Declarations
Crist Free Market “Isn’t it the free market approach? I’m a free market guy, but I think we need to keep our eye on insurance companies, property insurance companies specifically. They have a history of not being the kindest, warmest …
Declarations
A Devastating Experience “Losing everything is an unimaginable and devastating experience. … Oklahoma’s professional agents and adjusters are poised to respond.” —Oklahoma Insurance Commissioner Kim Holland has declared a state of emergency to allow insurance companies to more rapidly respond …
Declarations
Chinese Drywall Concerns “I believe you’re going to see this is widespread. Anytime you have mounting evidence of potentially toxic goods you have an obligation to act quickly to protect consumers.” —U.S. Sen. Bill Nelson, D-Fla., a member of the …
Somali Pirates Step up Attacks; Exemption Renewal for Europe’s Insurers
Pirates have stepped up their attacks on shipping in the Gulf of Aden and the Indian Ocean. In three days (April 6-8) the marine marauders, based in Somalia, seized four cargo ships and a French yacht (See IJ Web site …
On the Road to Latin American Opportunity
As a large region with solid prospects for long-term growth, Latin America continues to gain in popularity as a market for many U.S. companies. Exporters to this region, however, can face significant challenges when it comes to getting their goods …
Moderate Earthquake Rattles Northwest China; No Injuries Reported
Chinese seismological authorities say a moderate earthquake registering a magnitude of 5.5 Sunday struck China’s far western Xinjiang region. No injuries were immediately reported. An official from the Xinjiang seismological bureau says the quake’s epicenter was northwest of the thinly …
Business Moves
Progressive Progressive said it will begin offering motorcycle and RV insurance in Massachusetts. The Mayfield Village, Ohio-based insurer said it will offer the coverage through its Web site as well as through independent insurance agents. The addition of these coverage …
Lawmakers Seek to Ban Chinese Drywall
U.S. Sens. Bill Nelson, D.-Fla., and Mary Landrieu, D.-La., have filed federal legislation for a recall and immediate ban on tainted building products from China, as people around the country are reporting problems in their homes built with imported drywall. …
Business Moves
Munich Re German reinsurer Munich Re has successfully concluded the acquisition of specialty insurer HSB Group from American International Group for $739 million. The deal was originally announced last December. The purchase price in cash was financed by Munich Re …
AIG May Sell U.S. Auto Unit to Zurich
American International Group is close to a deal to sell its U.S. auto insurance business to Swiss insurer Zurich Financial Services for roughly $1.5 billion, a source familiar with the matter said on Wednesday. A deal could be announced soon, …
