Florida general managing agent are being sued by a Miami condominium association for more than $500m in damages, claiming bad faith and deception in handling hurricane claims.
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Source: AM Best
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Arthur J Gallagher & Co have announced the acquisition of Shuford Insurance Agency in Concord, North Carolina.
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A Federal judge has ruled that a class action lawsuit brought on behalf of consumers who purchased title insurance in California will move forward, according to law firm Girard Gibbs.
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The Consumer Product Safety Commission (CPSC) has found a strong association between Chinese drywalls, hydrogen sulphide levels in homes, and corrosion of metal within homes, according to a report published Monday.
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After years of fierce criticism, Prem Watsa’s long-term value investing approach has been fully vindicated. His firm Fairfax has made billions from the financial crisis.
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Alan Devlin, analyst for Atlantic Equities, has told Reactions that a tie-up between MMC and HSBC Insurance Brokers would help Marsh close the gap between itself and its closest rival Aon, the largest broker in the UK.
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XL Capital has appointed Myron Hendry to the newly-created position of chief platform officer.
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Warren Buffett’s Berkshire Hathaway has secured a loan of $8bn to help fund its acquisition of railroad Burlington Northern Santa Fe, Bloomberg reports.
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US health insurer Cigna is seeking to expand in China and other international markets, Bloomberg reports.
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Florida insurance commissioner Kevin McCarty has signed an order establishing rate increases for the Citizens Property Insurance high-risk account.
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Reinsurers are coming under fire from cedants amid concerns that the dictatorial practices of the retrocession market are seeping into negotiations.
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AIG has renamed its fund management division before selling the unit to Pacific Century Group.
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Conseco has announced a new agreement under which its Bankers Life and Casualty Company subsidiary will coinsure around 237,000 life insurance policies with Wilton Reassurance Company.
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The insurance industry is the second most likely industry to experience fraud according to PWC’s 2009 Global Economic Crime Survey. Communications and financial services were in first and third place, respectively.
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Ted Devine, president of Aon Risk Services, is leaving the firm to launch a charitable organisation that was founded by a grant from the Aon Foundation.
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American International Group is to have a board meeting next week as a result of Robert Benmosche’s frustration with the Treasury’s involvement in the company, Reuters report.
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A New York judge has dropped the criminal charges against the last of the two former Marsh & McLennan Companies (MMC) executives accused of bid rigging.
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Insurers are facing the threat of stricter regulation, while the debate continues over whether they should be regulated at the federal or the state level.
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US Treasury Secretary Timothy Geithner has defended himself against criticism over the AIG bailout at a Joint Economic Committee hearing on regulatory reform.
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Ironshore Specialty Company, a subsidiary of Ironshore, has tied up with Starr Aviation Agency for Starr to underwrite aviation risk for Ironshore.
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Manulife Financial is planning to raise C$2.5bn ($2.37bn) in a share sale, the second time the Canadian insurer has raised equity this year.
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The National Association of Insurance Commissioners (NAIC) has applauded changes made to the proposed legislation for a Federal Insurance Office (FIO).
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An order by Texas insurance commissioner Mike Geeslin for State Farm Lloyds, an association of underwriters managed by US insurer State Farm, to refund its policyholders $310m for excessive rates has "effectively created another Hurricane Ike for State Farm", according to State Farm spokesperson Kevin Davis.
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Tower Group announced today that William Hitselberger will join the firm in December as senior vice-president and will become chief financial officer as of March 15 2010.
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US Congressman Charlie Melancon has introduced a piece of legislation that would help homeowners with defective Chinese drywalls in their homes by preventing insurers from cancelling or deciding not to renew homeowners’ policies in the affected homes.
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The National Association of Insurance Commissioners has selected PIMCO to assist in the evaluation of residential mortgage-backed securities (RMBS) portfolios.
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The Federal Reserve Bank of New York’s (FRBNY) negotiations with American International Group (AIG)’s counterparties on the issue of payment for insured complex securities have been found lacking, according to a government audit.
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Fidelity Investments and MetLife said Monday they are teaming up to sell variable annuities.
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The marine insurance market continues to face choppy seas in the wake of the global economic crisis, according to the latest Marine Market Review from broker Willis Group Holdings.
