A federal judge granted preliminary approval of a $72.5 million settlement between The Hartford Financial Services Group Inc. and a class of more than 21,000 people who alleged the insurer underpaid personal injury and workers' compensation claims.

The Hartford has agreed to settle a $72.5 million class-action lawsuit that accused it of using questionable business practices when paying personal injury and workers' compensation claims.

Vertafore Inc. has been purchased by private global investment firm TPG Capital LP for $1.4 billion, Vertafore announced.

Cincinnati Financial Corporation said it estimates approximately $65 million in 2010 second quarter pre-tax catastrophe losses, accounting for an above-average nine points toward the company's combined ratio.

Harry Spring, government relations regional director for Humana Inc., has been elected chairman of the Florida Insurance Council (FIC)--a state insurance trade association.

Florida domestic insurer Olympus Insurance Co. has satisfied state regulators with a corrective action plan to rectify concerns about the company's solvency.

The official start date of the Atlantic hurricane season was June 1, but no flood policies have been issued or renewed because the National Flood Insurance Program has expired.

Krystalle Tobin was named chief financial officer for Hamilton, Bermuda-based international specialty insurer Hiscox for its Bermuda business.