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FM Global announces management changes

Published May 30, 2012 CST

JOHNSTON, R.I.—Factory Mutual Insurance Co., which does business as FM Global, has announced several changes to its management team, effective June 1.

Dewey files for Chapter 11 in record law firm collapse

Published May 29, 2012 CST

NEW YORK (Reuters)—The crippled law firm Dewey & Leboeuf L.L.P. filed for Chapter 11 bankruptcy protection Monday night and will seek approval to liquidate its business after failing to find a merger partner, marking the biggest collapse of a law firm in U.S. history.

Michael Segal released from prison 4 months early

Published May 30, 2012 CST

CHICAGO—Michael Segal, the former Near North National Group Inc. owner convicted of fraud in 2004, was freed from prison on Tuesday, four months ahead of his scheduled release date.

Small companies may face greater scrutiny when buying D&O coverage under JOBS Act: Report

Published May 29, 2012 CST

Small companies utilizing provisions of the recently passed JOBS Act may face greater scrutiny when purchasing directors and officers liability insurance, according to a new report from Marsh Inc., an unit of New York-based Marsh & McLennan Cos.

Space insurance market remains volatile

Published May 27, 2012 CST

The first privately owned spaceship to rendezvous with the International Space Station launched a new era in space flight last week, but experts say the space insurance market remains volatile despite the increase in commercial launches.

OFF BEAT: Certain dog breeds cause insurers to tuck their tails between their legs

Published May 30, 2012 CST

With the number of dog bite claims and their costs increasing, lists of the most-dangerous canines are finding their way into media stories.

FM Global's Randy Schreitmueller discusses P/C market

Published May 27, 2012 CST

Randy Schreitmueller, vp-global services and market relationships at Johnston, R.I.-based Factory Mutual Insurance Co., recently discussed the impact of the past year's catastrophes on the property market and the demand for loss control with Business Insurance Senior Editor Mark A. Hofmann.

Big insurers face curbs on risky activities

Published May 31, 2012 CST

LONDON (Reuters)—Top insurers face curbs within five years on risky "non-traditional" activities, global regulators said on Thursday as they seek to avoid a repeat of American International Group Inc.'s huge taxpayer bailout in the financial crisis.

Italian earthquake causes $125 million in damage

Published May 27, 2012 CST

BOLOGNA, Italy—The earthquake that hit the Emilia-Romagna region of northern Italy last week left seven dead, damaged national heritage sites and is likely to significantly affect the region's well-known food industry.

U.S. property/casualty insurers on ‘solid financial footing’: S&P

Published May 30, 2012 CST

NEW YORK—U.S. property/casualty insurers are “generally on solid financial footing,” according to an analysis released Wednesday by Standard & Poor’s Corp.

ACE appoints executives to head financial, professional lines

Published May 25, 2012 CST

NEW YORK—ACE Ltd. has announced new appointments to its financial and professional lines.

Rep. Frank offers bill to bar insurance on clawbacks

Published May 30, 2012 CST

WASHINGTON (Reuters)—Executives at financial firms would no longer be able to buy insurance to protect themselves against compensation clawbacks or civil penalties, under legislation introduced by U.S. Representative Barney Frank.

Calif. workers comp advisory pure premium rate hike of 8.25% is approved

Published May 30, 2012 CST

SACRAMENTO—California Insurance Commissioner Dave Jones has approved a California workers compensation advisory pure premium rate hike amounting to 8.25% for new policies and those renewing on or after July 1, 2012.

Aon promotes Steve McGill to group president

Published May 27, 2012 CST

LONDON—Aon P.L.C.'s promotion of Steve McGill to group president should result in greater coordination of resources across the brokerage's three business units, analysts said after the announcement last week.

Prudential buying U.S. business from Swiss Re

Published May 31, 2012 CST

HONG KONG (Reuters)—Britain's No.1 insurer Prudential P.L.C. on Thursday said it will buy SRLC America Holding Corp. from Swiss Re A.G. for 398 million pounds in cash.

NFIP extension bill signed into law

Published May 31, 2012 CST

WASHINGTON—President Barack Obama on Thursday signed into law legislation that extends the National Flood Insurance Program through July 30.

Earthquakes in Italy cause up to $875M in insured losses: EQECAT

Published May 30, 2012 CST

OAKLAND, Calif.—A May 20 earthquake followed by two May 29 aftershock quakes that struck Italy's Emilia-Romagna region caused an estimated $375 million to $875 million in insured losses, catastrophe modeler EQECAT Inc. said Tuesday.

Top insurer pulls cover for exports to Greece

Published May 30, 2012 CST

FRANKFURT/LONDON (Reuters)—The world's biggest trade credit insurer, Euler Hermes, has stopped covering exporters shipping to Greece because of the mounting risk of them not getting paid in the event the debt-laden nation is forced out of the euro.

CSU increases Atlantic hurricane prediction for 2012

Published June 01, 2012 CST

FORT COLLINS, Colo.—The hurricane forecasting team at Colorado State University has increased the number of hurricanes it expects to form in the Atlantic basin this hurricane season to five from the four predicted in April.

U.S. property/casualty reinsurers post positive results in first quarter: RAA

Published May 30, 2012 CST

The U.S. reinsurance sector posted positive underwriting results in the first quarter of 2012, according to data released Wednesday by the Reinsurance Assn. of America.

The claims story a year later

Published May 29, 2012 CST

How did the insurance industry perform in handling claims from the tornadoes that devastated Joplin, Mo., a year ago? Here are some facts and figures courtesy of the Insurance Information Institute.

OFF BEAT: Back seat drivers guilty of breaching auto etiquette

Published May 31, 2012 CST

Drivers who are driven crazy by back seat drivers are in good company, says a survey.

Property/casualty insurers upgrading policy administration systems: Analysis

Published May 30, 2012 CST

Economic and market conditions are encouraging property/casualty insurers to replace or upgrade policy administration systems, according to a report from New York-based research and advisory services firm Novarica released last week.

Senate approves 60-day extension of the National Flood Insurance Program

Published May 24, 2012 CST

WASHINGTON—The Senate has approved a measure that would extend the National Flood Insurance Program for 60 days beyond its May 31 expiration date.

Social media, business analytics technologies hot at ACORD forum

Published May 20, 2012 CST

ORLANDO, Fla.—The potential of new technologies to disrupt entire business models in the insurance industry was a pervasive theme at last week's ACORD LOMA Insurance Systems Forum.