News

State legislators and regulators are sparring with large insurance companies over whether Congress should create an office within the Treasury Department to monitor insurance activities.

Not only have most risk management departments been spared layoffs, but the overwhelming majority of risk managers are happy in their jobs, an NU/Logic survey found. For a sneak peak, see Editor Sam Friedman's blog at www.NUSamSoapBox.com.

Zurich Financial Services Group in Zurich, Switzerland, said based on preliminary estimates its loss from the Chile earthquake will be $200 million.

A combination of new business and high retentions contributed to an 11 percent increase in net income for Itasca, Ill.-based insurance broker Arthur J. Gallagher.

A House bill that has drawn attention and some support from insurance groups to restrict the number of prescriptions issued for the pain killer OxyContin appears likely to face a difficult challenge to secure passage, Congress watchers said.

The Travelers Companies Inc. reported first-quarter profits fell 2.3 percent, pushed down by "unusually significant" catastrophe losses of $471 million pretax.