News

Proposed changes to insurance contract accounting will introduce volatility into financial statements, according to Standard & Poor’s.

The Independent Insurance Agents and Brokers of America said it is “unnecessary” to impose a uniform fiduciary standard on the sale of investment products, as the Securities and Exchange Commission recommended in a new study.

Due to a decrease in net favorable prior-year reserve development and an increase in catastrophe losses, The Travelers Companies reported a 30 percent drop in 2010 fourth-quarter net income compared to the prior year’s fourth quarter.

Times are tough for small and medium-sized insurance agencies in this “new normal” of an economy, with larger agencies starting to dominate the market as the soft market continues.

Times are tough for small and medium-sized insurance agencies in this “new normal” of an economy, with larger agencies starting to dominate the market as the soft market continues.

American International Group Inc. Chief Executive Officer Robert H. Benmosche said he has received a favorable prognosis from doctors and will remain in his position with the company until his scheduled retirement sometime in 2012, when AIG expects to complete its repayment to taxpayers.