Idaho has run out of time to establish a state-run insurance exchange required by President Barack Obama’s health care overhaul, meaning working with the federal government on a solution is virtually unavoidable. That’s according to a consultant advising a 13-member …
One of the nation’s top credit rating agencies will review dozens of California cities for possible credit downgrades amid mounting concern over municipal bankruptcies and bond defaults. Moody’s Investors Service announced Tuesday that it would scrutinize nearly 30 California cities …
A U.S. bankruptcy judge approved a $71.5 million settlement on Tuesday between former partners of Dewey & LeBoeuf and the estate of the law firm whose demise in May constituted the largest law-firm bankruptcy in U.S. history. The settlement requires …
Florida’s state-run reinsurance facility still faces a potential $1.5 billion gap to fulfill its maximum mandatory obligation, although it appears poised to be in better financial condition for the 2013 hurricane season than previously thought. With just six weeks left …
The Florida Supreme Court has ruled that refiled medical malpractice lawsuits must follow new state laws. The high court in a unanimous opinion dismissed a lawsuit by Curtis Myers, who alleged medical malpractice after he suffered a stroke in 2006. …
BP PLC and the U.S. Justice Department are close to a broad deal that would release the company from additional civil and criminal liabilities arising out of 2010 Deepwater Horizon disaster, the Wall Street Journal reported, citing people familiar with …
The Italian non-life insurance market faces changes as the sector is subject to new legislation and industry consolidation, while the country’s ongoing economic challenges constrain demand for coverage, according to a new report from A.M. Best Co. Best explained that …
Pan Asian insurer AIA Group Ltd has agreed to buy ING’s Malaysian insurance operations for $1.73 billion in cash, handing the Dutch financial services firm its first deal in a nine-month drive to sell off Asian assets. The sale of …
“I think everyone in the industry would be interested in reducing the complexity of models, making things more transparent and thus easier to understand,” stated Markus Stricker, Director of the Willis Economic Capital Forum (WECF), the latest initiative from the …
A new report from A.M. Best notes that the “French insurance market has experienced significant volatility during the past few years, although the non-life sector continues to grow.” The report comments that while the life market contracted in 2011, gross …
