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Arthur D. Postal
After two flood-insurance legislation efforts failed in the Senate, an industry official says a short-term extension will be about all the industry will get before the current National Flood Insurance Program authorization expires Sept. 30.
Phil Gusman
Proposed changes to insurance-contract accounting standards are running into delays amid vocal opposition, but whatever final conclusions ultimately emerge, they are unlikely to have a broad impact on credit ratings since new rules, by themselves, do not alter the economic position of an entity, according to Moody’s.
Chad Hemenway
Two ongoing industry legal battles saw recent developments, as an appeals court vacated the convictions of former General Reinsurance Corp. and American International Group executives; and Liberty Mutual Group says it likely will appeal the preliminary approval given to a $450 million settlement between AIG and other companies stemming from...
Caroline McDonald
As both the price of copper and unemployment rates rise, the increase in thefts of this and other metals looms large for insurers and risk managers as vacant buildings and construction sites are being stripped of wiring, pipes and other copper-containing elements.
Karrie Hyatt
While risk-retention groups (RRGs) saw premiums decline in 2010, RRG domiciles last year experienced marked overall growth—and for the first time ever, surplus surpassed total premiums.
Susanne Sclafane
In spite of the fact that two Bermuda players are engaged in a heated battle over a global-casualty reinsurer, the intensity of the contest in no way suggests that the casualty market is hardening, according to one of the potential acquirers.
Chad Hemenway
Florida Sen. Mike Fasano, R-New Port Richey, is calling for a repeal of this year’s massive property-insurance bill, SB 408, following the state insurer of last resort’s decision to file for an average 400 percent rate increase for sinkhole coverage.
Caroline McDonald
Gary Osborne, president of the USA Risk Group, says his company is seeing interest in Tennessee from companies based there thanks to a provision in the state’s new captives law that could make a big difference for some companies.
Brian Melas
A trend is emerging that may put increased pressure on workers’ compensation rates. Liberty Mutual's Brian Melas discusses steps risk managers, with help from their insurers, can take to control costs.
Mark E. Ruquet
While carriers’ second-quarter results largely declined due to catastrophe losses, three brokerages recently reported growth during the quarter, led by Aon Corp.’s 69 percent increase in net income.
Mark E. Ruquet
A broker survey reveals further signs that the commercial property and casualty market’s long soft-market cycle may be grinding to a halt, but one executive says well-run insurers shouldn’t have to rely on a hard-market swing to make a profit.
Denise Tessier
In the enterprise-risk management (ERM) arena, risk-management professionals must perform mazing feats, rounding up and lassoing a herd of risks that are potentially dangerous, unpredictable and hard to manage. They do this using a system of effective internal controls.
Chad Hemenway, Mark E. Ruquet
Catastrophes continue to drive down second-quarter results for insurers as both domestic carriers and Bermuda companies report net-income declines and even losses, headlined by Allstate’s $620 million second-quarter loss.
Caroline McDonald
While captive-insurance experts say the market is healthy, with solid formations, they also note a variety of concerns, including Solvency II, the Dodd-Frank Act and fraud.
Susanne Sclafane
Catastrophe-loss hits—and the added potential price-moving impetus of a catastrophe model change—were front and center as management teams for half of the players in the Bermuda market disclosed first-half losses and strategies for preserving capital to take advantage of a Jan. 1 pricing upturn.
Caroline McDonald
Social media may provide an ideal avenue for risk managers and others in the industry to ask questions, collectively solve problems and to tap experts for advice around the complicated issue of captives.
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