News

Bank owned insurance brokerage firms saw brokerage fee income over the first three quarters of 2010 rise 7 percent over 2009 to a record $9.7 billion, with a property and casualty firm topping the list, according to the latest market report.

Fitch Ratings has dropped the financial strength rating of American International Group Inc.’s domestic non-life insurance subsidiaries after AIG had to bolster Chartis reserves by $4.1 billion.

Insurance groups are opposing a bill under consideration in South Carolina that would reverse a recent court ruling on what is considered an “occurrence” in construction general liability insurance contracts.

Catlin Group Limited’s 2010 net income fell 33.8 percent compared to 2009 as the company saw $218 million in catastrophe losses for the year.

Willis Group Holdings said its fourth quarter net income rose 20 percent based on new business and strong retentions, but its chief executive said modest growth is not acceptable and the firm is pushing a plan aimed at strengthening growth in the future.

Willis Group Holdings said its fourth quarter net income rose 20 percent based on new business and strong retentions, but its chief executive said modest growth is not acceptable and the firm is pushing a plan aimed at strengthening growth in the future.