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The Hartford Financial Services Group Inc. announced it has given Chairman and Chief Executive Officer Liam E. McGee the additional title of company president.
Robert C. Schiff, former president and chief executive officer of the Schiff, Kreidler-Shell Insurance Agency and co-founder of the Cincinnati Insurance Co and Cincinnati Financial Corp., died Thursday. He was 86.
While the Market Barometer composite rate index for property and casualty insurance was down 4 percent at the close of calendar-year 2009, an upswing is predicted by the end of this year.
Reinsurers recapitalized significantly in 2009, but while pricing was down for the latest Jan. 1 renewal season as a result, underwriting remained disciplined in a softening market characterized by one top broker as "orderly."
Sen. Chris Dodd, D-Conn., and Sen. Byron Dorgan, D-N.D., both key allies of the insurance industry in Congress, announced they will leave the Senate at the end of their terms.
Insurers that delayed their reinsurance purchases didn't get any notable late-December bargains from disciplined reinsurance underwriters, but soft pricing trends continued for Jan. 1 renewals.
The timely notice of claims is generally an express requirement of an insurance policy. However, the modern trend by U.S. courts and legislatures has been to diminish "late notice" as a defense to coverage.
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