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Munich Re America is to release a reinsurance product that will aim to help companies with the rising insured losses from frequent natural catastrophes.
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US insurer Allstate Corporation has announced that Joseph Lacher has been named president of its property/casualty business, Allstate Protection. His position will be effective from November 30 2009.
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US broker Aon has extended the employment contract of president and chief executive officer Gregory Case until April 3 2015.
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Flagstone Re is in the process of placing a $120m cat bond, Reactions has learnt.
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Arch Reinsurance Company, the US reinsurance arm of Bermudian firm Arch Capital, today announced that Tim Olson has been promoted to the position of president and chief executive officer.
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Randall & Quilter Investment Holdings has closed the acquisition of 70.18% in Goldstreet, a US domiciled insurer, from Sequa Corporation.
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Property/casualty insurer Tower Group has acquired Specialty Underwriters Alliance in a deal valued at $107m.
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Aegon Americas has appointed Mark Mullin as CEO and member of its management board. He will replace Pat Baird, who will retire on January 1, 2010.
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Chartis, the property/casualty unit of American International Group, on Thursday rubbished claims by its rivals that it is under-pricing insurance business.
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Warren Buffett, one of the world's most revered investors, said on Thursday the financial panic that gripped the world last year is a thing of the past, even as the US economy's struggles persist.
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Michael McGavick, chief executive officer of XL Capital, has called for property/casualty industry leaders to do more in the fight against unfavourable regulation of the insurance industry.
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Loews and Guardian Life Insurance have sold state and local debt, Bloomberg reports.
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Marsh & McLennan Agency has acquired Texas-based Insurance Alliance.
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Marsh & McLennan Companies has agreed to pay $435m to settle securities and an ERISA class action lawsuit filed in 2004 in the US District Court for the Southern District of New York.
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Brian Duperreault, president and CEO of MMC, today confirmed that the company will continue to announce acquisitions before year end as part of its strategy to acquire high-quality independent agencies in every region of the US.
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Scor has been informed of the final award of the arbitration panel regarding the World Trade Center (WTC) indemnification dispute between Allianz and the French reinsurer.
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Risk modelling firm AIR Worldwide has released a study ranking the losses that insurers would take were historical hurricanes and earthquakes to happen today.
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In an attempt to diffuse speculation he might quit American International Group after just three months as CEO, Robert Benmosche has said he is “totally committed” to the insurer.
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Intact Financial, Canada’s largest property/casualty insurer, said Wednesday it suffered a net loss of C$8m in the third quarter because of higher storm damage claims.
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Allstate Corporation has announced that Andrea Redmond has been elected to its board of directors, starting in January 2010.
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US trade group the American Insurance Association (AIA) has warned that it may oppose sweeping financial regulatory reforms proposed by Senate Banking Committee chairman Christopher Dodd.
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Robert Benmosche has threatened to quit as chief executive of American International Group just three months after taking the job, the Wall Street Journal reports.
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Prudential Financial has increased its annual dividend 21% after recording its third quarterly profit in a row.
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Cool sea surface temperatures and increasing amounts of wind shear over the northern Gulf of Mexico have weakened Hurricane Ida to tropical storm status, RMS/Reactions catastrophe centre reports.
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Rating agency Mood’s has backed American International Group’s ability to repay its Federal Reserve credit line and the majority of the Treasury Department’s investment if financial markets stabilise.
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A united group of property/casualty (P/C) trade associations have hit out against the House passage of the Affordable Health Care for America Act.
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American International Group is seeking to access another $2.1bn from the US Treasury Department, Bloomberg reports.
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Hurricane Ida weakened to a category 1 hurricane as it headed towards important oil and gas facilities in the Gulf of Mexico, RMS/Reactions Catastrophe Centre reports.
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The National Association of Insurance Commissioners (NAIC) has agreed to ignore agency ratings when evaluating holdings of securities tied to home loans.
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MarketScout, an online insurance exchange, reports that average composite US property/casualty (P/C) rates fell by 5%in October. In September 2009, the reduction was 4%, signaling a break in the “moderation trend.”
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Insurers could face a slew of claims related to Chinese drywall emissions, despite a lack of evidence that the emissions are linked to health problems.
