Reinsurance

The U.S. House of Representatives plans to speed up consideration of a measure to reform regulation of surplus lines insurance and reinsurance, industry lobbyists say.

American International Group has reduced its holdings in reinsurer Transatlantic Holdings, Inc., to 14 percent netting the New York-based insurer $1.14 billion as it continues to sell off its assets.

The House plans to speed up consideration of a measure to reform regulation of surplus lines insurance and reinsurance, insurance lobbyists say.

Insurers of coastal properties can cut down their risk by inducing homeowners to strengthen dwellings and working to improve building and land use, a reinsurance expert suggested.

Reinsurance Association of America members in the first quarter saw net premiums written increase nearly 3 percent compared with same period in 2008.

Hurricane forecasters William Gray and Phil Klotzbach predict an Atlantic tropical cyclone season of slightly below average frequency, and one consultant said it is in line with reinsurers' expectations.

The Liability Risk Retention Act contains a single-state regulatory framework that enables RRGs to become licensed and regulated under the laws of a domiciliary state, preempting most laws and regulations of nondomiciliary states in which they operate.

American International Group, Inc. announced it will sell off a huge piece of its stake in reinsurance giant Transatlantic Holdings, worth nearly $1 billion.