The man in charge of paying BP claims for the Gulf oil spill will soon face a Florida legislative committee to answer questions about how the compensation scheme is going. Kenneth Feinberg, the lawyer who is overseeing the Gulf Coast …
Privately-held insurance broker Lockton is expanding its reach into the Carolinas by opening an office in Charlotte, North Carolina. The new office will provide clients with commercial insurance, risk management and employee benefits regionally, nationally and internationally. Three executives will …
The U.S. Senate voted overwhelmingly to overhaul U.S. patent laws, backing a measure aimed at chipping away at a huge backlog of patent applications and offering cheaper alternatives to litigation. In a 95-5 vote, the Senate approved on Tuesday the …
Bailed-out insurer American International Group Inc. set up a plan to protect tens of billions of dollars in valuable tax assets by discouraging investors from taking large new positions in the company. As of year-end, AIG had what is known …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit rating of “a” of Vermont-based captive Blue Whale Re Ltd., both with stable outlooks. The ratings reflect Blue Whale Re’s “strong capitalization and conservative …
Maurice “Hank” Greenberg, the former American International Group Inc. chief executive, said the judge overseeing a New York attorney general lawsuit against him should be removed from the case because he is biased. In a court filing, Greenberg said that …
Lloyd’s described the opening of its new office in the Dutch port city of Rotterdam as “embracing its marine roots.” They go back over 300 years and Lloyd’s pointed out that it already has a “strong presence in the Netherlands, …
A.M. Best Europe – Rating Services Limited has placed under review with negative implications the financial strength rating of ‘B’ (Fair) and issuer credit rating of “bb+” of Syria’s Arab Union Reinsurance Company (AURe). Best explained that the rating action …
Heavy damage claims from an earthquake, floods and a storm this year will put Munich Re’s full-year profit goal at risk if claims do not subside in the coming quarters. The world’s biggest reinsurer said it hoped to keep net …
The Bermuda-based Catlin Group Limited announced a preliminary estimate of the financial impact of the February 22nd earthquake, which occurred near Christchurch, New Zealand, of approximately US$125 million, net of reinsurance and reinstatements. The magnitude-6.3 earthquake resulted in more than …
