The U.S. Treasury department today issued a white paper entitled, Financial Regulatory Reform: A New Foundation. The following is an excerpt from the report on insurance: Enhance Oversight of the Insurance Sector Our legislation will propose the establishment of the …
Insurance Friendly “What I discovered in the course of looking at Judge Sotomayor’s overall body of opinions on coverage issues was far more interesting than any one case. Judge Sotomayor has been very, very insurer-friendly during her time on the …
A consortium including a New York investment firm and a Korean bank agreed to buy American International Group Inc.’s New York headquarters, the broker, CB Richard Ellis, said Tuesday. Youngwoo & Associates and Kumho Investment Bank agreed to buy the …
Some property/casualty insurers might be in for a rude awakening with respect to their reserve practices, according to industry experts. The property/casualty insurance sector’s ability to properly estimate its loss and loss-adjustment expense reserves directly affects its financial strength, noted …
The last manual message from the pilot of Air France Flight 447 indicated the plane was headed into a storm. Ten minutes later a flurry of automated messages began: The autopilot had disengaged; a key computer system had switched to …
Aon has just issued the latest version of its “Terrorism Threat Map.” The most significant change from previous maps shows a “shift in Islamist terrorist activity from the Middle East to South Asia.” The new map shows a trend towards …
Lloyd’s CEO Richard Ward, in a speech given to a meeting in Tokyo of the Geneva Association, the organization for the study of insurance economics today, called for insurance to play a bigger role in providing vital financial assistance to …
The property/casualty insurance industry is employing advancements in catastrophe modeling and considering the impact of the creation of a national catastrophe fund as it applies lessons learned from Hurricane Katrina. Experts on a panel moderated by Louisiana Insurance Commissioner Jim …
A.M. Best Co. has affirmed the financial strength ratings of ‘A’ (Excellent) and issuer credit ratings of “a” of Electric Insurance Group and its members – Electric Insurance Company (Beverly, MA), Electric Insurance Ireland Ltd, (Dublin, Ireland) and Electric Lloyd’s …
The current economic crisis is negatively affecting fire departments across the country, according to a survey of firefighters. More than half of all fire departments said the poor economy meant they had to increase fundraising efforts or grant writing due …
