Filed Under:Markets, Commercial Lines

The Week in Quotes

PC360 provides the top quotes from industry leaders in this week's top news stories

Industry leaders have a lot to say. From American International Group President and CEO Robert Benmosche discussing what taxpayers can expect as repayment for government assistance, to Mississippi's insurance commissioner touting the state insurance department's raking among its peers in a 50-state study, PC360 brings our readers the top quotes from major industry players for the week of March 26.

American International Group President and Chief Executive Officer Robert Benmosche commenting to CNBC “Mad Money” host Jim Cramer about the ultimate repayment for the federal assistance the company received:

“The American people—between the Fed and U.S. Treasury—they’ll make between $5- and $10 billion profit when this is done.”

Lloyd’s Chief Executive Richard Ward commenting on the tough 2011 that saw Lloyd’s report a loss of over $800 million for the year, compared to profit of about $3.5 billion in 2010: 

“Make no mistake, 2011 was a difficult year for the insurance industry. Given the scale of the claims, a loss is unsurprising but it reflects what we’re here to do—help communities and businesses rebuild after a disaster.

“It is also reassuring that, despite this loss, our financial strength has been maintained. It’s testament to Lloyd’s robust oversight and professionalism in the market today.”

Liberty Mutual Insurance Group President and Chief Executive Officer David H. Long commenting on Liberty Mutual entering the Russian insurance market through the acquisition of Russian insurance company KIT Finance Insurance from KIT Finance Holding Co.: 

“We believe KIT Finance Insurance provides an attractive platform from which to invest in the rapidly growing Russian non-life insurance market. It’s a dynamic company with a driven management team as indicated by annual growth of twenty-seven percent.” 

Mississippi Commissioner of Insurance Mike Chaney commenting on the Mississippi insurance department scoring the highest grade, 91 percent, in a 50-state review, conducted by the State Integrity Investigation, that evaluated transparency, accountability and ethics enforcement:

“I am proud and honored that this report recognizes the outstanding effort the department makes in enforcing the laws and regulations in the state while providing our citizens with the maximum amount of consumer protection.”

Swiss Re Senior Vice President Richard Pennay commenting on Swiss Re Capital Markets placing a $200 million insurance-linked security with the capital markets that covers the reinsurance exposures of two carriers--COUNTRY Mutual Insurance Company of Bloomington, Ill., and North Carolina Farm Bureau Mutual Insurance Company, Inc., of Raleigh, N.C.--against damage from severe weather including thunderstorms, hurricanes, earthquakes and winter storms in the United States:

“Because the two companies are geographically diverse, by aggregating their risk we were able to come up with three classes of notes, all offering different risk and return profits. By doing that, we were able to attract a broader investor base.

“It’s a big step forward in providing smaller insurance companies throughout the U.S. access to catastrophe bonds.”

New York Insurance Association President Ellen Melchionni commenting on the New York State passing three bills aimed at stemming staged accidents and no-fault fraud in the state:

“In our opinion, these 3 bills really go after the individuals that are really, truly intending to commit fraud. It’s low-hanging fruit if [legislators] are intending to fight [this].” 

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