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With an eye toward servicing $1,500 surplus lines accounts rather than $200,000 accounts, the newest managing general agency in Connecticut aims to grow by capturing the small, hard-to-place business of each retail agent customer.
After seeing damages awarded against it in one lawsuit, a Chinese drywall maker announced last week that it settled a case brought against it by U.S. homebuilder Beazer Homes for an undisclosed dollar amount.
Standard & Poor's Ratings Service is requesting comments on its proposed changes to its methodology for evaluating insurers' and reinsurers' economic capital models through a refinement of its enterprise risk management criteria.
New York State Insurance Superintendent James Wrynn and the state Assembly and Senate Insurance Committee chairs will discuss New York property and casualty insurance issues at The New York Insurance Association Inc.'s upcoming 2010 Annual Conference.
Marsh & McLennan Companies' chief executive indicated there are no plans to break up the company--emphasizing it is more powerful together than apart--but he said nothing to dampen press speculation about the sale of Kroll.
Insurance agents in Tennessee challenged by the number of claims from floods and tornadoes that hit the state may also be dealing with the prospect of lawsuits over accusations that they failed to properly advise customers about flood insurance.
The ACE Rankings are based on an online survey of senior technology and operational executives at either five or 10 (Standard or Gold Rankings) clients that have direct experience with the vendor product and organization.
Association officials believe provisions aimed at modernizing the excess and surplus lines marketplace will be retained in the final version of financial reform legislation that will be reconciled between the House and Senate.
Although the insurance industry has a long history of building its own technology solutions, the pendulum has been firmly paused on the "buy" side of the "buy vs. build" spectrum for the last few years across most core application areas.
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