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NEW YORK—Construction-related accidents in New York dropped 18% in 2011, thanks in large part to new safety laws the city began rolling out four years ago, according to the city's Department of Buildings.
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OLDWICK, N.J.—A.M. Best Co. Inc. on Friday revised its outlook on American International Group Inc. and AIG's main operating units to stable from negative, saying that AIG's troubles seem largely behind it.
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The U.S. Equal Employment Opportunity Commission will continue to focus on systemic investigations and litigation, says a report on the agency by law firm Littler Mendelson P.C.
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PHILADELPHIA—The firing of a workers compensation judge for packing a pistol at work was appropriate, the Commonwealth Court of Pennsylvania ruled in a decision published Wednesday.
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An unemployed tattoo artist didn't realize his Range Rover was under warranty when he handed it over to insurance fraudsters because he assumed he couldn't afford crucial repairs.
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NEW ORLEANS (Reuters)—Oil giant BP P.L.C. has lost its attempt to shift over $15 billion of costs related to the Gulf of Mexico oil spill onto contractor Transocean Ltd.
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DEARBORN, Mich.—The funded status of Ford Motor Co.'s U.S. pension plans slumped in 2011 as investment returns dropped sharply from the prior year.
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WARREN, N.J. (Reuters)—Chubb Corp. reported a smaller profit for the fourth quarter on higher catastrophe losses and lower investment income, and the property insurer approved a new $1.2 billion share repurchase program.
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U.S. tort costs rose 5.1% in to $264.6 billion in 2010, according to a report released Thursday by Towers Watson & Co.
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HONOLULU—Hawaii licensed 10 new captive insurance companies in 2011 across a broad range of businesses, the insurance division of the Hawaii Department of Commerce and Consumer Affairs announced Thursday.
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Marine insurers must rethink business model. The way the marine insurance market operates has changed and underwriters must respond by reconfiguring their out-of-date business model to better reflect how the sector now works. Ole Wikborg, the ...
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Watchdog to examine IAG claims banks offer sufficient competition post AMI. New Zealand’s merger and acquisition watchdog is investigating Insurance Australia Group’s (IAG) claim banks will offer sufficient competition in the domestic insurance ...
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New Zealand government in chair for any further losses from Feb quake. New Zealand’s government expects total insured losses from the Canterbury earthquakes to be in excess of NZ$30bn ($24.6bn), as it revealed the cost of last February’s quake ...
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Thai commissioner says cat fund will be up and running in weeks. Thailand’s insurance regulator has revealed its proposed Baht50bn ($1.61bn) catastrophe fund should be up-and-running within weeks as the government continues to try and secure ...
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Aviation insurers make profit in 2011. THE aviation market saw major insurance claims drop by about two-thirds last year, compared with 2010, helping the aviation sector to its first profit for five years, according to global broker Aon’s first ...
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Transocean wins one indemnification battle. BP has been told by US District Judge Carl Barbier that it must cover Switzerland-based Transocean for compensation-related loss to third parties as a result of oil spilled below the ocean surface. ...
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Further delay would ‘damage Solvency II credibility’ – McGovern. Lloyd’s general counsel, Sean McGovern, has warned delaying Solvency II until 2015 would “damage the credibility” of the capital regime but insisted there is still time for ...
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BMS ceo’s New York move signals strategic focus on US growth. BMS chief executive, Carl Beardmore, has given the clearest signal possible that his company sees its major growth coming from the US by moving to the firm’s newly opened New York ...
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French insurance sector contracts 9% in 2011. The French insurance sector suffered a 9% contraction in 2011, caused by a 14% drop in life insurance inflows to €141.6bn ($186.49bn) and despite an increase in property/casualty (p/c) premium income. ...
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Industry faces €300m Joachim bill. Windstorm Joachim will cost the insurance industry €300m ($394.7m), according to the initial estimate from European loss aggregator Perils. Joachim hit northern Europe between December 15 and 17 last year, with ...
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Solvency II faces delay until 2015. Solvency II, the European Union’s far-reaching reform of insurance supervision and capital rules, is facing a considerable delay and is unlikely to be introduced before 2015, German insurance sources said. The EU ...
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Zurich increases loss estimate from NZ. SWITZERLAND-based Zurich Financial Services has said that it anticipates a net loss of $200m to $250m in Q4 as a result of the floods in Thailand (gross estimate $250m to $300m), and an $80m increase in the ...
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Stanford “created his own insurer” claims prosecution. ON the first day of testimony at Allen Stanford’s fraud trial Michelle Chambliess, who said she was hired by Mr Stanford in 1987, testified that Mr Stanford told her the bank’s deposits ...
