News

A magnitude 9.1 earthquake hit off the east coast of Honshu, Japan at about 2:45 a.m. local time, and independent reinsurance brokerage firm Holborn said the economic loss from the earthquake in Japan will be twice that of last year’s quake in Chile.

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 Aspen leaderboard as president last week, bearing the battle scars of prior soft markets.

The big story this morning is the earthquake and ensuing tsunami off the east coast of Japan, but we'll also be covering AIG's plan to buy bonds, an NFIP hearing, and Florida insolvencies.

As far as going direct, it depends on the line of business. When you get into the more complex lines—at least on the property/casualty side—you don’t see [the direct channel], but for the personal lines—particularly personal auto—there is definitely more inclination to go direct.

The 2011 America's Claims Event will feature a keynote address from Stephen Cozen, who was hired to develop the distribution of funds following the Deepwater Horizon disaster.

A former public adjuster will have to adjust to the idea of spending some time in jail after stealing more than $300,000 from his clients.