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Caribbean islands hit by the storm Tomas--which reached hurricane status over the weekend before weakening to a tropical storm--are expected to sustain less than $100 million in economic damages, catastrophe modeler EQECAT said.
Corporate insurance buyers need to enhance their coverages as much as possible while the market is still soft, according to a report by Willis Group Holdings.
American International Group Inc. said the sale of one foreign insurer and the initial public offering of a second have raised enough money to repay a line of credit it has with the Federal Reserve Bank of New York.
Ambac Financial Group Inc. said it intends to file for Chapter 11 bankruptcy before the end of the year if it cannot reach an agreement with debt holders.
Net income was down for two reinsurers reporting 2010 third-quarter results, while profit for a specialty lines insurance and treaty reinsurance company returned to the black.
Catastrophe losses impacted the earnings of super-regional property and casualty insurers State Auto Financial Corp. and Harleysville Group, leading to third-quarter net
Severe weather moving across Ohio on Sept. 16 produced 11 tornadoes, high winds and hail causing at least $17.2 million in damages, based on preliminary insured loss estimates from the Ohio Insurance Institute (OII).
A regulatory lawyer raised concerns about a new proposed FDIC rule dealing with resolving troubled insurers that the federal agency believes constitute potential systemic risk to the financial system.
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