The Contractors Access Program of California (CAP), a self insured group, has been declared in default due to insufficient funding required for continued operation, California’s Department of Industrial Relations (DIR) Director John C. Duncan announced. Duncan said the default was …
Bermuda-based RenaissanceRe Holdings Ltd. announced that it has “entered into a definitive agreement with QBE Holdings, Inc. to sell its U.S. property and casualty business underwritten through managing general agents, its crop insurance business underwritten through Agro National Inc. and …
A.M. Best Co. has affirmed the financial strength rating of ‘A ‘(Excellent) and issuer credit rating of “a+” of Japan’s Aioi Nissay Dowa Insurance Company Limited, both with stable outlooks. The ratings reflect Aioi Nissay Dowa’s strong risk-adjusted capital position …
The U.S. property and casualty industry continued to experience modest growth in premiums written while essentially breaking even on underwriting with a calendar year combined ratio of approximately 100 percent, according to an SNL Financial analysis of preliminary third-quarter statutory …
Boston-based AIR Worldwide announced that UIB Asia Reinsurance Brokers Pte Ltd, a subsidiary of UIB International/UIB Holdings UK Ltd, has licensed AIR’s catastrophe risk management systems. “UIB is an independent, multilingual insurance and reinsurance broker headquartered within the London Market …
Lloyd’s of London notes that “after almost a decade of development regulators are now putting the finishing touches to Solvency II, new rules governing European insurers’ capital adequacy. The regime is set to modernize the way European insurers are supervised, …
The AIA Group has lost a key official less than three weeks after its parent American International Group raised $20.5 billion in an initial public offering (IPO) of the unit. Chris Wei, AIA’s chief marketing officer, had resigned, an AIA …
Even though Ireland’s financial crisis continues to make headlines, it’s not by any means a national meltdown, and it doesn’t appear to pose a threat to any of the re/insurance companies and brokers, who have substantial operations in the country. …
For those who question the intelligence of insurance companies, here’s a new industry development that should answer those questions once and for all: The insurance industry is ecstatic because it just dropped $40 million on a three-bedroom house that fell …
Property/casualty insurers will have some extra time to comply with new Medicare and Medicaid liability claims reporting requirements. The Department of Health and Human Services Centers for Medicare and Medicaid Services (CMS) announced that it will delay the implementation of …
