The Obama administration will call for a new U.S. Treasury Department office on insurance but won’t propose federal regulation of the industry in the sweeping financial reform plan it will unveil Wednesday. The Office of National Insurance, as proposed, would …
A Miami judge ruled on Tuesday that BDO International B.V. should not have to pay $352 million in punitive damages awarded against its U.S. member, BDO Seidman, in an ongoing landmark audit malpractice trial. Closing arguments are due from Wednesday …
A global trend towards increasing weather-related disasters was confirmed in 2008, the second deadliest year in the past decade for natural catastrophes, an annual Red Cross report said Tuesday. The number of people reported killed by natural disasters last year …
Florida Governor Charlie Crist has signed into law legislation blocking local governments from billing motorists for emergency response services at the scene of an automobile accident. SB 2282, sponsored by Sen. Mike Bennett (R.-Bradenton) prohibits local governments from levying additional …
Standard & Poor’s Ratings Services has affirmed its ‘BBB-‘ counterparty credit rating on Max Capital Group Ltd. and removed it from CreditWatch, where it was placed on March 2, 2009.The outlook on the group’s ratings is positive. S&P took the …
Standard & Poor’s Ratings Services has placed its ‘BBB’ counterparty credit rating on Bermuda-based IPC Holdings Ltd. on CreditWatch with negative implications. S&P also placed its ‘A-‘ counterparty credit and financial strength ratings on IPCRe Ltd. and its ‘A-‘ financial …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of French-based Paris Re and the other rated operating subsidiaries of PARIS RE Holdings Limited (Switzerland) (PRH), the ultimate …
In a recent speech to UK risk managers at the Association of Insurance and Risk Manager’s (AIRMIC) conference in Bournemouth, Andrew Tunnicliffe, COO of Aon Global Risk Consulting, called upon the insurance industry to rethink its role in promoting good …
Willis Chairman and CEO Joe Plumeri, speaking at a conference sponsored by Insurance Day in Bermuda, sees opportunities for the insurance industry in the current financial crisis. In his keynote speech, Plumeri said he believes that in a time of …
Marsh’s UK office has issued a report – Manufacturing Industry Risk Footprint – which urges UK manufacturers to “put robust and flexible risk management systems in place to identify, mitigate and manage the risks facing their organizations to gain competitive …
