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Member, Beacon International Group, Ltd.
The House Financial Services Capital Markets Subcommittee will hold the first of a series of hearings concerning insurance competition and regulation on June 4....Bermuda-based AXIS Specialty Ltd. has received approval from Irish regulators to begin writing insurance and reinsurance through its office in Dublin. AXIS Specialty will offer insurance through its AXIS Specialty Europe Ltd. unit and will write reinsurance through its AXIS Re Ltd. subsidiary....Royal & SunAlliance USA's Terry Broderick will retire June 30 as president and chief executive officer. Mr. Broderick will be succeeded by Steve Mulready, who is president and chief operating officer of the Charlotte, N.C.-based insurer's commercial division....The New York Compensation Insurance Rating Board asked the state's insurance department on Tuesday to approve an average 9.4% increase in workers compensation rates for employers, effective Oct. 1, said Martin Heagen, vp and actuary for the rating board. The insurance department, which must act on the request by July 15, earlier this year rejected the rating board's request for an average 8% increase.