E&S/Specialty

Fitch Ratings said U.S. property-casualty insurance industry profits fell "dramatically" in 2008 and this year the sector has a negative outlook based on economic and investment uncertainty.

ALPS Corporation announced today that its risk retention group, Attorneys Liability Protection Society, Inc., will acquire Southern Title Insurance Corp. Financial terms were not disclosed.

Bermuda companies Max Capital and Validus Holdings are continuing a public fight to Friday's finish date over which firm will merge with property-catastrophe reinsurer IPC Re.

Treasury Secretary Timothy Geithner needs to speak with state legislators, governors, and attorneys general when seeking information on insurance policy debates, the National Conference of Insurance Legislators advised him.

Bermuda-based Torus Insurance Holdings Ltd., said Torus Specialty Insurance Inc., its U.S. entity, now has authority to write surplus lines in 42 states.

The Obama administration will propose putting large insurance companies under control of a federal financial system risk regulator and probably a U.S. insurance regulator as well, according to a draft document.