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National Underwriter Property & Casualty-March 14, 2011

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  • AIG Pays $6.9B Toward TARP Loan

    Chad Hemenway

    American International Group Inc. (AIG) said it repaid nearly $7 billion to the Department of the Treasury, using money raised from the sale of its equity stake in MetLife Inc. earlier this month.

  • House Looking At NFIP, Producer Licensing

    Arthur D. Postal

    Reinsurers have let it be known that the reinsurance market would be prepared to take on some flood risk if Congress decides to pursue that option.

  • FIO And FSOC: Which Will Have The Greatest Regulatory Impact?

    Arthur D. Postal, Phil Gusman

    Shortly after industry lawyers called conflicts over the scope of the Financial Stability Oversight Council the “cutting-edge issue” for insurance regulation, an industry report labeled the Federal Insurance Office the “biggest wildcard” in regulatory reform.

  • Aspen Adds Vitale To U.S. Talent Roster

    Susanne Sclafane

    Bermuda-based Aspen Insurance Holdings Limited is positioning its U.S. specialty insurance operation for an inevitable market turn by hiring experienced professionals, according to CEO John Cavoores. Mario Vitale, an alumnus of Zurich and Willis, joined the leader board as president last week, bearing the battle scars of prior soft markets.

  • Fireman’s Fund: Ain’t Misbehavin’

    Bryant Rousseau

    In last week’s editorial, I expressed an eagerness to start meeting NU’s readers and to engage in conversation with you about the industry.

  • MarketScout Barometer Holds Steady At Minus-5%

    Mark E. Ruquet

    The soft market continues unabated, but at least it is showing some indication of stabilizing itself as a monthly composite barometer of rates held steady for a fourth month at minus-5 percent.

  • P&C Industry Employment Down To Lowest Level In 20 Years

    Chad Hemenway

    Property and casualty carrier employment is at its lowest level in more than 20 years, according to data published by the U.S. Labor Department’s Bureau of Labor Statistics and compiled by the Insurance Information Institute (I.I.I.).

  • Missouri Back In Game, Doubling 2010 Captive Formations

    Caroline McDonald

    The captive insurance market in the “Show Me” state is seeing rapid growth with double the number of captives: 12 licensed in 2010 compared to six on the books in 2009, according to the state’s captive program manager.

  • Hard Market Could Arrive By 2012 As Reserve Releases Decline

    Mark E. Ruquet

    As more evidence accumulates that insurers are using less reserves to augment earnings, pressure will mount on underwriting and force carriers to begin raising rates by near double-digit figures in 2012, according to a financial analyst.

  • Tenn. Poised For Regional Captive Domicile Leadership

    Caroline McDonald

    With a new insurance commissioner and the governor standing behind Tennessee’s captive insurance program, all the state needs to be a leader in the region is passage of some proposed captive statutes, according to an industry expert involved in formulating the changes.

  • Bermuda Exec: RMS Model Change, 1Q Cats Could Turn Market

    Susanne Sclafane

    The industry should “stay tuned” as the revised catastrophe model from Risk Management Solutions rolls out, the CEO of RenaissanceRe told NU, describing the model changes and potential market impacts as meaningful.

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