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Ironshore expanding into agriculture sector

By: Judy Greenwald

Published October 20, 2014 - 2:07pm CST

Ironshore International, a unit of Hamilton, Bermuda-based Ironshore Inc., said Monday it plans to enter the agriculture sector, offering capacity limits of up to $10 million, with the appointment of a divisional director.

Campaign encourages young workers to take path to insurance industry

By: Mark A. Hofmann

Published October 20, 2014 - 1:27pm CST

The insurance industry has launched an initiative to attract millennials to the profession.

Despite rising profile, European risk managers face obstacles: Survey

By: Sarah Veysey

Published October 20, 2014 - 12:14pm CST

BRUSSELS — The profile of risk managers within their organizations in Europe is rising, but more frequent collaboration with top management is needed in some companies, according to the Federation of European Risk Management Association's risk benchmarking survey published Monday.

U.S. property/casualty insurers' reserves steady for 2014: Moody's

By: Matthew Lerner

Published October 17, 2014 - 2:14pm CST

Reserves among U.S. property/casualty insurers will remain “moderately redundant” at year end 2014, with some differentiation among companies and business lines.

Platinum 3rd quarter net income down as net losses jump

By: Matthew Lerner

Published October 16, 2014 - 11:49am CST

Third quarter net income declined 23.9% to $29.1 million at Platinum Underwriters Holdings, Ltd. as net premiums written dropped while net losses and loss adjustment expenses soared for the quarter.

Hartford offers commercial auto discounts to encourage driver safety

By: Matt Dunning

Published October 15, 2014 - 5:08pm CST

Hartford Financial Services Group Inc. has added premium discounts and other rewards to its commercial auto policy to encourage driver safety among small and midsize businesses.

Succession search begins as Oil CEO announces retirement

By: Mark A. Hofmann

Published October 15, 2014 - 11:45am CST

Robert Stauffer will retire as president and CEO of Oil Insurance Ltd. at the beginning of 2016, Hamilton, Bermuda-based Oil announced Tuesday.

Council of Insurance Agents and Brokers elects chairman for 2015

By: Mark A. Hofmann

Published October 15, 2014 - 10:11am CST

Steve Brockmeyer, president and CEO of Pasadena, California-based Bolton & Co. was elected as 2015 chairman of the Washington-based Council of Insurance Agents and Brokers on Tuesday.

Brokers launch business interruption cover for Ebola, other pandemics

By: Sarah Veysey

Published October 15, 2014 - 10:00am CST

Miller Insurance Services L.L.P. and William Gallagher Associates Insurance Brokers Inc. on Wednesday launched a pandemic disease business interruption insurance coverage product.

About 250 firms plan to offer health benefits next year via Mercer's health exchange

By: Matt Dunning

Published October 13, 2014 - 4:00pm CST

Nearly 250 employers will offer health care benefits to current and retired employees through Mercer L.L.C.'s “Marketplace” private health insurance exchange in 2015.

Hub names president for national employee benefits practice

By: Joanne Wojcik

Published October 13, 2014 - 2:12pm CST

Mike Barone has been named president of Hub International Ltd.’s national employee benefits practice, a newly created position charged with directing and enhancing Hub’s investments in employee benefits products and solutions for middle-market employers, the company reported.

Brokers, insurers need to offer relevant insurance to prosper: Panel

By: Gavin Souter

Published October 13, 2014 - 1:31pm CST

COLORADO SPRINGS, Colorado – Insurers and brokers need to offer relevant products to add value for insurance buyers if they are to prosper in an environment where nontraditional capital continues to enter the market.

Colorado's September hailstorm insured damage estimated at $213.3M

By: Joanne Wojcik

Published October 13, 2014 - 12:55pm CST

A Sept. 29 hailstorm that pounded parts of Colorado's Front Range has been ranked as the state's 8th most expensive hailstorm on record, racking up an estimated $213.3 million in insured losses.