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American International Group said Friday that it was profitable for the second consecutive quarter, as the stabilisation of credit markets helped improve results.
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US home and auto insurer Allstate is selling its municipal-bond holdings, Bloomberg reports.
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Warren Buffett’s Berkshire Hathaway has posted net income attributable to Berkshire Hathaway of $3.24bn for the third quarter, up from $1.06bn in the third quarter of last year.
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Citigroup is planning to raise up to $100m through a share sale of its life insurance unit Primerica, as it seeks to sell its non-banking assets.
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In a discussion of federal versus state regulation, Kermitt Brooks, New York State’s deputy superintendent of insurance, has called for partnership not replacement.
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State regulators are hoping for a revival of the New York Insurance Exchange according to New York State deputy superintendent of insurance, Kermitt Brooks. It is hoped the exchange will be launched in 2010.
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Sun Life Financial has reported a third quarter loss of $131.4m.The loss on the Toronto life insurer’s investment portfolio is because of the reserve increases.
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The rehabilitation of AIG, the insurer bailed out by the US government, continued as it posted its second consecutive quarter of profits, helped by the stabilisation of credit markets.
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US insurer Alleghany has reported net income for the third quarter of $50m, compared with a net loss of $4m in the third quarter of last year.
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US home and auto insurer Allstate has reported a third-quarter profit of $221m, as a result of the reduction in the number of storm claims and better investment results.
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Canadian life insurer Manulife has reported a net loss of C$172m ($162m) for the third quarter, compared with net income of C$510m for the third quarter of 2008.
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Bond insurer Ambac Financial Group has announced a 2009 third quarter net income of $2.19bn compared with third quarter net loss of $2.43m in 2008.
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GMAC Financial Services has reported a third quarter net loss of $767m in 2009, compared with a net loss of $2.5bn in the third quarter of 2008.
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Marsh & McLennan Companies said Wednesday it swung to a better-than-expected third-quarter profit amid expense cuts and margin improvement in its risk and insurance services division.
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Phoenix Companies has set up a distribution venture, Saybrus Partners, and has signed an agreement with financial services firm Edward Jones to provide life insurance consulting services.
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Reinsurance Group of America (RGA) is planning to offer nearly $400m of senior unsecured notes in an initial public offering.
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Rating agency Standard & Poor's (S&P) has put the AAA ratings of Warren Buffett's Berkshire Hathaway on credit watch with negative implications, in response to the announcement yesterday that Berkshire is to by Burlington Northern Santa Fe Corporation.
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The board of WR Berkley Corporation has appointed W Robert Berkley as president and chief operating officer.
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A comet or asteroid explosion with a magnitude similar to the one experienced over the Tunguska River in central Siberia in 1908 could cause more than $1trn-worth of damage if it were to occur today over a densely populated area such as New York City, RMS reports.
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Berkshire Hathaway has unveiled a $26bn deal to buy out railroad Burlington Northern Santa Fe Corp.
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US insurers’ loss reserves were adequate at the end of 2008 but the “potential for the market to shift toward a future reserve deficiency is greater now”, rating agency Fitch has said in a new report.
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US insurer The Hartford has reported a net loss of $220m for the third quarter, compared with a $2.63bn loss in the third quarter of 2008.
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US specialty insurer HCC insurance has reported a net income for the third quarter of 2009 of $94m, up from $58m during the third quarter of 2008.
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Canadian state Ontario has outlined changes to its auto insurance regulations under new proposals introduced Monday.
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Bermuda-domiciled specialty insurer and reinsurer Argo group has reported net income of $28m for the third quarter, compared with a $9m loss in the third quarter of last year.
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Warren Buffett’s Berkshire Hathaway has sold 1.15m shares in credit rating agency Moody’s, reducing its stake by 2.9%, according to a filing with the US Securities and Exchange Commission.
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CNA Financial swung back into profit in the third quarter on a narrowing of investment losses and improved investment income.
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State-owned insurer, Citizens Property Insurance, has secured approval to raise homeowner coverage rates by an average of 5.4% in 2010.
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October 2009
Chicago-headquartered broker Aon has reported net income of $120m, compared with $117m for the same period last year.
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US insurer Erie Indemnity has posted net income of $40m for the third quarter, up from $4.2m in the third quarter of last year.
