Reinsurance

A spike in the number of agent and broker jobs added in May drove an overall net gain of 900 jobs industry-wide for the month compared to April, according to an Insurance Information Institute analysis of U.S. Labor Department’s Bureau of Labor Statistics figures.

With the onset of the hurricane season, the insurance industry is exhibiting signs of reaching its soft-market bottom as capacity is beginning to be reined in and some lines of business are seeing price increases, according to a report from insurance broker Marsh.

With the onset of the hurricane season, the insurance industry is exhibiting signs of reaching its soft-market bottom as capacity is beginning to be reined in and some lines of business are seeing price increases, according to a report from insurance broker Marsh.

Alterra Capital Holdings Ltd. says reinsurance subsidiary Alterra Bermuda has been approved by the New York Insurance Department to post reduced collateral when doing business in the Empire State.

Switzerland-based Allied World Assurance Co. Holdings says it expects between $65 million and $75 million in losses from second-quarter weather events in the U.S., and another $25 million in additional losses from revised first-quarter estimates.

The Hanover Insurance Group Inc. says it expects losses from second-quarter catastrophes to be between $145 million and $160 million before tax.