News

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.

Even as some insurance industry bonuses draw criticism, Jack Windolf, the chief executive officer of Bollinger Insurance Solutions brokerage, is drawing national acclaim for dishing out $1,000 to all 434 company employees from his own pocket.

The board of directors of IPC Holdings Ltd. said last week that it would stay on track with its decision to merge with Max Capital Group Ltd., spurning an offer from Validus Holdings Ltd. and seemingly ending a heated contest between the two suitors.

NU Assistant Managing Editor Caroline McDonald observes that enterprise risk management has been under the microscope and even blamed by some for the financial failure and asks what will it take to give ERM a fresh start.