National Underwriter Property & Casualty-August 2013

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  • An ‘Important’ Distinction


    On July 9, it became official: The Federal Stability Oversight Council designated American International Group (AIG) as a systemically important financial institution (or SIFI), pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. Two more firmsGE and Prudential Financialwere also named as SIFIs. GE will accept the designation,...

  • Best of the Best: NU’s Excellence in Workers’ Compensation Risk Management Award

    Shawn Moynihan, Michael P. Voelker, Caterina Pontoriero, Stephen J. Klingel

    Every year, National Underwriters Excellence in Workers Compensation Risk Management Award honors organizations with outstanding loss control, safety and return-to-work programs. They are the leaders in this field, all featuring success stories showing proven results.

  • Missing the Pitch: Cross-Selling Life Products

    Peter Klein, Managing Director, Secor Advisors Group

    In the world of insurance, agents are much more likely to retain clients for the long term if those clients hold numerous products through one particular agent relationship. When establishing and maintaining relationships with clients, it is essential to have the ability to meet the broad-spectrum needs of clients. After...

  • Rate Decreases Ahead for 2013, Says Willis

    Chad Hemenway and Mark E. Ruquet

    The upward climb in property insurance rates has suddenly reversed course thanks to abundant capacity and continued light catastrophe losses, says Willis North America.

  • Q2 Catastrophe Losses for Zurich, XL

    Mark E. Ruquet

    Second-quarter 2013 catastrophe losses for Zurich and XL Group total more than $400 million, with the former shouldering the larger share. Zurich says its losses amount to $278 million, including floods in Europe and severe storm damage in the U.S.

  • AIG Retires ‘Chartis’ Name in Canada

    staff Writer

    American International Group Inc. says it has retired the Chartis brand in Canada and its P&Cinsurance business there will operate as AIG Insurance Company of Canada.

  • Agency Tech: Using the Right Tool for the Job

    Bruce Winterburn

    Technological advancements were a huge driver of growth in 2012-13 for 77 percent of insurance agencies, with mid-sized agencies growing faster than their small and large counterparts, according to a recent survey by Vertafore conducted at the NetVU (Network of Vertafore Users) conference in March.

  • Market Report: Reinsurance Deluge

    Michael P. Voelker

    Traditional reinsurers have begun to take robust defensive measures as an influx of about $50 billion in new capital, including more than $35 billion from nontraditional sources, has entered the market.

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