The National Flood Insurance Program will pay claims for damage to homes and contents from oil driven ashore during hurricanes, its officials have announced.

The Deepwater Horizon Drilling Platform explosion and subsequent oil spill in the Gulf of Mexico was not a risk management issue, an insurance executive said.

State Farm Mutual Insurance Company said it plans to stop handling claims for the National Flood Insurance Program but will continue writing policies.

The Public Risk Management Association (PRIMA) announced Michael Pennacchio, a public risk manager in Nevada, as its 2010 Public Risk Manager of the Year.

Lloyd's of London has joined the Retail Agent E&S Initiative--an effort to improve the electronic transfer of data from managing general agents in the United States to the London market.

Ambac Financial Group, Inc. has come to an agreement with policyholders to convert all of its remaining $16.4 billion of collateralized debt obligations of asset-backed securities in a combination cash and debt payment, the company said.

An industry official will testify before Congress Wednesday that a steep hike in the damage limits from an offshore drilling accident could drive offshore drillers out of U.S. waters.

Tight budgets and dwindling resources are impacting public risk managers in the United Kingdom similarly to their U.S. counterparts, the director of a U.K. public risk management organization said here.