News

Specialist insurer and reinsurer Hiscox Ltd. reported 2009 profits increased by 296 percent over the previous year, helped by investment results and a lack of catastrophe losses.

American International Group Inc. said it has agreed to sell American International Assurance Group Ltd. to Britain-based Prudential plc for approximately $35.5 billion, its largest asset sale to date as the insurer works to pay back its government debt.

Insurance brokerage Brown & Brown Inc. said it has acquired the insurance agency and brokerage business-related assets of DiMartino Associates Inc. in Seattle. Financial terms were not released.

Crop insurance carriers and independent agents say the U.S. Agriculture Department's latest proposed cuts in subsidies in the program as well as a "soft cap" on agents' commissions are both unwarranted and hurtful.

The National Flood Insurance Program has expired and been shut down after a lone senator blocked omnibus legislation that included renewal of NFIP.

Windstorm Xynthia swept across Western Europe over the weekend, causing damage that was widespread but less than the 1999 Storm Lothar catastrophe, according to Risk Management Solutions (RMS).