News

Bermuda, looking to jump-start its economy in light of the global financial crisis, has launched a new growth initiative--in part to counter negative publicity about the island's image as a tax haven for insurers and other firms.

U.S. companies are continuing to underestimate the impact of data breaches and have not disclosed what their exposure to such risk is, according to a new survey.

The dollar value of merger and acquisition activity for the U.S. property-casualty sector grew last year by $2.67 million, but worldwide for all insurers the monetary worth of mergers declined, a consulting firm reported.

The workers' compensation industry experienced a 5.4 percent growth in total pharmacy spend per injured worker in 2008, according to a study by Tampa, Fla.-based comp insurance services firm PMSI.

While maritime piracy off the coast of Africa has grabbed recent headlines, companies should be aware of increasing kidnapping and ransom risks for personnel traveling to many other areas of the world, an insurer is warning.

Avoca Insurance Holdings in Bermuda announced that Kevin D. Davidson has been hired as chief executive officer of DirectFac Inc., the company's facultative and program underwriting subsidiary.