Insurance rates continued to rise in the third quarter for both businesses and individual customers, extending the pricing power that developed late last year, insurer Travelers Cos Inc said on Tuesday.

Legislation imposing sweeping reforms on Californias Workers Compensation system was passed by the state legislature Aug. 31 and sent to Gov. Jerry Brown for his signature.

The month of August saw one major insurance-brokerage firm purchase the P&C brokerage operations of a bank as USI Insurance Services announced its acquisition of TD Insurance Inc.

Personal auto rates appear poised to rise at an accelerated pace, according to one analyst firm, and insurers may just be waiting on the markets top dog to lead the charge.

Despite huge losses from catastrophes last year, reinsurers began 2012 in solid shapebut the companies benefited from factors that might not be present going forward, and the industry will require renewed focus on underwriting, ratings agencies say.

Less than one year after its unsuccessful pursuit of Transatlantic Holdings, Validus Holdings says it has reached an agreement to buy Flagstone Reinsurance Holdings for about $623 million in cash and stock.

The rare weather event of tornadoes touching down in New York City produced no significant insurance losses, according to industry experts.

Factors in the reinsurance marketplace point to continued moderate rate increases going forward, two reinsurers say as the annual Reinsurance Rendezvous kicks off in Monte Carlo.