CSU increases Atlantic hurricane prediction for 2012

By: Mark A. Hofmann

Published June 01, 2012 - 11:36am 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.

Mediobanca musters support to oust Generali CEO

Published June 01, 2012 - 8:15am CST

MILAN (Reuters)—Opponents of Assicurazioni Generali S.p.A. Chief Executive Giovanni Perissinotto are on the brink of unseating him in what they see as a key step in reviving the appeal of Italy's top insurer after months of underperformance.

Repsol shareholders seek Argentina revenge for YPF takeover

Published May 31, 2012 - 11:15am CST

MADRID (Reuters)—Spanish oil company Repsol YPF S.A. will seek punitive damages from Argentina for the seizure of its Argentine energy unit Yacimientos Petroliferos Fiscales, its chairman warned, in a move backed by fuming shareholders on Thursday.

OFF BEAT: Back seat drivers guilty of breaching auto etiquette

Published May 31, 2012 - 11:12am CST

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

NFIP extension bill signed into law

By: Mark A. Hofmann

Published May 31, 2012 - 11:07am CST

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

Big insurers face curbs on risky activities

Published May 31, 2012 - 10:48am 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.

Prudential buying U.S. business from Swiss Re

Published May 31, 2012 - 10:10am 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.

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

By: Bill Kenealy

Published May 30, 2012 - 4:54pm 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.

Michael Segal released from prison 4 months early

By: Bill Kenealy

Published May 30, 2012 - 2:46pm 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.

FM Global announces management changes

By: Anna Gaynor

Published May 30, 2012 - 2:29pm 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.

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

By: Mark A. Hofmann

Published May 30, 2012 - 2:23pm 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.

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

Published May 30, 2012 - 12:41pm 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.

Rep. Frank offers bill to bar insurance on clawbacks

Published May 30, 2012 - 12:00pm 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.

Property/casualty insurers upgrading policy administration systems: Analysis

By: Bill Kenealy

Published May 30, 2012 - 12:04pm 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.

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

By: Mark A. Hofmann

Published May 30, 2012 - 10:56am 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.

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

By: Roberto Ceniceros

Published May 30, 2012 - 10:10am 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.

Top insurer pulls cover for exports to Greece

Published May 30, 2012 - 9:47am 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.

Register for Business Insurance's 2012 Best Places to Work in Insurance

Published May 30, 2012 - 6:00am CST

Business Insurance's Best Places to Work in Insurance program is designed to identify and recognize high-quality workplaces in the commercial insurance industry. Get all the details on how to register.

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

By: Bill Kenealy

Published May 29, 2012 - 12:13pm 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.

Dewey files for Chapter 11 in record law firm collapse

Published May 29, 2012 - 10:00am 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.

The claims story a year later

Published May 29, 2012 - 9:55am 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.

Space insurance market remains volatile

By: Bill Kenealy

Published May 27, 2012 - 6:00am 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.

FM Global's Randy Schreitmueller discusses P/C market

Published May 27, 2012 - 6:00am 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.

Italian earthquake causes $125 million in damage

By: Rodd Zolkos

Published May 27, 2012 - 6:00am 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.