As part of a strategy to expand its capabilities for program administrators, two additional admitted companies–American Family Home Insurance Co. (AFH) and American Southern Home Insurance Co. (ASH)–are now available to program administrators of the Specialty Markets Division of Munich …
Hawaii Insurance Commissioner J.P. Schmidt has announced the formation of a business association between First Insurance Company of Hawai’i (FICOH) and AXIS Insurance Co. Through this program, AXIS Insurance Co. will offer hurricane insurance to new and existing FICOH homeowners …
A new court ruling says the Arizona Legislature’s raid of nearly $4.7 million from a special fund for injured workers was illegal. Maricopa County Superior Court Judge Larry Grant says the money to be transferred into the state general fund …
Chancellor George Osborne’s budget proposals, featuring spending cuts and new taxes, has received mostly a thumbs up from the Association of British Insurers. Commenting on the measures, Kerrie Kelly, the ABI’s Director General, stated: “We wholly support the commitment to …
Dutch insurer Aegon NV is considering the sale of its U.S.-based Transamerica Reinsurance unit but has decided not to sell its UK arm, as it seeks to concentrate on its most profitable activities. Aegon said on Tuesday any proceeds from …
The property/casualty industry returned to profitability in the first quarter of 2010 despite continuing declines in both written premiums and earned premiums. Private U.S. property/casualty insurers’ net income after taxes swung to positive $8.9 billion in first-quarter 2010 from negative …
New York-based brokerage and risk management firm Integro appointed Jennifer Romano as managing principal, based in New Jersey. She will manage complex placements and risk consulting services for healthcare clients throughout New Jersey and the Tri-state area under the leadership …
Florida Gov. Charlie Crist has signed into law a bill exempting certain commercial and professional liability insurance rates from state review prior to use. Current state law exempts only those policies with annual premiums above $500,000 in addition to other …
The U.S. Deepwater Horizon and Venezuelan Aban Pearl drilling rig losses have left upstream energy insurers with an unprecedented bill of $795 million within the space of a single month, destabilizing the market and driving up rates, according to a …
Insurers are issuing catastrophe bonds again to complement traditional and cheaper reinsurance and to spread the risks in buying protection against events that could cost them tens of billions of dollars in claims. The nascent cat bond market froze for …