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NKSJ scraps dual CEO policy. JAPANESE insurer NKSJ Holdings, formed through a merger of Nipponkoa and Sompo Japan in 2010, is to replace both its chairman and president in April. The new chairman will be current Nipponkoa president Masaya Futamiya. ...
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A year offshore. Last year saw several new pieces of legislation enacted to ensure Bermuda remains one of the premier offshore jurisdictions. In particular, legislation was passed to improve international relationships, compliance with international ...
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California Insurance Commissioner Dave Jones and a group of insurers have settled litigation over insurer investments in companies doing business in Iran, it was announced on Friday. The terms of the settlement permit the Jones to “maintain a public list …
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In connection with its revision of its outlook on AIG, A.M. Best Co. has affirmed the financial strength ratings of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Chartis US Insurance Group and its members and the Lexington …
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A.M. Best Co. has revised the outlook to stable from negative and affirmed the issuer credit rating (ICR) of “bbb” of American International Group. It has also revised the outlook to stable from negative and affirmed the financial strength ratings …
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Swiss Re’s Chief Economist, Kurt Karl, has predicted that the decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points would help calm some of the turmoil in the global financial markets. …
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When severe snowstorms prevented life-sustaining fuel supplies from reaching the frozen Alaskan town of Nome, U.S. officials turned to a Russian company for help. The relief mission through perilous, ice-choked seas was the first mid-winter fuel delivery to western Alaska, …
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The Chubb Corporation reported fourth-quarter net income of $452 million, down 27 percent from $620 million net income reported during the same period one year ago. The Warren, N.J.-based insurer said the results were hurt by catastrophe losses as well …
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A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven’t repaid from the financial bailout, and some of that will never be recovered. The bailout launched at the height of the financial crisis in September 2008 …
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Safety groups are urging teenage drivers in Virginia to wear seat belts and slow down following a sharp increase in fatal wrecks. Preliminary statistics show that traffic accidents killed 11 people ages 16 to 20 between Jan.1 and Jan. 24. …
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The deadline is nearing for Nevada residents and businesses affected by November’s brush fire in Reno to apply for Small Business Administration disaster loans. The Caughlin Fire burned more than 3 square miles and destroyed or damaged 42 homes. The …
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Legal bills for Honolulu’s rail project have totaled more than $1.87 million with seven law firms hired. The $5.27 billion, 20-mile rail project is facing a federal lawsuit by opponents including former Gov. Ben Cayetano, who recently announced he’ll run …
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Glatfelter Program Managers, a business unit dedicated to Glatfelter Insurance Group’s program business, appointed Bruce Williams as president of the newly formed Glatfelter Healthcare Practice division. Based in York, Penn., Williams has 37 years of experience in the insurance industry …...
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California, whose greenhouse gas emissions standards lead the U.S., is poised to vote on pushing them further. The new rules, if approved, would require automakers to build cars and trucks by 2025 that emit about three-quarters fewer smog-producing pollutants and …
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The continued rehabilitation of AIG has been rewarded by AM Best
with a revision of its outlook on the parent company and its
Chartis and Lexington insurance operations from negative to stable.
The ratings agency said it had revised its outlook to stable and
affirmed A financial strength ratings (FS...
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Reinsurers are now facing a payout of 160bn yen, or $2.06bn to NKSJ
after the Japanese insurance giant revealed that it has more than
trebled its net loss forecast for the Thai floods to 101bn yen
($1.29bn).
The company earlier today reported that it has increased its net
loss figure from an initial...
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Major Japanese insurance group NKSJ has more than trebled its net
loss forecast for the Thai floods to 100bn yen ($1.29bn) after
carrying out a more detailed loss adjusting exercise.
The scale of the increase is likely to send shockwaves through
the industry and reinforce the growing consensus that ...
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The (re)insurance industry will have to endure more pain before
the market turns even after a year of more than $100bn of insured
losses, Alterra president and CEO Marty Becker has said.
Writing in a 26 January letter to shareholders ahead of the
(re)insurer's fourth quarter results next month, ...
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The European Commission has denied reports that it is
considering further delaying the implementation of Solvency II, and
has insisted it remains committed to ensuring legislation is in
place to allow the industry to stick to the 2014 deadline.
As previously reported, speculation has mounted that th...
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Platinum Underwriters expects to book $55.4mn of Q4 cat losses that
include a $27.9mn estimated net negative impact from the Thai
flooding and further significant creep on earlier 2011
catastrophes.
The Bermudian said that it will add $17.1mn to reserves for the
Japan earthquake in March and $11.8mn...
