Captives

While American International Group is the only property and casualty insurer expected to be deemed "systemically important" under financial services reform, that designation is expected to diminish over time, Moody's said in a recent report.

As with other sectors of the insurance industry, the risk retention group market has seen a contraction in recent years as a result of the financial crisis, but it is expected to hold steady this year.

Arturo Hoyo takes over as chair of the Florida Association of Independent Agents in September. The insurance veteran has more than three decades of industry experience, most of it in the densely populated Miami area.

There appears to be no relief for insurers in the buyer's market for commercial property and casualty coverage, as excess capacity and falling demand have prompted average rate cuts to accelerate.

President Barack Obama signed financial services reform into law last week, setting in motion an intense effort by interested parties to shape the regulations and government bodies that will implement the legislation to their liking.

I just got back from a vacation in Las Vegas, and even though I am not a big gambler, it's hard to forget the sights and sounds of the casinos.

Financial services regulatory reform legislation establishing a Federal Insurance Office with limited authority was passed last week by the House of Representatives, setting the stage for Senate action after the July 4 recess.

Property and casualty insurance trade groups are voicing general support for financial services reform legislation as passed by the House, especially because it preserves state regulation of insurance.