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Zurich North America names Terry McCafferty head of group captive insurance

By: Shelby Livingston

Published December 19, 2014 - 2:52pm CST

Zurich North America on Friday said it has named Terry McCafferty as head of group captives in the company’s programs and direct markets division, effective Feb. 1, 2015.

Aspen renews special purpose insurer Silverton Re for 2015

By: Mark A. Hofmann

Published December 19, 2014 - 2:19pm CST

Aspen Insurance Holdings Ltd.’s Aspen Reinsurance operation’s Aspen Capital Markets division has renewed Silverton Re for 2015, Hamilton, Bermuda-based Aspen announced Friday.

Rating agencies take calm approach to TRIA expiration

By: Mark A. Hofmann

Published December 19, 2014 - 11:01am CST

The lapse of the federal governments' terrorism insurance backstop program is unlikely to have any short-term impact on the ratings of insurance companies, according to rating agencies.

MetLife says U.S. regulators declared it 'systemically' important

Published December 19, 2014 - 8:57am CST

(Reuters) — U.S. regulators have declared insurer MetLife Inc. so big that its failure could destabilize financial markets, a designation that brings extra regulation.

India looks to sway Americans with nuclear power insurance plan

Published December 19, 2014 - 8:45am CST

(Reuters) — India is offering to set up an insurance pool to indemnify global nuclear suppliers against liability in case of a nuclear accident in a bid to unblock billions of dollars in trade held up by concerns over exposure to risk.

ISO policy contract language for terrorism cover triggered

By: Matthew Lerner

Published December 18, 2014 - 3:22pm CST

The sunset of the federal government's terrorism insurance backstop will trigger the activation of Insurance Services Office Inc.'s conditional commercial policy contract language for terrorism cover, ISO said Thursday.

Falling oil prices, political unrest top 2015's international risks: Marsh

By: Bill Kenealy

Published December 17, 2014 - 2:40pm CST

Falling oil prices, political violence and separatist movements will influence the global risk landscape in 2015, broker Marsh L.L.C. said in a report released on Wednesday.

Backlash expected from Senate's inaction on terrorism insurance backstop

By: Matthew Lerner

Published December 17, 2014 - 1:10pm CST

The failure of the Senate to vote on legislation extending the federal terrorism insurance program, will likely reverberate quickly through the insurance industry and the entire U.S economy, according to observers.

Disasters caused $34B in insured losses worldwide in 2014: Swiss Re

By: Sarah Veysey

Published December 17, 2014 - 9:19am CST

Insured losses from natural catastrophes and man-made disasters totaled $34 billion in 2014, down 24% from $45 billion in 2013, according to preliminary estimates released Wednesday by Swiss Re Ltd.

TRIA dead for 2014 as Senate fails to reauthorize

By: Mark A. Hofmann

Published December 17, 2014 - 9:18am CST

The federal terrorism insurance backstop will expire Dec. 31 after the Senate failed to reauthorize it Tuesday.

XL proposes $3.9 billion takeover of Catlin

By: Sarah Veysey

Published December 17, 2014 - 8:59am CST

XL Group P.L.C. has approached rival insurer and reinsurer Catlin Group Ltd. with a proposed takeover offer of about £2.5 billion ($3.93 billion).

Verisk Insurance Solutions updates commercial property underwriting tools

By: Bill Kenealy

Published December 16, 2014 - 1:05pm CST

Analytics provider Verisk Insurance Solutions on Tuesday said it has released an updated set of underwriting tools for commercial property.

ISO offers insurance options for commercial drones

By: Shelby Livingston

Published December 16, 2014 - 11:54am CST

Verisk Analytics Inc.’s Insurance Services Office Inc. unit has developed endorsements to address the liability exposure of commercial drones.

Business, insurance leaders urge approval of terrorism insurance backstop extension

By: Mark A. Hofmann

Published December 15, 2014 - 10:47am CST

A group of insurance and business associations has sent a letter asking that the Senate approve without amendment a House measure that would extend the federal government's terrorism insurance backstop for six years.

S&P downgrades Generali rating to BBB+ from A- on Italy woes

By: Sarah Veysey

Published December 15, 2014 - 9:40am CST

Standard & Poor's Corp. has downgraded Assicurazioni Generali S.p.A. to BBB+ from A- after a downgrade of Italy's sovereign ratings.

Home Depot cleared to stop paying comp for missing woman unless she reappears

By: Sheena Harrison

Published December 12, 2014 - 4:32pm CST

Home Depot Inc. will not have to continue paying workers compensation benefits for a Maine employee who has been missing since 2012 unless she reappears and appeals for benefits to be reinstated.

Senator slams House insurance bill over Dodd-Frank changes

Published December 11, 2014 - 11:25am CST

(Reuters) — Democratic Sen. Charles Schumer on Thursday called for the U.S. House of Representatives to extend a federal terrorism insurance program by passing a “clean” bill with no controversial extra provisions.

House OKs bill easing insurer accounting standards

By: Mark A. Hofmann

Published December 11, 2014 - 10:49am CST

The House of Representatives gave final approval to an insurance-industry supported measure that would allow the Federal Reserve Board flexibility in determining which capital standards to apply to insurers under its supervision.

Insurers see €1.8 billion cost from French storms

Published December 11, 2014 - 9:06am CST

(Reuters) — Insurers are facing a €1.8 billion ($2.21 billion) bill for claims from exceptionally high storm damage in France this year, the French insurance association said on Thursday.

California health insurance exchange enrollment off to strong start

By: Jerry Geisel

Published December 10, 2014 - 4:26pm CST

California, the state with the biggest public health insurance exchange, says enrollment for 2015 is far surpassing the enrollment rate during a similar period last year.

House backs six-year extension of terrorism insurance backstop

By: Mark A. Hofmann

Published December 10, 2014 - 12:33pm CST

The U.S. House of Representatives approved a bill Wednesday that would extend the federal government's terrorism insurance backstop program for six years.

Modest improvement predicted in 2015 for property/casualty insurers

By: Matthew Lerner

Published December 10, 2014 - 11:03am CST

Keefe, Bruyette & Woods Inc. expects property/casualty insurers and reinsurers to post modest improvement in operating income next year, the analyst said in a report Wednesday.

U.S. Treasury's Lew urges terrorism insurance backstop renewal

Published December 10, 2014 - 9:08am CST

(Reuters) — U.S. Treasury Secretary Jack Lew on Tuesday called on lawmakers to reauthorize a federal terrorism insurance program, saying they should not tie its approval to consideration of proposed changes to unrelated Wall Street reforms.

House may vote soon on its terrorism insurance backstop bill

By: Mark A. Hofmann

Published December 09, 2014 - 2:17pm CST

The House of Representatives could soon vote on its own measure to extend the federal government's terrorism insurance backstop before the lame-duck session ends later this week.

Diversity in hiring can encourage diverse ideas in workplace

By: Matthew Lerner

Published December 09, 2014 - 2:15pm CST

NEW YORK — A sound business case can be made for inclusion and diversity within business organizations, and several insurance industry leaders offered suggestions on how to implement and leverage workplace diversity.

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