Some have viewed this law as a bailout of a failed insurance industry; we believe just the opposite is true. When Congress passed the Terrorism Risk Insurance Act (TRIA) in 2002, some heralded the act as a panacea for providing …
As the signature lawsuit from Sept. 11, 2001, makes its way through the federal court system, there is no foreseeable impact on insurer ratings, according to Standard & Poor’s Ratings Services. “Under the worse-case scenario for the insurers, a verdict …
Chicago-based brokerage giant Aon Corp. said its profit was up 20 percent in 2003, from $1.64 per share to $1.97 per share. Fourth-quarter net income per share was 67 cents, compared to 59 cents in 2002. Fourth-quarter net income from …
The Chubb Corporation reported that net income in the fourth quarter of 2003 was $72.3 million or $0.38 per share, compared to net income of $56.6 million or $0.33 per share in the fourth quarter of 2002. Operating income, which …
The case pitting Swiss Re, Travelers and other insurers against Silverstein Properties, the World Trade Center master leaseholder, moved a step closer on Wednesday with the selection of five women and seven men as jurors. Opening arguments are expected to …
Overland Park, Kan.-based GE’s Employers Reinsurance Corp. (ERC) announced that Mark Elborne is joining the company as general counsel. Elborne, 45, comes to ERC from the law firm of CMS Cameron McKenna in London, and has extensive experience in the …
New Jersey Attorney General Peter Harvey announced that a Camden County man previously convicted and sentenced to 10 years in state prison for stealing more than $140,000 in 9/11 survivor benefits has admitted committing thousands of dollars in additional frauds, …
London-based Allianz Global Risks, a unit of Germany’s Allianz AG, announced that it will act as the lead insurer for the second Orinoco River Bridge Project. At 2,140 kilometers (1285 miles), the Orinoco is South America’s third largest river, running …
A.M. Best Co. assigned a Best’s Syndicate Rating of “A” (excellent) to Lloyd’s Syndicate 2001, which is managed by Amlin Underwriting Ltd. The outlook is stable. The rating reflects the syndicate’s excellent profile and prospective financial performance, in addition to …
An Exclusive Interview with Gregory Serio Gregory V. Serio, the superintendent of the New York State Insurance Department, is a busy man—moving between Albany, Manhattan, Washington D.C. and elsewhere about the country. So, thanks to Mother Nature, in the form …
