News

Italys northern Emilia Romagna region was hit by the second powerful earthquake in just over a week on Tuesday afternoon local time, as a 5.8 magnitude temblor caused 10 fatalities and damaged structures and historical landmarks.

The crippled law firm Dewey & Leboeuf LLP filed for chapter 11 bankruptcy protection Monday night and will seek approval to liquidate its business after failing to find a merger partner, marking the biggest collapse of a law firm in U.S. history.

While reserve releases are expected to continue through 2012, the industry has likely exhausted most of its reserve cushion, and rate actions that companies have taken in recent months may not be sufficient to prevent continued deterioration, A.M. Best says.

The second tropical storm of the yet-to-officially-commence Atlantic hurricane season put a damper on holiday plans in Florida this weekend.

W. R. Berkley Corp. says it received approval for W. R. Berkley Syndicate Management Ltd. to act as a Lloyds managing agent.

It has been almost two weeks since Facebook faltered out of the gate in its initial public offering, and while lawsuits filed claiming improprieties may take a while to pan out, insurers are indicating to brokers that coverage changes may be coming.