News

The ACE Group of insurance and reinsurance companies said it has been granted a license from the Dubai Financial Services Authority to establish a wholly owned subsidiary in the Dubai International Financial Centre.

While forecasts for this past hurricane season were largely accurate regarding the number of storms, shorter term weather patterns managed to steer these storms away from the U.S., according to a story that will appear in National Underwriter magazine.

Farmers Group has promoted Jeff Dailey to president and chief operating officer, effective Jan. 1, and also announced that Mr. Dailey will become the group's chief executive officer when current CEO Robert Woudstra retires at the end of 2011.

The National Association of Insurance Commissioners (NAIC) decided to pursue its own program for the collection of surplus lines taxes.

The economic downturn has New Yorkers looking for a quick solution to financial problems in the form of owner give-ups.

Insurance policies do not cover losses due to the destructive properties of Chinese drywall because of two policy exclusions, a federal court has ruled.