E&S/Specialty

Sponsored by

• S&P Cuts Rating for Buffett's Berkshire Hathaway

  By Jennifer Ablan, Ben Berkowitz and Jonathan Stempel, Reuters  |  May 17, 2013

  Warren Buffett's Berkshire Hathaway Inc. had its credit rating cut one notch by Standard & Poor's, which cited a new methodology for evaluating insurers and Berkshire's dependence on its insurance business for dividend income.

• 

  Cause of Fire at West Fertilizer Co. Remains Unknown; Scene Investigation Complete

  By Chad Hemenway, PropertyCasualty360.com  |  May 17, 2013

  After a month-long scene investigation, investigators still do not know what caused the fire that led to a massive explosion at the West Fertilizer Co. in Texas.

• Zurich Q1 Profits Slip as Reserve Release Declines

  By Alice Baghdjian, Reuters  |  May 16, 2013

  Zurich Insurance Group posted a fall in profits in the first quarter, with lower net releases of reserves compared with the prior year offsetting fewer natural catastrophes.

• Endurance Hires Team to Start Excess Casualty Unit

  By Staff Writer  |  May 16, 2013

  Bermuda's Endurance Specialty Holdings says a new Excess Casualty team is joining the insurer.

• LIU Launches New Marine BOP

  By Staff Writer  |  May 15, 2013

  Liberty International Underwriters has launched a new policy to cover marine liability and property-related risks for small and mid-size marine businesses owners and operators.

• 

  Auto Recalls Likely Won’t Impact Insurance for Manufacturers

  By Anya Khalamayzer, PropertyCasualty360.com  |  May 15, 2013

  A series of car recalls to hit the automotive industry this spring, including investigations of models created by Ford, Chrysler, Chevrolet and Toyota, is unlikely to impact auto manufacturer’s insurance rates.

• 

  DeWitt Stern Designs Super Bowl-Related Cancellation Policy for NY Metro Area

  By Chad Hemenway, PropertyCasualty360.com  |  May 15, 2013

  Insurance brokerage DeWitt Stern has come up with a way for businesses looking for a big payday from the 2014 Super Bowl to protect expected revenues.

• 

  Doesn't Matter How West Fertilizer Dangers Were Revealed

  By Chad Hemenway, PropertyCasualty360.com  |  May 14, 2013

  Will all the points regarding holes in insurance requirements, workplace safety, risk management, oversight, and land-use planning persist against a backdrop of what could be a criminal act?

• 

  $45M Global Bank Heist Could Complicate Cyber-Liability Market; Impact Other Coverages

  By Anya Khalamayzer, PropertyCasualty360.com  |  May 13, 2013

  Experts say liability for the theft could fall on the processors of the debit cards used to perpetrate the crime, and make it difficult for other financial institutions to get cyber insurance coverage.

• Banks in Cyber Heist Face Uncertainty in Getting Money Back

  By Joseph Ax, Reuters  |  May 13, 2013

  Two banks hit in a $45 million ATM heist face an uncertain path in trying to recover their losses, says financial, insurance and legal experts.

• 

  Authorities Launch Criminal Investigation of West Fertilizer Explosion

  By Chad Hemenway, PropertyCasualty360.com  |  May 10, 2013

  A criminal investigation has been launched into the West, Texas fertilizer plant that exploded last month.

• MBIA Chief Talks Q1 Results with 'Newly Refreshed Level of Enthusiasm'

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 10, 2013

  In its first earnings conference call since ending litigation with banks over the insuring of structured financial instruments this week, MBIA Inc. executives breathed a huge sigh of relief and spoke about a reinvigorated future for the guarantee insurer.

• Senate Majority Leader Seeks Compromise on Bill to Delay NFIP Rate Hikes

  By Arthur D. Postal, PropertyCasualty360.com  |  May 10, 2013

  Senate Majority Leader Harry Reid is taking extraordinary steps to force a compromise on a proposed amendment to pending legislation that would indefinitely delay politically-sensitive hikes in flood insurance premiums scheduled to go into effect next year.

• 

  Bill Introduced to Extend TRIA for 10 Years

  By Elizabeth D. Festa, PropertyCasualty360.com  |  May 10, 2013

  Legislation to extend the Terrorism Risk Insurance Act for a decade has been introduced in the House.

• Rating Agencies Call MBIA Settlement Positive

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 9, 2013

  Just when it looked like bond insurer MBIA was on the ropes it came through with a settlement that is getting the thumbs up from industry observers.

• An Underrated Supply-Chain Concern: Cyber Events

  By Anya Khalamayzer, PropertyCasualty360  |  May 8, 2013

  Two-thirds of cyber events are the fault of third-party businesses that outsource services for the victim, showing that business interruption no longer solely concerns physical assets susceptible to natural catastrophes and other disasters.