News

The soft market deepened last month for the property and casualty insurance industry, particularly for bigger buyers, with the overall composite rate declining 5 percent, compared with 4 percent in January, MarketScout reported.

Max Capital Group Ltd. is estimating losses for the Chilean earthquake and European Winter Storm Xynthia to range from $10 million to $20 million, net of reinstatement provisions and retrocessions

Legislation proposed by Sen. Chris Dodd, D-Conn., would give specific authority to federal banking regulators to oversee insurance companies, especially if they pose a potential threat to the financial system.

Ariel Holdings has announced that its founder, Donald Kramer, is stepping down as chief executive officer of the company and that George Rivaz will take over that position.

An insurer-sponsored scientific mission involving two teams studying the effects of carbon emissions on Arctic Ocean seawater began over the weekend, it was announced.

Insurance representatives said it is unclear how promptly and in what form the House will act on new Senate legislation to extend the National Flood Insurance Program to Dec. 31.