News

The National Association of Insurance Commissioners will likely adopt a minimal plan to collect surplus lines insurance taxes without tackling the bigger issue of uniform regulation between the states after an association's task force vote last week.

The independent auditor of the Troubled Asset Relief Program is questioning the Treasury Department's arithmetic as it relates to the government's projected losses on its investment in American International Group.

American International Group said that Robert H. Benmosche, its president and chief executive officer, has been diagnosed with cancer and is undergoing aggressive chemotherapy.

The 19th named storm of the Atlantic hurricane season is headed toward Haiti.

Toronto-based Fairfax Financial Holdings Limited has acquired specialty insurer First Mercury Financial Corp. in a transaction valued at approximately $294 million.

CNA Financial Corp. recorded a 2010 third-quarter net loss of $140 million, driven by a $365 million after-tax net loss related to its transfer of legacy asbestos and environmental pollution liabilities to Berkshire Hathaway's National Indemnity Company.