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The Chubb Corporation matched fellow US giant Travelers in
reporting fourth quarter rate rises of 6 percent in its commercial
insurance division as price increases accelerated through the year.
But while the insurer pipped Wall Street consensus forecasts for
operating earnings per share (EPS) at $1....
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The airline insurance industry took in more in premiums than it
paid out in claims during 2011, according to preliminary data
compiled by global broker Aon.
Though this may be generally accepted as the primary function of
underwriting in many sectors, ample capacity and stiff competition
for a share...
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Insurance-specialist private equity investor Aquiline Capital
Partners has bought Bermuda-based catastrophe investment manager
Juniperus Capital Ltd (JCL), sister title Trading
Risk has revealed.
The deal, which closed last week, saw Jeffery Greenberg-led
Aquiline and JCL management buy out a number...
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Independent broker BMS has opened a New York City office and
relocated group CEO Carl Beardmore there as it continues to grow
its North American reinsurance business.
According to the firm, which was founded as a London market
broker in 1980, Beardmore will now spend the majority of his time
in the ...
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PartnerRe wrote just $256mn of cat premiums at 1 January as it
reduced its top line in the sector by 15 percent despite the strong
rate increases achieved in the class.
PartnerRe disclosed the contraction less than a week after
The Insurance Insider reported that its
property cat aggregate limit had...
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Other large companies in the international (re)insurance sector are
interested in moving their business to the London market,
Lloyd's chairman John Nelson has said.
Speaking to Bloomberg News at the world economic forum
in Davos, Nelson said Lloyd's policy of internationalising and
expanding...
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Recoveries of $130mn from aggregate reinsurance covers will
dampen the impact of Zurich Financial Services' (ZFS) fourth
quarter catastrophe losses.
The European insurance heavyweight warned that its Q4 accounts
will contain catastrophe costs of between $200mn and $250mn,
primarily from flood ev...
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Perils, the European industry exposure and loss calculation firm,
has estimated an initial industry loss of EUR300mn for windstorm
Joachim, which swept through France, Germany and Switzerland from
15-17 December.
The estimate represents the ultimate gross losses as reported by
primary insurance comp...
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(Re)insurance service provider and run-off acquirer Tawa has
confirmed the completion of its purchase of Lloyd's turnkey
specialist Whittington UK with its consortium partners.
Tawa, along with Paraline and Skuld, agreed to purchase
Whittington's UK arm back in September 2011 after a competi...
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After a tough year for its retrocessionaires, Hannover Re has
renewed its protection for 2012, albeit on stricter terms than last
year.
The firm bought $350mn of quota share cover under its K cession
- up from $329mn in 2011 - and renewed its whole account excess of
loss (WA XoL) programme on more p...
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Continued reserve releases helped US insurer RLI post profitable
results for the fourth quarter and full-year 2011, although the
pace of releases declined in the fourth quarter.
RLI reported operating earnings of $28.9mn on a combined ratio
of 81.5 percent for Q4. This was a slight deterioration fro...
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Montpelier Re expects to fall to a fourth quarter net operating
loss of $0.25 to $0.35 a share as its bottom line is dented by
$40mn of Thai flood losses and $26mn of creep on earlier cat
events, partially offset by $18mn of prior-year reserve releases.
The Bermudian said that it nevertheless expect...
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RenaissanceRe said the Thai floods are expected to result in a net
negative impact of around $45mn on its Q4 financials.
But in contrast to a number of its Bermudian peers, the cat
specialist reinsurer said it is not expecting notable loss creep on
cat events earlier in the year, with February's...
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US commercial insurance rate rises are set to climb further
through 2012, continuing the trend that began in the second half of
2011, according to Marsh.
In its latest report on the sector, the broking giant said
property rates are likely to accelerate, particularly for insureds
with significant cat...
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Reaction to the Jan Brewer faceoff is still bubbling with some black commentators now suggesting the image of the Arizona governor wagging her finger at the President of the United States touched a nerve in the African American community.
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President Obama met this evening with former president George H.W. Bush and his son, former Florida governor Jeb Bush, according to a photo just released by the White House
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The president's campaign fundraiser at the Mandarin Oriental Hotel this afternoon was with the Native American Leadership Council, and in his remarks to the group, Obama characterized the fight for fairness that he outlined in the State of the Union address as "a turning point" for nations across th...
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TransCanada Tweets tweak Obama on Keystone. Another witness weighs in on the Jan Brewer tarmac tiff.
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CAMBRIDGE, Md. — House Democrats weren’t going to allow President Barack Obama to be greeted empty-handed at their annual conference.