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Namic today commended Congress for including an extension of the National Flood Insurance Program in a continuing resolution, keeping the programme in place until December 18.
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American International Group has recovered as much as $3bn in from banks it given collateral payments, the Wall Street Journal reports.
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Canadian insurance and reinsurance group Fairfax has posted net earnings of $562m in the third quarter, up from $468m in the third quarter of 2008.
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Transatlantic Holdings said Wednesday that it returned to profit for the third-quarter on improved investment returns and minimal catastrophe loss activity.
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Insurers and reinsurers should not overlook the possibility of a strong hurricane making landfall on the north-east US coast, Ming Lee, president and CEO of AIR Worldwide, and Jayanta Guin, AIR’s senior vice-president of research and modeling, told the PCI Reporter.
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Arthur J Gallagher, one of the largest US insurance brokers, has said it plans to slash around 4% of its workforce because of concerns about the market’s operating environment.
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Guy Carpenter is in bullish mood at this year’s PCI meeting. It arrived in Orlando beefed up from its acquisition earlier this year of fellow reinsurance broker Collins.
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Competition is fierce for large account US primary business. Mark Watson, CEO of specialty insurer and reinsurer Argo, says new entrants have been one reason rates have stayed highly competitive.
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Harleysville Mutual Insurance will acquire the Write Your Own (WYO) flood business from Delta Lloyds Insurance of Houston, Texas.
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Liberty Mutual Group joined the ranks of US insurers reporting rising third-quarter profits as a result of the benign US hurricane season after it reported a $259m rise in net income Wednesday.
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In August last year French reinsurer Scor established its Americas hub. The PCI Reporter met up with John Jenkins, Scor’s senior vice-president and treaty manager to see how the US strategy is going.
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Congress is close to a consensus on reform designed to ensure no company is ever again deemed “too big to fail”.
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William Berkley, chairman and CEO of US insurer WR Berkley, predicted a turn in the cycle in the first half of 2009 as his firm posted a rise in third-quarter profits.
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Andrew Appel, CEO of Aon Benfield, notes that the industry has seen a quick turnaround from last year, when it appeared capital would be scarce.
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US insurer CV Starr, run by former American International Group CEO Hank Greenberg, has hit back at reports about its role in “an exodus of employees from AIG, and the role of CV Starr & Co”. The firm also threw in some advice about the future of AIG for good measure.
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At the beginning of October, the US National Flood Insurance Program (NFIP) was extended for a month, hours before it was due to expire. The extension is set to expire on October 31.
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Three former Marsh executives were acquitted of bid-rigging and price-fixing charges on Monday.
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Private insurers are becoming increasingly frustrated with the situation of US homeowners insurance and are leaving the market, Bryon Ehrhart, CEO of Aon Benfield Analytics and chairman of Aon Benfield Securities, has warned.
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There is likely to be more consolidation of reinsurers in 2010 as companies strive to be more capital-efficient, John Berger, president and CEO of Harbor Point, told the PCI Reporter.
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Hartford Financial Services Group has appointed Lizabeth Zlatkus as leader of risk management.
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The next few weeks are critical for the property/casualty (P/C) industry regarding regulation, Bob Hartwig, president of the Insurance Information Institute, told the PCI Reporter.
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Markel Corporation announced Monday that Paul Springman, the firm’s president and chief operating officer, has taken a leave of absence for personal reasons.
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Programme administrators and managing general agents are increasingly targeting growth through merger and acquisition, a survey by Guy Carpenter reveals.
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Munich Re’s US strategy has been a success so far, Tony Kuczinski, president and chief executive officer of Munich Re America, told the PCI Reporter yesterday.
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S&P is maintaining its negative outlook on the US property/casualty industry, largely as a result of price declines on most lines of business, says Tom Upton, managing director of financial institutions ratings for S&P’s North American insurance rating business.
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Reinsurance Group of America reported a 369% surge in profits for the third quarter of 2009 after recovering from the investment woes of the previous year.
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David Sampson, president and CEO of the Property David Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), highlighted four overarching challenges facing the industry in his opening speech at the PCI conference in Orlando.
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The market is still adjusting to recent cat model changes. Risk Management Solutions (RMS) unveiled its new models for US earthquake risk in August.
