Swiss Re has entered into a transaction with Redwood Capital XI Ltd., a Cayman Islands exempted company financed through the offering of insurance-linked securities, to receive up to $150 million in the event of a California earthquake in the covered …
Insurance companies must pay the legal costs of consumer challenges to insurance rate increases, even if they withdraw or settle challenges to rate applications before a formal hearing on their application is called, a California Court of Appeal has ruled. …
Authorities declared two flooded farming regions in southwestern Australia natural disaster zones Monday as residents in one town nervously watched a rising river in hopes that it wouldn’t break its levees. Parts of Coonamble and Bourke districts in New South …
Georgia Insurance Commissioner John Oxendine’s office has begun a criminal investigation into the business practices of M. Clark Fain, III, the former chief executive officer of Southeastern U.S. Insurance, Inc. (SEUS), a workers’ compensation company. The investigation follows an Oct. …
The Solomon Islands were shaken by a string of earthquakes Monday – including one registering a powerful 7.2 magnitude – but officials in the South Pacific country said there were no immediate reports of injuries or widespread damage. The tremors …
The Philippines has ordered its seafarers, comprising about a third of the world’s commercial sailors, to go through anti-piracy training before they will be allowed to board ships, the labor secretary said Monday. The training, which lasts about eight hours, …
The Bermuda-based Max Capital Group announced the appointment of Joseph (Joe) Monk as Global Chief Actuary. He joins Max from Lane Clark & Peacock LLP (LCP), where he was head of insurance consulting. Monk joined LCP in 1995 after graduating …
The New Hampshire Legislature is expected to consider two bills that would prevent the state from enforcing amendments to building codes that expand requirements for sprinkler systems. Last month the Building Code Review Board voted to require sprinklers in every …
U.S. securities fraud lawsuits slid in 2009 as stocks rose and the credit crisis eased. Investors filed 169 prospective securities class-action lawsuits in 2009, down 24 percent from 223 in the prior year, according to a study set for release …
Specialty insurer Torus has hired three New Jersey-based executives to oversee underwriting of primary lines of general liability and auto liability for renewable energy. Angie Adams, Adam Newman and Wayne Jacobson have worked together as an underwriting team since 2002. …
