The U.S. residual property insurance marketplace continued to grow despite the economic downturn, according to a report issued by the Insurance Information Institute.

QBE Insurance Group today announced its acquisition of the U.S. insurance operations of Bermuda-based RenaissanceRe, including Iowa-based crop insurer Agro National, for approximately $275 million.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) said it has made $12.6 million in insurance payments to the governments of Barbados, Saint Lucia, and St. Vincent and the Grenadines, following Hurricane Tomas.

Research on climate change is ongoing, but risk management evaluation and strategies need to begin now to avoid the consequences of escalating property loss, according to a study by AER and AIR Worldwide.

Columbus, Ohio-based insurance broker network Assurex Global said it has added Houlder Insurance Brokers Far East Ltd. of Hong Kong to its exclusive list of partners.

One of the world's top insurance brokers said commercial insurance soft market conditions are expected to continue through to the end of the year.

State Farm confirmed that a study it is conducting meant to increase efficiency could possibly affect staffing levels, but stressed there are no specific plans yet regarding staff levels.

State insurance legislators are winning support for a compromise model law designed to implement the federal surplus lines modernization act.