A.M. Best Co. announced that it has assigned a financial strength rating (FSR) of “A-” (Excellent) and an issuer credit rating (ICR) of “a-” to Bermuda-based Lancashire Insurance Company. Concurrently, Best assigned an ICR of “bbb-” to the parent company, …
The possibility of a global avian flu outbreak is haunting insurers–property/casualty, life and health–and it appears that there’s not much they can do to mitigate losses prior to a pandemic. Nevertheless, carriers can take steps to prepare for a viral …
Joe Plumeri, chairman and CEO of global broker Willis Group Holdings Limited, issued a statement on Sunday, Dec. 18, after both Houses of Congress approved a two-year extension of the Terrorism Risk Insurance Act (TRIA). (See related article in National …
Despite the unprecedented nature of the four hurricanes making landfall in Florida in 2004 and the huge disasters spawned in the Gulf of Mexico in 2005, panelists at the recent annual meeting of the Casualty Actuarial Society believed these types …
Does the world seem to be careening from one crisis to another these days or is it all hype by news outlets? Unfortunately, it’s not hype; it’s the real world. Not a day goes by without reports of terrorist threats …
A.M. Best Co. believes terrorism is too risky without some sort of backstop to protect insurance companies providing coverage on a primary basis. The expiration of the Terrorism Risk Insurance Act (TRIA) of 2002 without any substantive replacement could trigger …
The Port Authority of New York and New Jersey wants a jury’s decision that faulted the authority in the 1993 bombing of the World Trade Center tossed out, saying the judge in the case was biased. The authority claims Justice …
Guy Carpenter & Company Inc. reported the release of a new study, Recent Legislative and Judicial Trends Affecting the U.S. Casualty Industry, on key legislative and judicial developments and their impact on the U.S. casualty market. The report provides an …
House Passes Terrorism Insurance Bill: Legislation that will extend the 2002 Terrorism Risk Insurance Act for an additional two years passed the House of Representatives floor by a vote of 371 to 49. The Senate already approved its version of …
Hurricanes, Capital, Agents and Technology Feed the Product Process Looking for a new market? Most people in the industry are, including those who get paid to come up with new insurance products. According to these product idea experts, what ends …