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David Sampson, president and CEO of the Property Casualty Insurers Association of America, highlighted four overarching challenges facing the industry in his opening speech at the PCI conference in Orlando.
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American International Group has paid out retention bonuses and a retirement benefit after the US pay czar finalised his review of the insurer’s compensation plans.
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Arthur J Gallagher has acquired Triad Insurance Agency in Honolulu, Hawaii from The Bank of Hawaii.
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Steve Rasmussen, CEO of Nationwide Mutual Insurance, has planned new assignments for some of its executive leaders.
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Delegates at this year’s Property Casualty Insurers Association of America (PCI) meeting have much to discuss. David Sampson, president and CEO of PCI, says the risks facing the industry are unprecedented.
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The Travelers Companies reported net income of $935m, or $1.65 per diluted share, in the third quarter of 2009, compared with $214m, or $0.36 per diluted share, in the third quarter of 2008.
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US insurer Chubb has posted net income for the third quarter of $596m, up from $264m in the third quarter of 2008.
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Warren Buffett’s General Reinsurance has received a $9m low-interest loan from Connecticut to stay in the state for around four more years.
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The Hartford has made a $1.3m settlement with Connecticut’s attorney general, who believes that the “first-in-the-nation” settlement will help him pursue action against reinsurance broker Guy Carpenter.
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Seaboard, a US pork producer and commodities trader, has filed a lawsuit against Marsh and American International Group in connection with bid-rigging.
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The US pay czar plans to slash the average compensation for 175 employees at firms receiving large sums of government aid, the Wall Street Journal reports citing people familiar with the matter.
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Brown & Brown has restructured a $200m uncommitted credit facility with Prudential Insurance.
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The McCarran-Ferguson Act, which entitles the insurance industry to be exempt from limited aspects of federal antitrust law, is under more threat than ever before. The health insurance industry is the focus of the latest attacks but property/casualty insurers are becoming increasingly concerned they will get caught up in the argument.
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The Public Risk Management Association, the largest association dedicated solely to the practice of risk management in the public market, has called for brokers to provide details of all forms of compensation.
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US broker Brown & Brown reported net income of $41m, or $0.29 a share, for the third quarter of 2009.
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Kaj Ahlmann, former CEO of Employers Re, has joined Deutsche Bank’s asset management division as managing director and global head of strategic business development in Deutsche Insurance Asset Management.
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GMAC, the lender that received two US bailouts, will sell its property/casualty insurance business to American Capital Acquisition, Bloomberg reports.
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According to catastrophe risk modeling firm AIR Worldwide, Hurricane Rick has weakened to a Category 3 hurricane from its Category 5 status Saturday morning when its winds were 180 miles per hour.
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Although more low key than previous years, there was still much to chat about at this year’s Monte Carlo Rendez-Vous.
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Marshall Kath, chairman and CEO of Dallas-based Colemont Corporation, has been elected President of the National Association of Professional Surplus Lines Offices at the association's 2009 annual convention.
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The big three credit rating agencies could soon have a tussle on their hands, as Jules Kroll, founder of the private investigating firm of the same name, plans to launch his own rating agency.
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ING announced Friday that it has reached an agreement to transfer its US group reinsurance business, ING Reinsurance US, to Reinsurance Group of America.
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German insurer Allianz is eyeing US commercial real estate as property values decline and banks increase foreclosures on distressed assets, Bloomberg reports.
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Genworth Financial has appointed Christine Mead and Thomas Moloney as new independent directors.
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Bonuses at American International Group (AIG) have once again come under the spotlight with reports being made that the US Treasury is pushing the firm to cut pay incentives.
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AIG has taken a beating in the past year but has not been knocked out. Reactions looks back at the year and asks AIG executives, shareholders and analysts whether it can get back on its feet.
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Start-up reinsurers attempting to raise the minimum amount of capital required to get the operations off the ground will struggle to do so in today’s credit-constrained environment, it was revealed at an AM Best conference today.
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Willis Re has today announced a series of management changes and a new organisational structure.
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Joe Plumeri, chief executive officer of Willis, has warned the industry to “take careful steps in unpredictable times”, in the broker's new report the 2010 edition of Marketplace Realities and Risk Management Solutions.
