Reinsurance

Former American International Group Chief Executive Officer Maurice Greenberg arrived on Capitol Hill last week to tell a House panel how the government should fix AIG, but heard a congressman call him the wrong witness because of his own legal problems.

A bill introduced in Congress yesterday establishing some federal regulation over the insurance industry has drawn opposition from an insurance agents group while the two major insurers are supporting the move.

Bermuda has launched an effort called Bermuda First to help jump-start the island's economy in light of the global financial crisis, said the co-chairman of the initiative.

Former American International Group Chief Executive Officer Maurice Greenberg arrived here to tell a House panel how the government should fix AIG and heard a congressman call him the wrong witness because of his legal problems.

A reinsurance brokerage said net income for the European reinsurers it follows dropped $22.4 billion year-over-year to a loss of $7.5 billion for full-year 2008.

A group of 19 U.S. property-casualty reinsurers saw net premiums written rise 5.3 percent, growing $1.2 billion to $23.9 billion for 2008, according to a Reinsurance Association of America survey.