News

An agreement reached between the three major insurance brokerages and New York, Illinois and Connecticut officials opens the door for the firms to resume taking contingent commissions.

New York State officials' action to let big insurance brokerages resume taking contingent commissions, and to ease a rule for reporting such fees is a big blow to insurance buyers, said a trade group representative.

Citing the effects of the recession and continued soft market conditions, Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. reported net income in the fourth quarter dropped 29 percent.

Economists at the Inter-American Development Bank estimated that the cost of rebuilding Haiti could reach $14 billion--a figure far above early numbers provided by catastrophe modeling firms.

Arthur J. Gallagher & Co. insurance brokerage announced it has acquired Securitas Re of Sao Paulo, Brazil, from Estater Gestao de Investimentos Ltda. Financial terms of the transaction were not disclosed.

The ACORD insurance data standards group said it has launched a new survey to determine the current state of automation in the insurance industry with a focus on workflow and technology.