Proposed changes in U.S. accounting standards aimed at bringing them in line with those used by European firms would "radically transform" the accounting methodology used by property and casualty and life insurers.

Allstate Insurance Co. filed a federal lawsuit against Countrywide Financial Corp. late last month, seeking damages related to its purchases of more than $700 million in mortgage-backed securities from the company.

Liberty Mutual reached an agreement with two state attorneys general to pay a total of $7.5 million to settle allegations it engaged in a bid-rigging and kickback scheme with insurance brokers.

In all my years of underwriting contingency and event cancellation business I have never experienced such a diverse range of potential loss circumstances as we faced during 2010.