Obama signs financial services reform law

President Barack Obama signed into law a comprehensive financial services regulatory reform measure that creates a Federal Insurance Office within the Treasury Department. The Dodd-Frank Wall Street Reform and Consumer Protection Act also streamlines the collection of surplus lines insurance premium taxes and eases qualified risk managers' access to the nonadmitted market.

Gotbaum renominated as PBGC director

President Barack Obama has once again nominated Joshua Gotbaum to be director of the Pension Benefit Guaranty Corp. The president originally nominated Mr. Gotbaum, an operating partner at private equity firm Blue Wolf Capital Management L.L.C. in New York, for the top PBGC position in November, but the nomination stalled in the Senate. President Obama bypassed Congress while it was in recess and named Mr. Gotbaum as PBGC director. But, as a recess appointee, Mr. Gotbaum can serve only through the end of 2011 under Senate rules.

Ryan Specialty wholesale unit makes first buy

R-T Specialty L.L.C., the wholesale unit formed by Ryan Specialty Group, has made its first acquisition, buying Chartwell Independent Insurance Brokers L.L.C., the company said. Chartwell is a national wholesale broker with expertise in property accounts, R-T Specialty said.

DOL to launch two FMLA initiatives

The Department of Labor will launch two initiatives related to the Family and Medical Leave Act. Last week, DOL officials said the department will conduct a study next year on how employees are using FMLA. The Department also expects to propose regulations by November providing guidance on amendments to FMLA that Congress approved last year.

Anthem Blue Cross of California leader resigns

Anthem Blue Cross of California President and General Manager Leslie Margolin has resigned more than two years after taking the helm, the insurer's parent company confirmed. Mark Morgan, Anthem's vp of small-group sales, is replacing Ms. Margolin on an interim basis, effective immediately, Anthem said. Ms. Margolin led Anthem, a subsidiary of WellPoint Inc., when the Obama administration this year severely criticized the insurer for proposed rate hikes averaging 25%. The hikes were canceled after regulators discovered calculation errors in the rate filing.

New York approves workers comp loss cost rate hike

New York state has approved a workers compensation loss cost rate increase that averages 7.7%, effective Oct. 1, the New York Compensation Insurance Rating Board said. The hike was approved by the New York State Insurance Department.

Fitch affirms Lloyd's of London A+ rating

Fitch Ratings Inc. has affirmed its A+ rating on the Lloyd's of London market but said 2010 likely will be a more challenging year for the market than 2009. Fitch said the rating affirmation reflected Lloyd's strong operating performance in 2009, which exceeded the agency's expectations. But Fitch said the market's 2009 results were boosted by a series of factors that are unlikely to be repeated in 2010, including a benign U.S. windstorm season and improved pricing conditions.

Vermont adds 17 captives in first half

Vermont licensed 17 new captive insurance companies in the first six months of 2010, three more than during the same period last year. The state licensed 39 captives in 2009, the sixth-best year for the 29-year-old domicile. This year's formations have included 15 single-parent captives and two risk retention groups, according to the Vermont Department of Banking, Insurance, Securities and Health Care Administration.

U.K. firm BLG adds 17 former Halliwells insurance lawyers

Law firm Barlow Lyde & Gilbert L.L.P. has boosted its insurance practice with the recruitment of 17 former partners from Halliwells L.L.P. The partners will join BLG's Manchester office, effective immediately. The team mainly focuses on catastrophic injury, fraud, regulatory and public sector work, BLG said in a statement. Halliwells, which warned in late June that it was in financial difficulty and risked going into administration, is being broken up.

Bermuda Monetary Authority appoints COO

The Bermuda Monetary Authority, the regulator of the financial services sector in Bermuda, appointed Brad Erickson to the role of chief operating officer, effective immediately. Mr. Erickson takes over the newly created role and will focus on directing the BMA's operations and support functions and assisting in its strategic development.