News

Moody's Investors Service, citing the impact of stock market declines, downgraded the insurance financial strength rating of National Indemnity Company and the long-term issuer rating of its ultimate parent, Berkshire Hathaway Inc.

Cutting-edge technology and evolving business strategies will be revealed to insurers, reinsurers, producers and other insurance industry-related professionals attending the 2009 ACORD LOMA Insurance Systems Forum.

Pushed up by limited capacity, U.S. property-catastrophe reinsurance rates for April 1 renewals had increases up to 14 percent for national programs, a reinsurance brokerage reported.

Although declining industry surplus would normally spur a hard market, last year's 12 percent plunge is a less potent driver of insurance market conditions than a demand falloff resulting from depression-like economic conditions, some experts say.

A four-year-old legal battle in Michigan over the state regulator's attempt to ban insurer use of credit scoring may be headed to the State Supreme Court after a judge's recent ruling in favor of carriers that oppose the prohibition.

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