News

One of Florida's largest writers of homeowners insurance and another domestic property insurer each reported gains in third quarter net income.

Lawsuits filed in reaction to low deal prices for mergers and acquisitions helped fuel an increase in the overall level of third-quarter securities lawsuits, even as suits related from the credit crisis petered out, experts said recently.

American International Group's general insurance subsidiary is going to reduce its staff by less than 2 percent.

The American Insurance Association (AIA) said insurers should have a blanket exemption from the "Volcker Rule" based on language contained in the financial services reform legislation passed by Congress.

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Munich-based insurance giant Allianz Group said 2010 third quarter net income dropped 8.8 percent to EUR1.3 billion ($1.8 billion at current exchange rate) due to a higher tax expense.