Agency Management

Having insurance for product recall is invaluable, but it does not serve as a substitute for implementing good procedures to deal with a recall, a consultant with insurance broker Marsh said.

Improvements in analytic capabilities allow companies to get the best price for their insurance and allow prudent risk transfer choices, but risk managers need to share the information they glean with upper management, insurance brokers at Marsh said.

The property insurance take-up rate for terrorism insurance continues to rise as 61 percent of companies surveyed by insurance broker Marsh purchased the coverage.

Barclays President Robert Diamond Jr. had some strong opinions on reforming financial services regulation at the annual Lloyd's New York City dinner. For a recap, see NU Editor Sam Friedman's blog at www.NUSamSoapBox.com.

The nation's crop insurers warned that the industry's "back is against the wall" as they reiterated objections to a planned 30 percent cut to the federal crop program.

A U.S. District Court judge has elected not to grant an injunction requested by wholesale broker CRC Insurance Services Inc. against former employees now with competitor Ryan Specialty Group's R-T Specialty of Illinois, LLC (RTS).