As BP Plc rushed to raise cash to pay for the Gulf of Mexico disaster, a partner in the out-of-control well said the British company was likely guilty of “willful misconduct” and should shoulder the financial burden for the worst …
Chubb Syndicate 1882 at Lloyd’s has lost no time in concluding its first piece of business, a marine hull risk. The syndicate was formally approved at the beginning of June (See IJ web site – https://www.insurancejournal.com/news/international/2010/06/02/110392.htm). Rob Cage, active underwriter …
Insurers are issuing catastrophe bonds again to complement traditional and cheaper reinsurance and to spread the risks in buying protection against events that could cost them tens of billions of dollars in claims. The nascent cat bond market froze for …
Massive flooding in southern China has killed 132 people and forced 860,000 to flee their homes, and more storms were forecast, the government said Sunday. Another 86 people are missing and more than 10 million people have been affected since …
Christopher Branch, Head of Broker Relations at Beazley, speaking at the second day of BrokersLink’s second annual global conference in Portugal on Friday, urged underwriters to increase the utilization of the specialist skills and local knowledge provided by broker networks …
Software as a service, or SaaS, can have a positive effect on almost any business. By licensing software from a single source rather than installing it onto your company’s hardware, you can save time and money. Nowhere is this more …
Willis North America, a unit of Willis Group Holdings, the global insurance broker, announced today that it has formed a Distressed Assets Practice to advise clients on managing the risks associated with financially distressed, foreclosed or abandoned properties and to …
Florida insurance regulators have ordered a Texas surety insurance firm, Infinity Surety, to halt all business in Florida. Officials say the insurer was never authorized to sell in Florida. The Florida Office of Insurance Regulation (OIR) has issued a cease …
U.S. Congressman Charlie Melancon (LA-03) says lost wages of oil rig workers who are out of a job due to the moratorium on deepwater drilling in the Gulf of Mexico could reach as high as $330 million a month. Melancon …
A California lawmaker is leading the close contest to become the GOP’s nominee for California Insurance Commissioner, but the outcome is still far from certain. Assemblyman Mike Villines of Clovis was winning as of June 16 by nearly 3,000 votes …
