News

Torus, the Bermuda-based specialty insurer, announced it is opening a West Coast office in San Francisco, which will initially focus on property and casualty lines.

Liquidators in charge of bankrupt insurers around the nation are moving to shut down some of the larger estates ordered liquidated in the early 2000s or before, according to the National Conference of Insurance Guaranty Funds.

The New York Insurance Department, in advance of releasing its new disclosure rules for the state's agents and brokers tomorrow, announced that they are fair to producers while protecting consumers.

The Lloyd's market said in a report that to keep expanding it will need London to remain competitive as a financial services center and must ensure that regulations being developed don't damage its position.

Insurance broker Aon Corp. reported fourth-quarter net income rose $204 million despite the challenges from the continuing soft market and economic recession.

Steven Udvar-Hazy, the founder of American International Group's troubled International Lease Finance Corporation, has resigned as chief executive and member of its board, AIG said.