Swiss Re to cover product contamination or failure in U.K., Ireland, Italy

By: Stephanie Goldberg

Published October 13, 2014 - 10:51am CST

Swiss Re Corporate Solutions will offer contaminated products insurance to manufacturers, retailers and distributors in the food and drink industries in the United Kingdom, Ireland and Italy, the Zurich, Switzerland-based reinsurance company announced Monday.

Terrorism insurance rates decrease as demand for coverage increases

By: Matthew Lerner

Published October 12, 2014 - 6:00am CST

Demand is up for terrorism insurance in the private market amid increased capacity and greater competition that have dropped rates in the lowest-risk locales, while rates are flat in cities considered at greatest risk of a terrorist attack.

PERSPECTIVES: Transatlantic Trade and Investment Partnership must include insurance markets

By: Steve Simchak

Published October 12, 2014 - 6:00am CST

It would be a big missed opportunity if the final agreement of the Transatlantic Trade and Investment Partnership excludes a sector as significant as financial services, says Steve Simchak, director of international affairs at the American Insurance Association. Doing so could leave U.S. insurers in a neutral or even worse position than they are in now. In the months ahead, financial services...

Texas comp claim costs close gap between in-, out-of-network care

By: Sheena Harrison

Published October 10, 2014 - 12:48pm CST

Medical costs for injured workers treated by Texas workers compensation health care networks have declined 7% over the last five years while costs for workers treated by non-network providers have increased 21% in that time, according to the Texas Department of Insurance.

BROKER BEAT Video: Oswald Cos.

Published October 09, 2014 - 6:57pm CST

Business Insurance Assistant Managing Editor Aranya Tomseth speaks with Robert J. Klonk, CEO of Oswald Cos., about how the Affordable Care Act is affecting its employee benefits practice and private exchange.

AIG expands excess casualty liability cover for railroads

By: Stephanie Goldberg

Published October 09, 2014 - 2:19pm CST

With increased rail traffic and more cars carrying potentially hazardous materials American International Group Inc. has expanded its excess casualty liability limits for Class 1 railroads in the United States and Canada.

Sears tumbles on report vendor insurers to trim coverage

Published October 09, 2014 - 10:59am CST

(Reuters) — Sears Holdings Corp. shares slumped on Wednesday following a report that three of the biggest insurance firms for its suppliers were seeking to reduce coverage.

Search is on to replace retiring XL reinsurance chief

By: Mark A. Hofmann

Published October 09, 2014 - 9:40am CST

James Veghte will retire as CEO of XL Group P.L.C.'s reinsurance segment, effective Dec. 31.

Geithner says AIG losses were exceptional compared with other firms

Published October 08, 2014 - 2:54pm CST

(Reuters) — Former U.S. Treasury Secretary Timothy Geithner defended the 2008 bailout of American International Group Inc. for a second day Wednesday, struggling at times to respond to increasingly contentious questions about the government's efforts to rescue the insurer as it stood minutes from bankruptcy.

Personal lines rates up yet again

Published October 08, 2014 - 1:46pm CST

Even as the rates for commercial property/casualty lines had decelerated, rates for personal lines continued their upswing in September, according to a recently released analysis by Dallas-based electronic insurance exchange MarketScout.

Calm weather should translate to strong property/casualty quarter

By: Mark A. Hofmann

Published October 08, 2014 - 1:15pm CST

Property/casualty insurers should report “very strong” underwriting results for the third quarter, according to an analysis issued by Keefe, Bruyette & Woods Inc. on Wednesday.

Pembroke expanding space offerings to include cover for launch delays

By: Bill Kenealy

Published October 08, 2014 - 11:08am CST

Ironshore International said on Wednesday that its Hamilton, Bermuda-based Pembroke Managing Agency Ltd. is broadening insurance coverage for the space sector by launching products that cover contractual exposure rather than physical loss or damages.

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