News

The Deepwater Horizon oil spill disaster in the Gulf of Mexico could cost insurers up to $3.5 billion, Moody's said.

Charles Rosson, CEO of Woodruff-Sawyer & Company, was named the new chairman of The Council of Employee Benefits Executives, a standing committee of The Council of Insurance Agents & Brokers.

Chicago-based insurance broker HUB International Ltd. said it has acquired the assets of Risk Transfer Insurance Alliance, LLC (RTIA), a Southborough, Mass.-based retail brokerage firm.

Warren, N.J.-based insurer The Chubb Corp. is calling upon investors to reject an unsolicited "mini-tender" offer from TRC Capital Corp., which has a history of such questionable practices.

Losses from the Deepwater Horizon and Aban Pearl drilling rigs have left upstream energy insurers with an unprecedented bill of $795 million within the space of a single month, destabilizing the market and driving up rates.

Standard & Poor's said property and casualty insurers will not be able to sustain the current pace of reserve takedowns in the face of deteriorating business conditions in an announcement today.