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New cyber protection from AIG includes physical damages

By: Bill Kenealy

Published April 23, 2014 - 1:25pm CST

American International Group Inc. on Wednesday said it is offering an enhanced cyber insurance policy that covers physical damages caused by cyber attacks.

Managing general agencies remain strong source of direct premiums: Study

By: Judy Greenwald

Published April 22, 2014 - 3:13pm CST

Insurers and managing general agencies are working together to created a more stable business model and a long-term favorable outlook for growth, says a study on MGAs released Tuesday.

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.

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.

Travelers' profit rises 17% on higher investment income

Published April 22, 2014 - 10:17am CST

(Reuters) — U.S. property/casualty insurer Travelers Cos. Inc. reported a 17% rise in first-quarter profit, helped by higher underwriting gains and an increase in net investment income.

Property/casualty insurer results strong in 2013 fourth quarter: Survey

By: Mark A. Hofmann

Published April 21, 2014 - 11:25am CST

The U.S. property/casualty insurance industry's net income for the fourth quarter of 2013 soared to $20.76 billion from $7.25 billion during the same period a year earlier, according to a survey released Monday.

Aspen, Endurance exchange fire in hostile takeover battle

By: Matthew Lerner

Published April 21, 2014 - 11:17am CST

Endurance Specialty Holdings Ltd. responded swiftly Monday morning to a letter from Aspen Insurance Holdings Ltd. to its shareholders on Sunday reiterating the reinsurer's criticism and rejection of Endurance's $3.2 billion hostile takeover offer.

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.

Compensation battle rages four years after BP's U.S. oil spill

Published April 18, 2014 - 11:19am CST

(Reuters) — Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, La., and some islanders are fed up with hearing from BP that the crisis is over.

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.

Bermuda underwriters’ net income up 23.9% in 2013

By: Mark A. Hofmann

Published April 17, 2014 - 11:03am CST

Bermuda underwriters surveyed by the Association of Bermuda Insurers and Reinsurers reported net income of $11.70 billion in 2013, an increase of 23.9% from 2012, the ABIR said Thursday.

Business Insurance IN FOCUS Video: 4 World Trade Center

Published April 17, 2014 - 9:56am CST

Business Insurance's latest video report explores Silverstein Properties' rebuild of 4 World Trade Center in New York.

ISO online pricing tool caters to excess and surplus market

By: Bill Kenealy

Published April 16, 2014 - 1:25pm CST

Jersey City, N.J.-based Insurance Services Office Inc. on Wednesday unveiled ISO Rapid Valuator, a new pricing tool for commercial excess and surplus insurance underwriters.

Hartford signs $500M contract with IBM for cloud computing update

By: Bill Kenealy

Published April 16, 2014 - 12:42pm CST

Looking to modernize its computing infrastructure, Hartford Financial Services Group Inc. announced a six-year technology contract with Armonk, N.Y.-based IBM Corp. on Wednesday.

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.

Lloyd's lays out strategic plan for next three years

By: Sarah Veysey

Published April 16, 2014 - 9:18am CST

Lloyd's of London set out its strategy for 2014 to 2016 on Wednesday and has updated its plans to meet its 2025 goals.

Zurich enterprise risk management tool aids financial institutions

By: Kate Shepherd

Published April 15, 2014 - 9:38am CST

Zurich North America, a unit of Zurich Insurance Group Ltd., has launched a new enterprise risk management assessment tool for financial institutions.

Ironshore expands coverage to include product recall crisis help

By: Kate Shepherd

Published April 15, 2014 - 9:35am CST

Ironshore Specialty Casualty, a unit of Ironshore Inc., has expanded its crisis management coverage to include a product recall enhancement for product manufacturers.

Aspen Insurance rejects hostile takeover bid by Endurance

By: Matthew Lerner

Published April 14, 2014 - 12:16pm CST

Aspen Insurance Holdings Ltd. has rejected a $3.2 billion cash-and-stock hostile offer by Endurance Specialty Holdings Ltd., Hamilton, Bermuda-based Aspen said in a statement Monday.

Severe weather, weak investment income to strain first-quarter results

By: Mark A. Hofmann

Published April 14, 2014 - 10:56am CST

Severe winter weather and disappointing investment income is likely to impact insurers’ first-quarter results, according to a pair of analyses released Monday.

Insurer Endurance offers to buy Aspen Insurance for $3.2B

Published April 14, 2014 - 10:01am CST

(Reuters) — Insurer Endurance Specialty Holdings Ltd. said it offered to acquire Aspen Insurance Holdings Ltd. for about $3.2 billion in cash and stock.

Senate bill to renew terrorism insurance backstop includes higher insurer copays

By: Mark A. Hofmann

Published April 13, 2014 - 6:00am CST

The prospects for the federal terrorism insurance backstop sharply improved last week with the introduction of an extension measure in the U.S. Senate. But insurer groups cautioned that proposed program modifications were too radical.

Ukraine crisis causes insurers to stop covering political and trade credit risks

By: Judy Greenwald And Sarah Veysey

Published April 13, 2014 - 6:00am CST

The crisis in the Republic of Crimea has caused insurance underwriters to virtually stop writing political and trade credit risks in Ukraine, but they are still cautiously writing the coverages in Russia.

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