Reinsurance

Zurich Financial Services Group expanded its insurance operations in Latin America and moved up a notch on the property and casualty scale as it announced a 25 year distribution agreement with Banco Santander SA.

As insurers report high losses and increased loss estimates from the last New Zealand earthquake, another temblor has rocked the same area.

More reserve charges could be ahead for American International Group Inc. (AIG), according to analysts.

Shareholder plaintiffs bringing derivative actions typically sue the directors and officers “in the name and for the benefit of” the company in which they hold shares, alleging harm done to the company through breaches of various duties.

The combination of corporate bankruptcies, high-dollar shareholder derivative lawsuit settlements and declines in Side-A pricing may soon turn a profitable niche of the directors and officers liability insurance market into a money loser, carrier executives say.

Hosni Mubarak’s resignation as president of Egypt and the subsequent military takeover have brought a measure of stability to the nation, but uncertainty about the future and potential flashpoints throughout the region have insurers casting a wary eye on political risk coverage.

The Obama administration’s 2012 budget proposal has reopened the debate over taxing certain reinsurance premiums ceded to foreign insurers by their U.S. affiliates.

A review of enforcement actions taken by the U.S. Treasury Department reveals that bankers are the primary violators of sanctions imposed against foreign governments, but a few property and casualty insurers and one broker have also received fines.