News

An agreement has been reached to settle workers' claims against the World Trade Center Insurance Company for more than $712 million, a $125 million increase over a settlement nixed by a federal judge in March.

The U.S. government's decision to bail out American International Group poses an "extraordinary risk to taxpayers," according to a new Congressional Oversight Panel report that questions whether the government will ever get all its money back.

Congress Thursday afternoon launched its effort to reconcile different versions of financial services reform legislation, with the goal of putting a final bill on President Barack Obama's desk before Independence Day.

Chubb Insurance Company of Europe SE said it has received approval from the Lloyd's Franchise Board to establish a new syndicate, which will be named Chubb 1882.

Peter Raymond, director of Captive Insurance for the Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA), will leave his regulatory position to take a job outside the captive insurance sector, BISHCA said.

Proposed tax legislation aimed at offshore reinsurers "will distort the playing field" to the advantage of U.S. insurers and increase costs for consumers, a lobbyist for Bermuda companies said.