Reinsurance

Reinsurance pricing at the June 1, Florida renewals declined by 10 to 12 percent on average compared to last year, reflecting a return of significant reinsurer capital into the marketplace, according to Carpenter & Company, LLC.

Less than a week after announcing completion of a domicile change, Flagstone Reinsurance Holdings, S.A. announced that co-founder Mark Byrne will step down from his role as chairman of the board.

Reinsurers have not been especially disciplined, and they in fact prolonged a soft insurance market that should have ended a year ago, a leading reinsurance broker says.

Officials from the crop insurance industry are voicing opposition to a proposal by an Iowa State University professor that the current system be replaced with a direct subsidy program.

Winning an exemption for insurers from having to help pay to wind down failed non-insurance firms posing a systemic risk to the economy was the key priority for insurers

Medical marijuana dispensers and growers can now buy insurance against claims of selling illness inducing product and other risks, a marijuana retailing school and an insurer have announced.

Sen. Jeff Merkley, D-Ore., has introduced an amendment to financial services regulatory legislation now pending in the Senate that would drastically reduce the authority of the Office of National Insurance it would create.

Trade groups called on the Senate last week to reject an amendment to financial services reform legislation they charge would "substantially weaken" the ability of a proposed Office of National Insurance to address "critical" trade issues.