So lawmakers got together and recorded a rendition of themselves crooning to Al Green’s “Let’s Stay Together,” giving th...
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Who knew that President Obama could make a 30-odd year old song shoot up the charts again?
Digital sales of Al Green's 1972 hit "Let's Stay Together" are up 490 percent, since a video of the president singing a few bars at a fundraiser surfaced last week.
According to Nielsen Sound...
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President Obama is set to host the first ever completely virtual town hall broadcast from the White House.
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Republican critics are hoping that the Chapter 11 bankruptcy of Indiana high-tech battery manufacturer Ener1 turns into another Solyndra — but it seems the company had the support of top Republicans in state as well, including Gov. Mitch Daniels — who gave the response to President ...
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Attorney General Eric Holder officially unveiled a task force, led by New York’s crusading state attorney general Eric Schneiderman, to determine whether banks and financial institutions committed fraud when they bundled home mortgages and sold them on the international securities market &ndas...
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My story today:
President Barack Obama announced a plan Friday that would pressure colleges and universities to rein in soaring tuition costs by making federal aid to contingent on schools’ affordability and value to students. “Higher education is not a luxury. It’s an economic i...
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POLITICO's Michelle Quinn reports on the departure of a top technology official at the White House:
Aneesh Chopra, who as the first U.S. chief technology officer has been the face of White House tech policy, is leaving the White House, an administration official confirmed to POLITICO.
The Whi...
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ANN ARBOR, Mich. — President Barack Obama likes to say that Bill Gates and Warren Buffett don't need any more tax breaks.
On Friday, he got advice on another example, courtesy of an audience member at the University of Michigan: the Koch Brothers.
"They're definitely doing fine,&q...
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Arizona Gov. Jan Brewer has released her letter to President Obama after their tarmac confrontation made national headlines.
"You've arrived in a state at the forefront of America's recovery -- and her future. We were at the brink. We were at the bottom of the list in job creation. Toda...
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Daley is bringing Chicago specialities into the office to thank the W.H. staff for their hard work.
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Not President Obama and his team, POLITICO's Carrie Budoff Brown and Darren Samuelsohn report:
The energy offensive comes a week after Obama’s reelection campaign dedicated its first commercial of the year to Solyndra, responding to the Koch brothers-linked nonprofit group Americans...
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Arthur J. Gallagher & Co. acquired Capital Bauer Insurance Agency, an Albany, N.Y.-based retail insurance broker allowing it to significantly expand its Upstate New York presence.Arthur Gallagher expands Upstate New York footprint with Albany deal via IFAwebnews.
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A Washington, D.C.-based advocacy organization says that the federal health reform should be declared unconstitutional because it is cannot function without the individual mandate, which the group also argues is unconstitutional.Brief: If individual mandate is illegal, health reform law must die via...
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A series of earthquakes in Youngstown, Ohio, potentially related to brine-injection wells, caused the city's mayor to buy earthquake insurance for his home and initiate a moratorium on injection wells near the city.Ohio mayor buys earthquake insurance after alleged fracking incidents via IFAwebnews.
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The life insurance application activity for last year finished slightly above the 2010 level, spurred in part by 5.8% year-over-year growth in December.Life insurance activity showed ‘marked resilience’ in 2011 via IFAwebnews.
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A health and pension fund sued Walgreen Co. and Par Pharmaceutical Co. for allegedly overcharging for generic prescriptions, which in turn allegedly cost third-party payers two to four times more for the medications.Walgreen, Par sued for alleged RICO violations, drug overcharges via IFAwebnews.
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A report expected from the Federal Insurance Office later this month, addressing how to modernize and improve insurance regulation, could significantly affect the insurance industry, according to an industry regulatory expert.FIO’s report on insurance regulation could have many tentacles via ...
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Insurers will struggle to find growth and profits because of ongoing challenges caused by the global economy, according to a new forecast.Deloitte: Insurers’ profits tied to strategic growth and innovation via IFAwebnews.
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New Jersey's insurance commissioner, Tom Considine, is expected to resign his office next month in preparation for a return to the private sector.Report: N.J. Insurance Commissioner Considine to resign from post via IFAwebnews.
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Eight health insurance companies agreed to improve the accuracy of the provider directories they post on their websites, according to deals struck with New York's attorney general.N.Y. gets 8 health insurers to more promptly update online directories via IFAwebnews.
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The association representing state insurance commissioners released a draft framework providing guidance for evaluating the reserves of universal life with secondary guarantee and term universal life products.NAIC outlines plan for handling of ULSG and term UL product reserves via IFAwebnews.
