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OFF BEAT: In a word — or 37,931 words — it’s insurance

Published April 22, 2014 - 5:02pm CST

Et tu, exclusions?

Berkley Corp. first quarter net income up 45.5% over last year

By: Mark A. Hofmann

Published April 22, 2014 - 3:39pm CST

W.R. Berkley Corp. posted $169.8 million in net income for the first quarter of 2014, an increase of 45.5% from the first quarter of last year.

Quick congressional action urged on TRIA backstop renewal: Marsh

By: Mark A. Hofmann

Published April 22, 2014 - 2:21pm CST

WASHINGTON — The potential economic consequences of failure to extend the federal terrorism insurance backstop program should be “an impetus for quick congressional action,” according to report released Tuesday by Marsh L.L.C.

Many businesses hurt by Superstorm Sandy were uninsured or couldn't collect

By: Matt Dunning

Published April 22, 2014 - 2:17pm CST

Very few small and midsize businesses affected by Superstorm Sandy have been able to recover some portion of their financial losses through insurance, according to a new report by the Federal Reserve Bank of New York.

Brown & Brown profit drops to $52.4M in 2014 first quarter

By: Matthew Lerner

Published April 22, 2014 - 10:24am CST

Net income for the first quarter of 2014 dipped 12.8% from the prior-year period to $52.4 million despite growth in overall revenue, insurance brokerage Brown & Brown Inc. reported Tuesday.

Reinsurers see rates declines, lower catastrophe losses: Report

By: Sarah Veysey

Published April 22, 2014 - 10:20am CST

Reinsurance rates continue to decline but reinsurers reported solid underwriting gains last year as catastrophe losses were significantly lower than average, according to a report published Tuesday by Fitch Ratings Ltd.

Marsh & McLennan hires Eddie Dunn as director of veteran recruitment

By: Kate Shepherd

Published April 21, 2014 - 2:40pm CST

Marsh & McLennan Cos. Inc. has named Eddie Dunn as director of military and veteran affairs, responsible for managing veteran recruitment strategy, the broker said Monday.

New Okla. workers comp commission does not have jurisdiction before February

By: Sheena Harrison

Published April 21, 2014 - 11:07am CST

The new Oklahoma Workers' Compensation Commission does not have jurisdiction to resolve workers comp disputes regarding injuries that happened before February 2014, the Oklahoma Supreme Court has ruled.

Endurance names Richard Housley head of global property insurance practice

By: Kate Shepherd

Published April 18, 2014 - 1:10pm CST

Endurance Specialty Holdings Ltd. has named Richard Housley as executive vice president and global practice leader for property insurance, the Pembroke, Bermuda-based insurer said Friday.

Property/casualty insurance industry welcomes TRIA report

By: Mark A. Hofmann

Published April 18, 2014 - 12:56pm CST

Property/casualty insurance groups are welcoming a new government report they say demonstrates the need for an extension of the federal government's terrorism insurance backstop program.

Mercer projects health reform law's 2015 penalties, HSA and HDHP tax limits

By: Matt Dunning

Published April 18, 2014 - 9:00am CST

Mercer L.L.C. has projected the amounts employers can expect to pay in 2015 for failing to comply with the health care reform law's “play or pay” provisions in a report released on Tuesday.

Insurance market appears to be tightening on TRIA backstop fears: Report

By: Mark A. Hofmann

Published April 17, 2014 - 2:51pm CST

Uncertainty over the future of the federal terrorism insurance backstop appears to be causing “tightening” in the terrorism insurance market, according to a report released Thursday by the President's Working Group on Financial Markets.

Aspen attempts to thwart Endurance takeover bid

By: Matthew Lerner

Published April 17, 2014 - 2:26pm CST

Aspen Insurance Holdings Ltd.'s board has adopted a shareholders rights plan to fend off an unsolicited offer by Endurance Specialty Holdings Ltd. to buy Aspen for $3.2 billion in cash and stock.

$1.35B credit facility to fund Brown & Brown acquisitions, future growth

By: Mark A. Hofmann

Published April 17, 2014 - 11:07am CST

Brown & Brown Inc. has entered into a five-year $1.35 billion unsecured credit facility to fund acquisitions and future growth, the Daytona Beach, Fla.-based broker announced Thursday.

U.K.'s RSA sells east European businesses to Polish insurer PZU

Published April 17, 2014 - 9:12am CST

(Reuters) — Troubled U.K. insurer RSA has sold the bulk of its eastern European operations to Poland's state-controlled group PZU for about €360 million ($497.3 million), the Polish firm's biggest ever deal and RSA's first to be done under its financial restructuring plan.

The Council grows by four

Published April 16, 2014 - 1:29pm CST

The Council grows by four

Starr Indemnity & Liability added to Treasury list of surety companies

By: Bill Kenealy

Published April 16, 2014 - 12:39pm CST

New York-based Starr Cos. on Wednesday said its Starr Indemnity & Liability Co. has been added to the list of approved surety companies by the U.S. Treasury Department.

Market weighs on insurers and reinsurers, but brokers faring better: Analysis

By: Mark A. Hofmann

Published April 16, 2014 - 11:45am CST

Property/casualty insurers and reinsurers face a challenging market in 2014 from increased competition, but the outlook for insurance brokers is brighter because of general economic growth, according to an analysis released Wednesday by Barclays Capital Inc.

Cyber risks lurk far beyond organizations' own walls: Report

By: Mark A. Hofmann

Published April 16, 2014 - 11:39am CST

WASHINGTON — Current cyber risk management does not give much consideration to “digital distant perfection” — the aggregation of cyber risks that can lie far beyond an organization's own four walls.

RSA head for U.K. and Western Europe resigns to join Gallagher

Published April 16, 2014 - 10:07am CST

(Reuters) — The head of British insurer RSA Insurance Group P.L.C.'s U.K. and Western Europe business has resigned ahead of a strategic shakeup to take a new role at broker Arthur J. Gallagher & Co.

Allied World opens Toronto office, names Gord Kerr as head

By: Kate Shepherd

Published April 16, 2014 - 9:58am CST

Allied World Assurance Co. Holdings A.G. has opened a branch office in Toronto, tapping Gord Kerr as senior vice president, chief agent and branch manager for the region.

Patent firm RPX gets OK to act as Lloyd’s of London coverholder

By: Sarah Veysey

Published April 16, 2014 - 9:44am CST

Patent risk management solutions company RPX Corp. has received approval to act as a coverholder at Lloyd’s of London, RPX announced Wednesday.

Lancashire founder and CEO Richard Brindle to retire

Published April 16, 2014 - 9:34am CST

Richard Brindle, CEO and founder of insurer Lancashire Holdings Ltd., will retire from the company on April 30, Lancashire announced Wednesday.

Hull and liability aviation rates down 10% at renewals: Aon

By: Sarah Veysey

Published April 16, 2014 - 9:23am CST

Rates for lead hull and liability aviation insurance fell by an average of 10% during renewals that took place in 2013, according to a report published Wednesday by Aon P.L.C.

British insurer RSA names chief operating officer to oversee asset sales

Published April 15, 2014 - 9:21am CST

(Reuters) — British insurer RSA has appointed its emerging markets chief to the newly created role of chief operating officer to oversee sales of non-core businesses as the company shores up its balance sheet.

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