Mississippi Attorney General Jim Hood filed a lawsuit Tuesday to force Kenneth Feinberg, administrator of BP’s $20 billion fund for Gulf Coast oil spill compensation, to release documents it says it needs to ensure claimants are adequately compensated. The complaint …
The House of Representatives has approved a bipartisan bill to reauthorize the federal flood insurance program for five years and change some of its practices to improve its financial operations. The measure to renew and reform the National Flood Insurance …
Validus Holdings Ltd offered to buy reinsurer Transatlantic Holdings Inc for about $3.5 billion in cash and stock, trumping Allied World Assurance Co Holdings’ all-stock offer. Validus offered 1.5564 in shares and a special dividend of $8 in cash for …
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp., has reported that “catastrophic losses in the first quarter and Solvency II are driving the need for insurers to boost their understanding of non-modeled perils.” As a result …
Standard & Poor’s Ratings Services today has removed its ratings on 10 natural peril catastrophe bonds from CreditWatch with negative implications. S&P also said it has lowered its “ratings on six of the bonds and affirmed our ratings on four” …
European Union leaders are poised to hold an emergency summit after finance ministers acknowledged for the first time that some form of Greek default may be needed to cut Athens’ debts and stop contagion to Italy and Spain. “There will …
The UK’s Miller announced that Ben Speers has joined the London-based broker as Head of Legal. He will oversee Miller’s legal and company secretarial matters. “I am delighted that Ben has decided to join us. He has a wealth of …
A new special report from A.M. Best – Takaful Poised for Growth, But Greater Focus is Required – notes that “Takaful operators in the Gulf Cooperation Council (GCC) and Malaysia are growing at a rapid pace and are highly capitalized. …
Los Angeles-based Mercury General Corp. reported that on August 1, it will release results for its second quarter ended June 30, 2011. The company will host an investor conference call and webcast that same day at 10 a.m. PST to …
An amended pollution exclusion clause and buy-back endorsement which retains original coverage while modernizing and clarifying wording has been developed by the American Institute of Marine Underwriters (AIMU). The updated pollution exclusion clause (P&I) and buy-back endorsement A clauses provide …
