E&S/Specialty

The House passed the wide-ranging Wall Street Reform and Consumer Protection Act of 2009, drawing an immediate and generally favorable reaction from one insurance trade group and a lukewarm response from another.

Reinsurance and surplus lines purchases would be governed by the tax policies, licensing and other requirements of the buyer's home state under legislation approved for House floor action.

Insurers are increasingly offering products and promoting behavior that address the growing risk of climate change, according to presentations delivered at an insurance regulators' Climate Risk Summit.

The regulator leading the National Association of Insurance Commissioners effort to get insurers' climate change information said companies will be given lots of leeway in responding.

Specialty insurer Torus said today its parent, First Reserve Corp., has agreed to merge it with the business of its other major insurance investment vehicle, Sideris Re--a firm in which Maurice Greenberg holds an interest.

The property and casualty insurance industry is expected to see an underwriting loss this year, with no let-up in the soft market through 2010 barring a substantial market shift, according to Fitch Ratings.

When David Letterman recently revealed that he had engaged in sexual relations with members of his staff, it was at once funny--with his deadpan delivery--and yet disturbing to the live audience and the viewing public.

Last month's $16.5 million settlement in an employee benefits plan case may open the floodgates to suits alleging excessive 401(k) fees, and fiduciary liability suits related to Ponzi schemes are poised to climb as well.