Markets

Financial services regulatory reform legislation establishing a Federal Insurance Office with limited authority was passed last week by the House of Representatives, setting the stage for Senate action after the July 4 recess.

Reinsurers are increasingly questioning the sustainability of a good casualty claims environment, and their dimmer views of future profit margins on primary business are putting them at odds with potential cedents.

Crop insurers said late Thursday the industry and the crop insurance program will be able to "withstand" the severe cuts in subsidies imposed on the program by the Agriculture Department.

Property and casualty insurance trade groups are voicing general support for financial services reform legislation as passed by the House, especially because it preserves state regulation of insurance.

The House took an important step toward reforming financial services industry regulation last night, passing legislation that would for the first time establish a federal office designed to deal with insurance activities.

Property-catastrophe reinsurance rates in the United States have significantly decreased despite catastrophe losses from the Chile earthquake and storms in Australia during the first half of 2010, according to three reports on July 1 reinsurance renewals.

OneBeacon Insurance Group said it has completed the sale of its traditional personal lines business to Tower Group, Inc.

Torus Group said it has completed its acquisition of Glacier Insurance AG from the Glacier Group.