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John Parente joins Berkshire Hathaway Specialty Insurance life sciences

Published September 18, 2014 - 1:40pm CST

(Reuters) — Berkshire Hathaway Specialty Insurance on Thursday said it was expanding its underwriting into the risks of life sciences, naming John Parente to head that area.

Allianz integrates Fireman’s Fund commercial business to boost U.S. P/C brand

By: Rodd Zolkos

Published September 17, 2014 - 3:56pm CST

The commercial property/casualty insurance business of Fireman’s Fund Insurance Co. will be integrated into Allianz Global Corporate & Specialty.

Scott Thomas to lead specialty property/casualty lines at Schinnerer

By: Judy Greenwald

Published September 17, 2014 - 12:40pm CST

Victor O. Schinnerer & Co. has named Scott P. Thomas senior vice president and senior underwriting manager leading the property/casualty segment of the architects and engineers program and the international property/casualty program of the underwriting manager.

IN FOCUS Video: Hurricane and Disaster Preparedness

Published September 16, 2014 - 4:08pm CST

In our latest video report, we speak with industry experts about how homeowners, businesses and communities can be best prepared to cope with hurricanes and other costly natural disasters.

Specialty insurer Brit launches coverage for cyber attacks

By: Judy Greenwald

Published September 15, 2014 - 4:36pm CST

Specialty insurer and reinsurer Brit P.LC. is leading several Lloyd’s of London syndicates to offer up to $250 million of first-party cyber coverage to protect companies’ critical operating infrastructure and industrial machinery from terrorist and other malicious attacks, such as sabotage, espionage and theft.

Advisen's Thomas Ruggieri to lead Cooper Gay Swett & Crawford's N. America unit

By: Matthew Lerner

Published September 15, 2014 - 2:31pm CST

Advisen Ltd. founder Thomas P. Ruggieri will join Cooper Gay Swett & Crawford Ltd. as president and CEO of its North American operations.

Willis names former Marsh exec Scott Hull as head of surety

By: Judy Greenwald

Published September 15, 2014 - 2:23pm CST

Willis Group Holdings P.L.C. has named former Marsh L.L.C. executive Scott Hull as executive vice president and head of surety.

Data breaches, terrorism, injury payments among insurers' emerging risks: Report

By: Rodd Zolkos

Published September 15, 2014 - 1:52pm CST

Cyber risk, terrorism and new compensation structures for long-term bodily injuries are among the emerging risks facing reinsurers and insurers, according to a report from Guy Carpenter & Co. L.L.C.

Philip Fasano named chief information officer of AIG

By: Mark A. Hofmann

Published September 15, 2014 - 12:48pm CST

Philip Fasano has been named to the newly created post of executive vice president and chief information officer at American International Group Inc., the insurer said Monday.

Aging insurance industry seeks to replenish its ranks with young recruits

By: Matthew Lerner

Published September 14, 2014 - 6:00am CST

DALLAS — The insurance industry has jobs to offer because up to one-quarter of the current workforce could retire in the next several years, as well as opportunities that range from working from home to learning about the jungle.

U.S. insurer trade groups balk at proposed IAIS meeting protocol changes

By: Mark A. Hofmann

Published September 14, 2014 - 6:00am CST

U.S. insurer trade groups fear a proposed change in how the International Association of Insurance Supervisors conducts some meetings will hamper their ability to influence international regulatory policy at a crucial juncture.

Business Insurance looks at past 30 tumultuous years of surplus lines market

By: Douglas McLeod

Published September 14, 2014 - 6:00am CST

The surplus lines business has seen plenty of upheaval during the 30 years since Business Insurance began ranking the market.

Insurer M&A activity slowly rebounding in first half of 2014: Clyde & Co.

By: Sarah Veysey

Published September 14, 2014 - 6:00am CST

There was a small increase in the number of merger and acquisitions deals in the insurance sector during the first half of 2014, according to a report by law firm Clyde & Co. L.L.P. in London published Sunday.

Florida's new insurance sector may be 'accident waiting to happen'

Published September 11, 2014 - 8:39am CST

(Reuters) — Florida homeowners are pouring $6 billion a year in premiums into a new generation of small, in-state insurance companies with an unproven record of withstanding a major hurricane.

Property/casualty pricing momentum slows: Moody's report

By: Mark A. Hofmann

Published September 10, 2014 - 10:19am CST

Property/casualty insurance pricing is losing momentum, according to a report issued Wednesday by Moody's Investors Service Inc.

Virtual workers can improve companies' productivity: MarketScout speaker

By: Matt Lerner

Published September 09, 2014 - 5:48pm CST

DALLAS — Leveraging technology and creating new work paradigms is one way to infuse an entrepreneurial spirit in even the largest established insurers and reinsurers, according to Eric Smith, president and CEO of Swiss Re Americas.

Surplus lines stable, but near-term profits expected to remain weak: Reports

By: Judy Greenwald

Published September 09, 2014 - 3:14pm CST

The surplus line industry is stable, but profit margins may shrink in the near term as average rate increases diminish on various lines of coverage, says A.M. Best Co. Inc. in a report.

BROKER BEAT: M3 Insurance

Published September 09, 2014 - 1:24pm CST

Business Insurance Associate Editor Bill Kenealy speaks with Mike Victorson, president and CEO of M3 Insurance, about issues currently impacting the Wisconsin-based insurance brokerage.

Growth of Islamic insurance sector rebounding: Study

Published September 09, 2014 - 9:18am CST

(Reuters) — Growth of takaful — Islamic insurance — business is rebounding, fueled by improved economic conditions across its core markets and increased underwriting needs from the broader Islamic banking sector, a study found.

Chubb names Jalil Rehman as Europe operations CEO

By: Sarah Veysey

Published September 09, 2014 - 9:06am CST

The Chubb Group of Insurance Cos. on Tuesday said it has appointed Jalil Rehman as CEO of its European operations.

Reinsurer capital reaches record $570B: Aon Benfield

By: Mark A. Hofmann

Published September 08, 2014 - 11:01am CST

Global reinsurer capital reached a record $570 billion as of June 30, according to Aon Benfield Analytics' Aon Benfield Aggregate report released Monday.

California comp rating bureau reduces rate-hike request

By: Sheena Harrison

Published September 05, 2014 - 12:05pm CST

The California Workers Compensation Insurance Rating Bureau amended its workers comp rate filing Wednesday to request a smaller-than-anticipated increase.

Low earthquake insurance penetration limits Napa-related losses: Aon Benfield

By: Mark A. Hofmann

Published September 05, 2014 - 11:29am CST

A low rate of earthquake insurance penetration in the Napa, California, area may mean lower insured damages from the Aug. 24 earthquake that struck that area.

Stephen Postlewhite named CEO of Aspen Re

By: Mark A Hofmann

Published September 04, 2014 - 3:33pm CST

Aspen Insurance Holdings Ltd. has appointed Chief Risk Officer Stephen Postlewhite as CEO of Aspen Re, the company's reinsurance business, effective immediately, Hamilton, Bermuda-based Aspen said Thursday.

Aon execs to join Jardine Lloyd Thompson U.S. specialty division

By: Judy Greenwald

Published September 04, 2014 - 2:59pm CST

Jardine Lloyd Thompson Group P.L.C. on Thursday said it has hired five former Aon P.L.C. executives to its new U.S. specialty business and plans to hire two more.

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