News

Marsh & McLennan Agency LLC said it has acquired the Haake Companies insurance agency. Financial terms were not disclosed.

Munich Re reported fourth-quarter profit jumped 591 percent, helped by the combination of improvements in its investment portfolio and extraordinarily low natural catastrophe losses.

Hamilton, Bermuda-based XL Insurance, the global insurance operations of XL Capital Ltd, said it named Patrick Tannock as president of XL Insurance (Bermuda) Ltd and country manager, effective Feb. 22.

Bermuda-based global specialty insurer Torus said it has named Carl Groth as group chief risk officer, a new position within the year-old company.

President Obama has proposed a budget for 2011 that reopens the volatile issue of taxing offshore insurers, especially those based in Bermuda.

Insurance industry representatives told a key legislator that higher penalties for auto accident fraud and greater use of claims arbitration is essential to stabilize New York's no-fault system.