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 …
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 …
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 …
Maryland Gov. Martin O’Malley has a new proposal aimed at boosting the amount of venture capital for businesses like bioscience companies. The governor rolled out the proposal earlier this month during a speech to academic, business and government officials in …
Two Kanawha County agencies have decided not to use a state-created insurance program for workers’ compensation coverage. Both have told BrickStreet Mutual Insurance Co. that its proposed rates have prompted them to take their business elsewhere. State lawmakers created BrickStreet …
Two companies that once insured Appleton Papers Inc. are liable for $10 million toward the cleanup of the Fox River after a court decision on June 8, the firm’s lawyer said. Attorney Ron Ragatz says the ruling by the Wisconsin …
A softening casualty market, strong company earnings, and a quiet catastrophe season resulted in the reinsurance industry enjoying, in 2009, one of its most profitable underwriting years in nearly a decade. Today, reinsurers must continue to push-back on multi-year deals …
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 …
Final disciplinary actions taken in March and April by the Texas Department of Insurance, Division of Workers’ Compensation (TDI-DWC) include removal of providers from Designated Doctors list and insurance company fines. Commissioner’s orders are subject to appeal to state district …
Recent storms throughout Oklahoma caused a tremendous amount of property damage and the Oklahoma Insurance Department says some insurers have been, or currently are, issuing nonrenewal notices to many of their insured. Insurance Commissioner Kim Holland is strongly advising insurers …
