Several of Florida’s insurers with affiliated managing general agencies (MGAs) have come in for criticism recently but there is no widespread problem with the MGA model, regulators and insurance executives agree. In a recent Insurance Journal video interview, they also …
AIR Worldwide Reviews Implications of the Gulf Oil Spill for Hurricane Season The current oil spill in the Gulf of Mexico followed soon after a large explosion on the Deepwater Horizon oil drilling platform, 50 miles off the Louisiana Coast, …
$4.6 Million The amount spent by federal and state agencies in Mississippi to help people recover from this spring’s tornadoes, floods and severe storms. Of that total, more than $3.5 million has been approved by the Federal Emergency Management Agency …
The Federal Emergency Management Agency has clarified that in the event of a declared flooding disaster, flood insurance coverage will apply even if oil from the BP deep well blowout mixes with floodwaters. The National Flood Insurance Program will bill …
Marsh & McLennan, Kroll, Altegrity Marsh & McLennan Cos. Inc. agreed to sell investigations unit Kroll to a firm led by former Marsh CEO Michael Cherkasky for less than the insurance broker paid for Kroll six years ago. MMC said …
The U.S. Deepwater Horizon and Venezuelan Aban Pearl drilling rig losses have left upstream energy insurers with an unprecedented bill of $795 million within the space of a single month, destabilizing the market and driving up rates, according to a …
David H. Long has been named president of Liberty Mutual Group. Long, who has been with Liberty Mutual for 25 years, is currently executive vice president, Liberty Mutual Group, and president of Liberty International. Long will continue to lead Liberty …
Florida Gov. Charlie Crist has signed into law a bill exempting certain commercial and professional liability insurance rates from state review prior to use. Current state law exempts only those policies with annual premiums above $500,000 in addition to other …
Not Up to Speed “I don’t think speed is in your vocabulary yet. People are just trying to survive.” —Florida CFO Alex Sink telling BP senior VP Bob Fryar his company is not moving quickly enough to pay claims from …
According to the Institute for Business and Home Safety (IBHS), approximately 25 percent of businesses do not reopen following a major disaster. They also report that “the largest losses to business come in years after the disaster and not from …
