News

American International Group Inc. swung into the black with second quarter net income of $1.8 billion compared to a net loss of $2.7 billion for the second quarter a year ago.

Studies show that 80 percent of all workers' compensation claims are musculoskeletal sprain/strain injuries.

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.

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.

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...

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.