Munich Re reported a 2010 first-quarter net profit of EUR485 million ($620 million at current exchange rate), an 11 percent increase over the 2009 first-quarter net profit of EUR437 million ($558.6 million).

U.S. Senate Republicans believe failure to increase federal oversight of large insurance companies is a major deficiency of financial services reform legislation, questioning whether state guaranty funds are adequate to deal with large carrier failures.

Independent agencies are invited to enter the 2010 Commercial Insurance Agency of the Year Award program, run by National Underwriter and American Agent & Broker, with entries due by July 1.

Anxiety is growing within the agent and broker community about rules in New York going into effect in January 2011, requiring them to disclose to their clients information about compensation received from insurers.

The city of Nashville expects damage from flooding that began as a result of more than 13 inches of rain to surpass the billion-dollar mark, despite the fact that assessments are still taking place.

Trade groups called on the Senate last week to reject an amendment to financial services reform legislation they charge would "substantially weaken" the ability of a proposed Office of National Insurance to address "critical" trade issues.

The Risk and Insurance Management Society announced professional development programs covering insurance basics, workers' compensation management, enterprise risk management and other topics.

Florida Insurance Commissioner Kevin McCarty has come out full force in support of property bill SB 2044, passed in the final hours of the 2010 Florida legislative session.