The Colorado House Economic and Business Development Committee has voted 9-4 to defeat a bill that homeowner’s insurance carriers say would have restricted their underwriting freedoms and their ability to provide consumers with rates that accurately reflect the consumer’s risk …
GenOn Northeast Management Co. is liable for fouling the Conemaugh River with metal discharges from a power plant in Indiana County since 2005, a federal magistrate has ruled, opening the door to a maximum civil penalty of more than $300 …
Agents in Pennsylvania will urge lawmakers today to pass legislation that would allow insurers to cover owners or partners of small businesses through a workers’ compensation policy. The legislation changes insurance laws in the state to allow coverage for sole …
Hurricanes Igor and Tomas are no longer a threat. The World Meteorological Organization has retired the two names from those used in 2010 because of the damage they caused. Names are retired from time to time to avoid confusion. There …
Tort reform and fraud have become the two big targets as Florida lawmakers are finally gearing up to tackle the state’s no-fault auto insurance law. Taking a divide and conquer approach, the House Insurance and Banking Subcommittee has approved a …
Insurer shares largely shrugged off the industry’s first round of damage estimates from this month’s earthquake in Japan, which may prove to be the world’s costliest disaster. Munich Re and Hannover Re, the world’s No.1 and No.3 reinsurers, penciled in …
Six former and current employees of a U.S. unit of Bayer AG filed a class-action lawsuit against the company on Monday, alleging gender discrimination in pay, promotions and the treatment of pregnant women and mothers. The lawsuit, filed against Bayer …
International reinsurance broker Guy Carpenter & Co. announced that it will receive a $1.0 million grant from the International Finance Corporation (IFC), a member of the World Bank Group. The grant will be used to help “develop a market for …
Munich Re announced that it has estimated its claims burden from the earthquake and tsunami in Japan at around €1.5 billion [$2.128 billion], after retrocession and before tax. As a result Munich Re said its “profit target of around €2.4 …
Hannover Re announced that, “based on its analysis of individual treaties,” its loss expenditure from the Japan earthquake is expected to be around €250 million [$355 million] after retrocessions and before taxes. CEO Ulrich Wallin noted that the earthquake is …