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The desire for growth and the potential competitive advantages of size will encourage further consolidation in the broking market, despite strained revenue streams in the economic climate, according to a new report from Advisen.
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The Florida Department for Financial Services has ordered American Keystone Insurance Company into receivership after it was found to be in an impaired state and unable to pay money owed to private reinsurers and the Florida Hurricane Catastrophe Fund.
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The Willis Research Network and Scripps Institution of Oceanography at the University of California, San Diego, have formed an educational alliance in response to the growing interest in the potential effects of climate change.
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Allstate Insurance has appointed Mark LaNeve as chief marketing officer.
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Sir Allen Stanford, the founder of Stanford Financial Group who was accused of operating a $7bn Ponzi scheme, has been allowed to use the proceeds of a corporate insurance policy to pay defence lawyers.
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Fitch Ratings has affirmed its negative outlook on the US title insurance industry, which it says reflects a previous deterioration in market fundamentals and reductions in capital.
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US broker Aon today announced the launch of Inpoint, a company to help insurance carriers improve their performance.
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Rating agency Fitch has downgraded bond insurers Assured Guaranty Corporation to AA from AA+ and Financial Security Assurance to AA from AA+. Both ratings have been assigned negative rating outlooks.
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A decision issued yesterday in the case of Corban v. USAA by the Mississippi Supreme Court has been welcomed by the American Insurance Association.
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UK insurer Aviva is planning to list on the New York Stock Exchange, starting trading on October 20, in a move aimed at increasing its shareholder base.
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The new investment fund available to US reinsurance broker TigerRisk Partners will enable it to expand and further challenge the big three reinsurance brokers Rod Fox, CEO of TigerRisk has told Reactions
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Reliance Capital is planning to sell its 20% to 26% stake in Reliance Life Insurance, The Wall Street Journal reports.
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The Congressional Budget Office has warned that the Senate Finance Committee’s bill for reforming the US health care system could cost $829bn over a 10 year period.
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Reinsurance broker US Re has announced a strategic alliance with Bruno Sforni, an insurance and reinsurance broker based in Milan, Italy.
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Allstate has appointed Matthew Winter as CEO of its life insurance and annuities unit, Allstate Financial.
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Profits are sharply lower and tens of billions of dollars have been wiped from their balance sheets, but insurers continue to renew commercial property and casualty insurance programs at deeply depressed rates, according to the Rims benchmark survey
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Aviva has created a new structure for its UK businesses, which will now be organised under a single UK CEO, Mark Hodges.
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Specialty commercial insurer Ironshore has set up a dedicated life science practice unit to be headed by former American International Group executive Linda McLaughlin.
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Central States Indemnity, a subsidiary of Warren Buffett’s Berkshire Hathaway, has won a contract to underwrite pet health insurance for PurinaCare Insurance Services.
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Symetra Financial is planning to raise up to $575m through an initial public offering of shares, the Wall Street Journal reports.
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Aquiline Capital Partners, a New York-based private equity firm headed by Jeff Greenberg, Tuesday announced that its funds have made an investment in Tiger Risk.
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Reinsurance broker Guy Carpenter has entered into an agreement to buy all of the issued shares of London-based reinsurance broker Rattner Mackenzie from specialty insurer HCC Insurance Holdings.
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Life insurance settlement firm, Coventry First, will settle a civil lawsuit originally filed by New York state’s former attorney general, Eliot Sptizer, the Wall Street Journal reports.
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Fairfax Financial Holdings has completed its previously announced public offering of cumulative five-year rate reset preferred shares, series C in Canada.
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The Pennsylvania Insurance Department is seeking to liquidate Penn Treaty Network American Insurance, which provides long-term care insurance to more than 120,000 policyholders.
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US insurer Aflac has completed its acquisition of Continental American Insurance Company. The $100m acquisition was financed through internal capital.
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Late last night, Congressman Paul Kanjorski unveiled draft proposals to establish a federal insurance office.
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AIG today issued a statement clarifying how much it owes the US government. It said it released the statement “in response to continuing confusion regarding the amount of assistance AIG has received from the government and the amount it must repay.”
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Guardian Life Insurance Company of America has raised $400m in a debt issue. The New York-based mutual life insurer sold the notes in the 144a private placement market.