Florida Gov. Rick Scott has announced that the state is activating Florida’s disaster fund to help residents who suffered property losses from Hurricane Isaac and Tropical Storm Debbie. Earlier this week, Hurricane Isaac made its way through the Florida Keys …
Reinsurer Validus Holdings Ltd said it will buy Flagstone Reinsurance Holdings for about $600 million in cash and stock to boost its property reinsurance business. The deal comes after Validus unsuccessfully tried to buy another reinsurer, Transatlantic Holdings Inc, last …
A Florida neurologic clinic that specializes in treating patients with traumatic brain and spinal cord injuries is being sued by a major automotive insurance company for more than $7 million in false claims stemming from charges it abused patients, failed …
Citigroup Inc. agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. The agreement resolves claims …
Tropical storm Isaac is expected to weaken further as it heads north on Thursday, after causing significant damage to the U.S. Gulf Coast but nothing on the scale of Hurricane Katrina, which devastated New Orleans in 2005. The former Category …
A.M. Best Co. has downgraded has the financial strength rating (FSR) to ‘B+’ (Good) from ‘B++’ (Good) and the issuer credit rating to “bbb-” (Good) from “bbb” (Good) of China Taiping Insurance (NZ) Company Limited (CTPNZ). The outlook for both …
Insurance companies based in the EU are not allowed to provide cover for ships that carry Iranian cargo. The EU sanctions are aimed at the protection and indemnity (P&I) clubs based in the EU, which dominate the marine insurance industry. …
The newly acquired Lloyd’s ANV Syndicate announced the opening of its Accident and Health (A&H) business. The business was “previously authorized as part of Syndicate 1861’s 2012 business plan and in alignment with the ANV team’s focus on building its …
The Caribbean Catastrophe Risk Insurance Facility has reported that, while some of its members were impacted by tropical storm Isaac, most of the damage was minimal. “Dominica, Haiti and the Bahamas were the CCRIF countries affected by Isaac,” said the …
A note from Willis Group Holdings features comments from Ann Longmore, Executive Vice President of Willis’ Executive Risks practice, who analyzes the impact(s) of Russia’s accession to the World Trade Organization as its 156th member earlier this month. “We expect …
