News

Travel delays and cancellations stemming from the Icelandic volcano are expected to cause significant losses for travel insurers, but an exact estimate is not possible yet at this early stage, a travel insurance association president said.

Sedgwick Claims Management Services Inc. announced that it will be acquired for $1.1 billion by investment funds affiliated with Stone Point Capital LLC and Hellman & Friedman LLC.

Brown & Brown reported first quarter profit for 2010 was down 8 percent as the recession continued to take a toll on insurance buying.

Liberty Mutual Surety announced it has created Liberty SuretyFirst as its new operating unit exclusively serving independent agents whose customers have small to mid-sized bonding capacity needs.

Agents and technology representatives at a meeting to discuss an initiative to improve efficiency between retail and wholesale insurance brokers and the companies that accept their business declared, "we are at war over keystrokes."

In advance of a House committee hearing on flood insurance, an industry trade group wrote urging the panel to back a long term extension of the National Flood Insurance Program.