Federal authorities need legislation to give them legal authority to step in when a huge non-bank company like American International Group gets into financial difficulties, Treasury Secretary Timothy Geithner told Congress today.

Despite a premium price increase push by insurers, rates remain competitive, especially for new accounts with good risk profiles, the chief executive of Brown & Brown said as the firm reported a 7 percent first-quarter decrease in net income.

Putting its money where its mouth is with support of risk management education, FM Global handed out the first of a series of grants yesterday so two universities can develop course curricula for students studying loss prevention and insurance.

Insurers bracing for potential losses from the installation of defective Chinese drywall in homes in the Southeast may find themselves named directly in lawsuits, according to legal experts.

Property-casualty insurers trying to keep adequate capital levels will face a tough challenge continuing past this year, a rating service said.

The economic slowdown tops the list of risk managers' concerns in a biannual survey conducted by Chicago-based insurance broker Aon Corp.

American International Group announced today it was accelerating the spin-off of its major property-casualty insurance units into a separate company so that it can sell off a minority share to the public.

Insurance broker BB&T Insurance Services said its first-quarter revenue grew by 19 percent, helped by a combination of acquisitions and new market activity, according to the company's chief executive.