News

The Deepwater Horizon oil rig explosion and spill is not a "watershed" event for the property and casualty industry despite an expected $4-to-$6 billion in commercially insured losses, Towers Watson said.

Catlin Group Limited has named Peter Schmidt as chief executive officer, European Reinsurance.

The private insurance market cannot solely bear the risk associated with terrorism, making the need for a terrorism backstop like that provided by the Terrorism Risk Insurance Act (TRIA) essential, the insurance industry said.

London-based insurance broker Jardine Lloyd Thompson Group plc reported net income rose 40 percent for the first half of the year with organic growth rising 6 percent.

The financial strength rating of State Farm Florida has been downgraded by A.M. Best Co. several days before the insurer begins non-renewing policies under a previous agreement with the state to keep it in Florida.

The Florida Office of Insurance Regulation has issued a Cease and Desist Order to the Association of Independent Mangers for the sale of unauthorized health insurance plans.