Reinsurance

The Surety & Fidelity Association of America said Thomas Kunkel, Travelers Bond chief executive officer and president, has been elected SFAA board chairman for 2009-2010.

A research firm's finding that closing a loophole for offshore insurers could cost U.S. consumers over $10 billion per year has sparked a heated debate involving some of the nation's biggest coverage buyers and sellers.

Grinnell Mutual President and Chief Executive Officer Dan Agnew has been selected for induction to the Iowa Insurance Hall of Fame, his company announced.

The major impact on insurers from an offshore tax avoidance crackdown announced today by the Obama administration appears to be a proposal restricting a deduction of costs for financing foreign operations, according to industry sources.

Eight industry trade groups supporting an optional federal insurance charter told key members of Congress in a letter last week that financial services reform should include a dedicated national regulator.

A research firm's finding that a tax increase for offshore reinsurers would be expensive for customers and limit availability of the coverage has the support of the Risk and Insurance Management Society, the group said.