E&S/Specialty

Besides the financial market crisis, the top business risks multinational insurers face this year are failures to recognize model shortcomings and possible impacts from sweeping regulatory reforms, a report found.

New federal protections administered by any new federal consumer protection agency would create "a duplicative inefficient system," a property and casualty industry official told the House Financial Services Committee.

IPC Holdings, Ltd. said it will reach out to other parties to "solicit interest in a possible transaction" in addition to engaging in discussions with Validus Holdings, Ltd. about its offer, the company said in a statement today.

In the current market, the top concern for risk managers is the economic slowdown, which means added scrutiny of any dollars spent, an expert related at an industry conference.

Insurance interests would be premature in trying to lobby for changes in Obama administration tax proposals until they are formally unveiled, probably Dec. 4, an insurance brokerage lobbyist advised here.

The Group of North American Insurance Enterprises said it has joined a new coalition to work with accounting organizations to reform accounting standards linked to the financial crisis.