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Crop insurers said late Thursday the industry and the crop insurance program will be able to "withstand" the severe cuts in subsidies imposed on the program by the Agriculture Department.

Hurricane Alex is expected to have caused no more than $200 million in insured losses because insurance sales in Mexico are low and the area is not densely populated, according to risk modeler AIR Worldwide.

Brown & Brown Inc. said its subsidiary, Brown & Brown of South Carolina Inc. has acquired Charleston, S.C.-based insurance broker Commonwealth Insurance Group, LLC.

Insured losses for the United States in June totaled about $200 million due to hail and flooding in the Northern Plains and tornado damage in the Midwest and Ohio Valley, Aon Benfield said.

WASHINGTON--President Obama on Friday morning signed into law an extension of the National Flood Insurance Program until Sept. 30.

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.

Insureds victimized by the Deepwater Horizon disaster are being warned that some carriers are planning to enforce contract provisions that they be notified of losses by July 8, according to Marsh.