News

The board of IPC Holdings urged its shareholders yesterday to ignore the statements and actions of Validus Holdings, which has been attempting to acquire the firm despite IPC's agreement to sell to Max Capital.

Financially troubled American International Group, which is due to report its results next Thursday, has filed an amended annual report revealing that Chief Executive Edward Liddy received $460,411 in benefits last year.

A research firm's finding that a tax increase for offshore reinsurers would be expensive for customers and limit availability of the coverage has the support of the Risk and Insurance Management Society, the group said.

Insurance professionals seeking to make their industry more diverse should consider not just race but all minority groups, the president of an insurance association said in a talk here.

Hartford Financial Services Group Inc. posted a first quarter net income loss of $1.2 billion and said it will respond to the economic downturn by curtailing international sales and changing its variable annuities.

Jack M. Rader, executive vice president and chief operating officer of Farmers Alliance Companies, McPherson, Kan., has been elected chairman of the American Association of Insurance Services, the organization said.