News

Congress Thursday afternoon launched its effort to reconcile different versions of financial services reform legislation, with the goal of putting a final bill on President Barack Obama's desk before Independence Day.

Chubb Insurance Company of Europe SE said it has received approval from the Lloyd's Franchise Board to establish a new syndicate, which will be named Chubb 1882.

Peter Raymond, director of Captive Insurance for the Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA), will leave his regulatory position to take a job outside the captive insurance sector, BISHCA said.

Proposed tax legislation aimed at offshore reinsurers "will distort the playing field" to the advantage of U.S. insurers and increase costs for consumers, a lobbyist for Bermuda companies said.

A federal court's order to AIG to hand over more than 400,000 documents to insurers is the latest round in a dispute over unpaid workers' compensation premiums.

The National Flood Insurance Program will pay claims for damage to homes and contents from oil driven ashore during hurricanes, its officials have announced.