U.S. reinsurers took a beating in their surplus during the first half, seeing a drop of $6.9 billion from last year.

After years of lawsuits, American International Group Inc., its former Chairman and Chief Executive Officer Maurice R. Greenberg and its former Chief Financial Officer Howard I. Smith have agreed to terms for binding arbitration.

Gennet Purcell has been appointed commissioner of the Department of Insurance, Securities and Banking for Washington, D.C., Mayor Adrian M. Fenty announced today.

Hank Watkins, a veteran insurance brokerage executive, has been appointed president of Lloyd's North America, responsible for all operations in the United States and Canada.

U.S. reinsurers took a beating in their surplus during the first half, seeing a drop of $6.9 billion from last year--down 9.5 percent to $65.9 billion in 2009, according to the Reinsurance Association of America.

Maria Sheffield plans to throw her hat into the ring to be elected Georgia's next insurance commissioner, looking to succeed her former boss, John Oxendine, who is running for governor next year, the National Underwriter has learned.

With the United States at the epicenter of a recession fueled by the mortgage and credit market crises, ripples are still being felt in the global reinsurance market.

Karen Cutts, publisher and ME of the Risk Retention Reporter and author of a regular column for NU has been unable to attend captive confabs for medical reasons. She is missed. Read more at www.NoRiskZone.com .