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Surety bond sector strengthens on rebounding construction industry

By: Matthew Lerner

Published August 31, 2014 - 6:00am CST

The surety bond sector looks to register its second consecutive year of growth, led by the private construction sector as the economy slowly improves.

Congress could delay passage of TRIA renewal bill past November elections

By: Mark A. Hofmann

Published August 31, 2014 - 6:00am CST

Passage of a bill that would extend the federal terrorism insurance backstop could be pushed into a lame-duck session following the November elections.

Lower rate increases and frequent losses cause slide in insurer profits

By: Mark A. Hofmann

Published August 31, 2014 - 6:00am CST

A slowdown in rate increases, an uptick in weather-related and other property losses, and ongoing low investment returns weighed on the largest commercial property/casualty insurers' first-half results.

Small but frequent weather-related losses hit insurers' profits

By: Mark A. Hofmann

Published August 31, 2014 - 6:00am CST

The Property Claim Services unit of Verisk Analytics Inc. doesn't have to declare the cause of insured property damage a catastrophe for insurers to feel the losses.

Larger buyers slow to adopt electronic insurance placement

By: Bill Kenealy

Published August 31, 2014 - 6:00am CST

While placing commercial insurance electronically has the potential to benefit the buyer and the seller, it has yet to gain widespread acceptance and even faces some resistance.

Electronic platforms linking brokers and insurers common

By: Bill Kenealy

Published August 31, 2014 - 6:00am CST

While the direct sale of commercial insurance through online channels remains limited, using online platforms to link insurance intermediaries and insurers has become commonplace.

U.S. risk council to discuss oversight of nonbank firms on Sept. 4

Published August 29, 2014 - 9:08am CST

(Reuters) — The U.S. systemic risk council will meet on Sept. 4 to discuss naming nonbank financial firms for tougher regulatory oversight, the U.S. Treasury Department said Thursday.

Benmosche says cancer prognosis led to earlier retirement from AIG

By: Matt Dunning

Published August 28, 2014 - 3:13pm CST

As he prepares to step down as chief executive officer of American International Group Inc. on Sept. 1, Robert H. Benmosche revealed that his ongoing cancer prognosis forced him to move up his planned retirement by several months.

Credit insurer says Ukraine crisis could lift German insolvencies

Published August 28, 2014 - 9:21am CST

(Reuters) — The Ukraine crisis and its impact on relations between Russia and the West is crimping German growth and could lead to a rise in manufacturing sector insolvencies in the second half of this year, credit insurer Euler Hermes S.A. said Thursday.

Global insured losses from disasters reach $21B in first half: Swiss Re

By: Sarah Veysey

Published August 27, 2014 - 8:44am CST

Worldwide insured losses from disasters totaled about $21 billion in the first half of 2014, down from $25 billion in the comparable period last year and lower than the 10-year average for first-half losses.

U.S. loses bid to dismiss ex-AIG CEO's $25B lawsuit over bailout

Published August 26, 2014 - 4:35pm CST

(Reuters) — A federal judge has rejected the United States' bid to dismiss a more than $25 billion lawsuit filed by Maurice R. Greenberg, the former chief executive of American International Group Inc.

Global reinsurers' underwriting profits down in first half of 2014: Fitch

By: Sarah Veysey

Published August 26, 2014 - 9:35am CST

The underwriting profits posted by global reinsurers fell in the first half of 2014 compared with the first six months of 2013, although the sector remained profitable.

U.S. property/casualty reinsurer net premiums double in 2014 first half: RAA

By: Matthew Lerner

Published August 25, 2014 - 3:44pm CST

A survey of 18 U.S. property/casualty reinsurers by the Reinsurance Association of America showed net written premiums among the group more than doubled to $28.4 billion.

Insured losses from Napa earthquake could reach $1B: Eqecat

By: Matthew Lerner

Published August 25, 2014 - 10:45am CST

Sunday's magnitude-6.0 earthquake centered near Napa, California, may have caused between $500 million and $1 billion in insured losses, catastrophe modeling firm Eqecat Inc. said Monday.

Cover offered via Lloyd's syndicates for commercial marijuana industry

By: Judy Greenwald

Published August 22, 2014 - 3:03pm CST

A recently formed insurance agency is offering the commercial marijuana industry general liability and related insurance coverage on a surplus lines basis through several Lloyd's of London syndicates.

Allied World to buy RSA insurance operations in Hong Kong and Singapore

By: Mark A. Hofmann

Published August 22, 2014 - 10:29am CST

Allied World Assurance Co. Ltd. unit has reached agreements to acquire Royal & Sun Alliance Insurance P.L.C. Hong Kong and Singapore operations for about $215 million.

Indonesia lawmakers seek to limit foreign ownership in insurers

Published August 22, 2014 - 8:54am CST

(Reuters) — Indonesian lawmakers are looking into the possibility of reducing the stake foreign investors are allowed to hold in local insurers, the latest move toward more nationalistic policies in Southeast Asia's biggest economy.

Property/casualty insurer competition expected to increase: Moody's

By: Mark A. Hofmann

Published August 21, 2014 - 10:30am CST

Competition among property/casualty insurers should increase throughout the remainder of the year, according to an analysis released Thursday by Moody's Investors Service.

Houston International Insurance names president of new global energy division

By: Kate Shepherd

Published August 20, 2014 - 2:21pm CST

Houston International Insurance Group has named Susan Swails as president and chief underwriting officer of its newly formed division, HIIG Global Energy, the insurer said Wednesday.

China says testing catastrophe insurance system

Published August 20, 2014 - 8:30am CST

(Reuters) — China is testing out an insurance system to fund reconstruction work after natural disasters as part of a broader push to expand the insurance sector, a top regulator said on Wednesday.

QBE to raise $1.5B after U.S. storms lash profit

Published August 19, 2014 - 9:10am CST

(Reuters) — Australia's biggest insurer QBE Insurance Group announced measures to raise up to $1.5 billion after first-half profit dropped 18% due to higher payouts to U.S. clients, while rival IAG posted strong earnings growth.

Amlin posts first-half profit of $247.9M

By: Sarah Veysey

Published August 18, 2014 - 9:34am CST

Amlin P.L.C. posted a profit of 148.5 million ($247.9 million) for the first half of 2014, down 8.0% from the same period a year previously.

AIG boosting Washington lobbying effort as hiatus prompted by crisis ends

Published August 15, 2014 - 3:30pm CST

(Reuters) — Insurer American International Group Inc. is ramping up its lobbying team in Washington, almost six years after it halted such efforts following its rescue by the U.S. government during the financial crisis.

Longtime Magna Carta executive Theodore Smyk dies at 68

By: Judy Greenwald

Published August 15, 2014 - 1:34pm CST

Theodore Smyk, 68, who was vice president of claims at New York-based mutual insurer Magna Carta Cos., died Sunday, the company announced.

Allied World offers insurance for Canadian energy risks

By: Kate Shepherd

Published August 15, 2014 - 1:27pm CST

Allied World Assurance Co. Holdings A.G. has launched a property insurance line for energy risks in the Canadian market.

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