News

Despite continued increases in loss costs, the private passenger auto insurance industry should continue to remain profitable, benefiting from the weak economy, a financial analyst said.

Avizent, a Columbus, Ohio-based claims and risk management provider, announced the opening of a new regional office in Albany, N.Y. today.

The UK Financial Services Authority announced today that a tribunal has upheld its decision prohibiting the former chief executive at a General Reinsurance Group unit from working in financial services.

Two Bermuda insurers continued their fight to acquire IPC Holdings Inc. with a letter from Validus Holdings Ltd. saying the Max Capital Group Ltd. overstated the financial benefit IPC shareholders would receive by accepting its offer.

The G-20 meeting generated a number of proposals that if implemented would have a strong benefit for U.S. insurers, according to officials at an industry trade group.

Less than a month after Max Capital and IPC Re announced their boards had approved a merger deal, Validus Holdings presented the IPC board with a second offer to merge with the property-catastrophe reinsurer valued at $1.68 billion.