Reinsurance

Employment in the property and casualty insurance industry decreased 1.8 percent in April compared to the same month a year ago, according to an Insurance Information Institute analysis of the U.S. Labor Department’s Bureau of Labor Statistics data.

QBE says it has completed its acquisition of Balboa Insurance from Bank of America.

QBE says it has completed its acquisition of Balboa Insurance from Bank of America.

Nineteen reinsurers belonging to the Reinsurance Association of America saw a combined 2011 first-quarter net loss of $100.6 million, compared to 2010 first-quarter net income of $2.4 billion.

Although Florida’s property insurance bill SB 408 became law May 17 upon the signature of Gov. Rick Scott, not all the provisions became effective that day.

While Florida insurers have long used catastrophe models to assess portfolio-level catastrophe risk, leading carriers assess catastrophe risk before the policy is underwritten. Incorporating catastrophe modeling into the underwriting process is easier than most assume.