Reinsurance

First-quarter net income for Bermuda-based Arch Capital Ltd. dropped to $19.3 million from $210.5 million a year ago during the same time due to $178.7 million in catastrophe losses.

One issue of concern to both agents and customers is the future of the National Flood Insurance Program (NFIP)—still a subject of debate in Congress.

ACE Ltd. is the strongest Bermuda-based insurance company, according to data released by the Association of Bermuda Insurers and Reinsurers (ABIR).

On the final day of the conference, agents met to hear a panel discussion with three insurance-industry CEOs and the president of the Insurance Information Institute on the state of the industry.

If Republicans were in search of a friendly venue for their message of spending cuts and regulation reduction, they found a warm embrace a few short blocks from Capitol Hill at the recent meeting of the Independent Insurance Agents & Brokers of America in Washington D.C.

Munich Re says it expects its first quarter natural disaster catastrophe claims loss to total $3.9 billion.