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Donna Nadeau named COO of XL North America property/casualty insurance operations

By: Matthew Lerner

Published October 24, 2014 - 1:06pm CST

XL Group P.L.C. has named Donna Nadeau chief operating officer of its North America property/casualty insurance business, the Dublin-based company said Friday.

Investments drive Berkley's strong third-quarter profit

By: Mark A. Hofmann

Published October 24, 2014 - 11:27am CST

W.R. Berkley Corp.'s net income for the third quarter of 2014 surged 37.6% over that of the same period in 2013 to $188.5 million, driven in part by strong investment results, the insurer reported.

Chubb sees profit of $594M in third quarter

By: Mark A. Hofmann

Published October 23, 2014 - 3:45pm CST

Chubb Corp. reported 2014 third-quarter net income of $594 million, a 9.8% increase from the same period last year, the insurer said Thursday.

International group introduces capital standard formula for insurers

By: Mark A. Hofmann

Published October 23, 2014 - 1:56pm CST

The International Association of Insurance Supervisors on Thursday said it has developed the first global insurance capital standard.

Allied World profit drops; business segments to be reorganized

By: Mark A. Hofmann

Published October 23, 2014 - 11:49am CST

Third-quarter net income at Allied World Assurance Co. Holdings A.G. fell 74.8% from the prior-year period to $30.9 million as the Zug, Switzerland-based underwriter contended with increased catastrophe losses.

Insured damages in Bermuda from Gonzalo estimated at $200M-$400M: AIR

By: Mark A. Hofmann

Published October 22, 2014 - 2:47pm CST

Last week's Hurricane Gonzalo caused estimated insured damages of between $200 million and $400 million in Bermuda, catastrophe modeler AIR Worldwide said Wednesday.

Insurance sector falls short on addressing climate change: Report

By: Judy Greenwald

Published October 22, 2014 - 1:45pm CST

The insurance industry has shown a “profound lack of preparedness” in addressing climate-related risk and opportunities, says a report on a survey conducted by an advocacy group.

BROKER BEAT Video: Woodruff-Sawyer & Co.

Published October 21, 2014 - 4:42pm CST

Business Insurance Associate Editor Bill Kenealy speaks with Priya Huskins, Senior Vice President of Woodruff-Sawyer & Co., about Bay area D&O buyers, big data and regulation.

Starr Cos. expands cyber insurance offerings

By: Judy Greenwald

Published October 21, 2014 - 3:04pm CST

Starr Cos. is introducing primary cyber insurance that provides coverage for both first- and third-party costs, the New York-based insurer said.

Ace excludes Ebola claims for some new and renewal general liability policies

By: Douglas McLeod

Published October 21, 2014 - 2:55pm CST

Ace USA confirmed Tuesday that it will exclude coverage for Ebola claims under new and renewal general liability polices issued to companies that have exposures to certain African countries.

Appeals court clears Nationwide of age and race bias charges

By: Judy Greenwald

Published October 21, 2014 - 2:55pm CST

A federal appeals court has overturned a jury verdict and ruled Nationwide Mutual Insurance Co. is not liable for age and race discrimination charges in connection with its termination of two sales managers.

Possible sunset of federal terrorism coverage backstop concerns insurers

By: Sheena Harrison

Published October 21, 2014 - 1:58pm CST

CHICAGO — The federal terrorism insurance backstop set to expire at the end of this year likely will be replaced or extended, but insurers are worried about workers comp exposures if the backstop goes away.

Property and casualty rates soft, but aviation rates could soar in 2015

By: Matthew Lerner

Published October 21, 2014 - 1:46pm CST

Commercial property and casualty rates will continue to be soft during 2015 as other lines like commercial aviation and in some cases cyber coverage could show strength.

California's Prop 46 could boost medical professional liability rates

By: Mark A. Hofmann

Published October 21, 2014 - 12:18pm CST

Passage of California's Proposition 46 could result in higher medical professional liability insurance rates, according to a study released by A.M. Best Co. Inc. on Tuesday.

Record claims to boost price of insuring airplanes against attack

Published October 21, 2014 - 11:46am CST

(Reuters) — Insurers worldwide are going to have to pay up to a record $800 million to cover the damage done by attacks on airplanes this year.

OFF BEAT: Art’s value in eyes of the beholder

Published October 21, 2014 - 11:17am CST

Ever wonder who is worth more — the world’s most famous portrait or one of the showbiz world’s power couples?

Hurricane Gonzalo insured damages estimated around $300M

By: Mark A. Hofmann

Published October 21, 2014 - 10:48am CST

Insured damage in Bermuda from last week's Hurricane Gonzalo should be around $300 million, according to a report issued by catastrophe modeler CoreLogic Eqecat.

Risk Strategies acquires Massachusetts benefits broker

By: Mark A. Hofmann

Published October 21, 2014 - 10:41am CST

Risk Strategies Co., Boston, on Tuesday said it has acquired Benefit Development Group.

Higher investment income powers Travelers profit rise

Published October 21, 2014 - 9:49am CST

(Reuters) — Property/casualty insurer Travelers Cos. Inc. reported a better-than-expected rise in quarterly operating profit, helped by higher net investment income and a fall in disaster-related losses.

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.

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