New York regulators are aggressively pursuing plans for a reincarnation of the New York Insurance Exchange and expect to assemble a “working group” of industry insiders within the next two weeks who will guide the revival of a Lloyd’s of …
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 …
Boca Raton-based Florida Peninsula Holdings has agreed to acquire another Florida property insurer, Edison Insurance Group, including its two subsidiaries, Edison Insurance Co. and Edison Insurance Underwriters. The company said state regulators approved the deal on Dec. 31 but it …
Reinsurance rates across most lines of property catastrophe business declined at the Jan. 1, 2010 renewal, according to a briefing by Guy Carpenter & Co., LLC. Guy Carpenter’s World Catastrophe Rate on Line (ROL) Index declined by six percent at …
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. …
Bermuda-based Armour Reinsurance Group Holdings Limited announced the appointment of Steve Ryland as Senior Vice President of the Group. His experience is in the areas of insurance run-off and the provision of services to discontinued insurance and reinsurance entities. Ryland …
“Orderly Softening” is the title of the latest edition of Willis Re’s “1st View.” The reinsurance division of Willis Group Holdings publishes the market review three times each year, examining reinsurance rate movements across numerous territories and product classes. The …
A.M. Best Co. has affirmed the financial strength rating of ‘B-‘ (Fair) and the issuer credit rating of “bb-” of Russia’s OJSC Transsiberian Reinsurance Corporation (Transsib Re), both with positive outlooks. The ratings reflect Transsib Re’s “good business position, weak …
U.S. Risk Insurance Group Inc., based in Dallas, Texas, has expanded into the specialty reinsurance brokerage marketplace. Goss Reinsurance Brokers Inc. will operate as a specialty reinsurance broker for medium to small insurance carriers, captives, self-insurance funds, risk retention groups, …
An insurance company is fighting a claim on a Madison County, Ill., house that exploded last year, blaming a female occupant for the blast. Madison Mutual Insurance Co.’s lawsuit in Edwardsville asks a judge to not require it to pay …
