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Underwriter to focus on health care professional and general liability

By: Shelby Livingston

Published May 27, 2015 - 1:46pm CST

New York-based Pioneer Special Risk, a unit of Pioneer Underwriting Ltd., on Wednesday said it has begun underwriting allied health care professional and general liability through Lloyd’s of London.

Ironshore expands kidnap and ransom cover to Latin America

By: Shelby Livingston

Published May 27, 2015 - 12:05pm CST

Ironshore International Ltd., a unit of Hamilton, Bermuda-based insurer Ironshore Inc., has extended its kidnap and ransom insurance coverage to Latin America-based clients.

Service to aggregate losses and estimated claims for insurers in Turkey

By: Shelby Livingston

Published May 27, 2015 - 11:42am CST

Verisk Analytics Inc.'s Property Claim Services unit and Istanbul Underwriting Center have launched PCS Turkey, a catastrophe loss aggregation service for insurers, reinsurers, and risk transfer professionals in Turkey.

Guy Carpenter U.S. chief exits

By: Matthew Lerner

Published May 27, 2015 - 11:12am CST

Andrew Marcell has left Guy Carpenter & Co. L.L.C. and has been replaced as CEO of U.S. operations on an interim basis by Britt Newhouse, the reinsurance brokerage’s chairman.

IRS loses appeal in offshore reinsurance tax case

By: Matthew Lerner

Published May 27, 2015 - 11:06am CST

Validus Reinsurance Ltd. has won a second court victory in its attempts to have the taxation of a type of offshore reinsurance ended.

Bermuda insurer names new CEO of global reinsurance

By: Shelby Livingston

Published May 27, 2015 - 10:50am CST

Stephen Young has been named CEO of global reinsurance of Endurance Specialty Holdings Ltd. effective Jan. 1, replacing Jerome Faure, who will retire at the end of the first quarter of 2016.

Property/casualty insurers' fourth quarter promising despite net income drop

By: Mark A. Hofmann

Published May 26, 2015 - 2:39pm CST

U.S. property/casualty insurers fourth quarter 2014 net income dropped 13.8% from that of the same period a year earlier, according to an analysis released Tuesday by Verisk Analytics' ISO unit and the Property Casualty Insurers Association of America.

Lloyd's of London wary of market aggregation of cyber risk

By: Sarah Veysey

Published May 24, 2015 - 6:00am CST

Lloyd's of London is taking steps to ensure it avoids a “dangerous aggregation” of insurance related to cyber risks while uncertainty remains about potential fallout should there be a catastrophic cyber attack.

Insurance industry welcomes U.S. regulatory reform efforts

By: Mark A. Hofmann

Published May 24, 2015 - 6:00am CST

Insurer provisions of a wide-ranging proposal to reform the financial services regulatory process are drawing generally favorable reviews from property/casualty insurance industry observers.

Managing risk inside the Mercedes-Benz Superdome

Published May 24, 2015 - 6:00am CST

In the latest episode of Business Insurance In Focus, we get some inside perspective on how risk management challenges are handled at the Mercedes-Benz Superdome in New Orleans.

Q&A: Bradley L. Kading, Association of Bermuda Insurers and Reinsurers

By: Mark A. Hofmann

Published May 24, 2015 - 6:00am CST

Bradley L. Kading has been president and executive director of the Association of Bermuda Insurers and Reinsurers since 2005. Before joining ABIR, he served as senior vice president and director of state affairs for the Reinsurance Association of America. He joined RAA in 1991, having previously served as vice president and director of government affairs for the Alliance of American Insurers in...

Property/casualty reinsurers suffer big drop in net premiums

By: Matthew Lerner

Published May 22, 2015 - 10:53am CST

The group of 18 U. S. property/casualty reinsurers included in a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America wrote $9.7 billion of net premiums during the three months ended March 31, 2015, down 49.2% from the year ago period, the association l.c. said in a statement today.

Lloyd's consortium to cover renewable energy industry

By: Shelby Livingston

Published May 21, 2015 - 1:03pm CST

Lloyd’s of London company Ascot Underwriting Ltd. has joined Chaucer P.L.C. and Assuranceforeningen Skuld to form the Renewco Consortium, an underwriting platform for the renewable energy industry.

Former AIG exec to join Worldwide Broker Network

By: Shelby Livingston

Published May 21, 2015 - 10:55am CST

Worldwide Broker Network has named former American International Group Inc. executive Francie Starnes to the newly created role of president and chief operating officer.

New York insurance overseer to step down

By: Mark A. Hofmann

Published May 20, 2015 - 1:02pm CST

Benjamin M. Lawsky will step down as New York's superintendent of financial services late next month, the New York State Department of Financial Services announced Wednesday.

Deglobalization, 'Internet of things' hold unknown risks for insurers

By: Matthew Lerner

Published May 20, 2015 - 11:07am CST

Deglobalization and “challenges of the Internet of things” were two risks ranked to have a potential “high” impact over time for insurers and reinsurers in a new report by Swiss Re Ltd., the company said Wednesday in a statement.

Cyber coverage getting its day in court

By: Judy Greenwald

Published May 19, 2015 - 8:59am CST

A court ruling in favor of an insurer in one case and coverage litigation in another — both involving cyber insurance policies — may mark the beginning of a new stage in the coverage as a growing number of firms obtain these policies.

Cyber insurance market shows maturity as corporate security concerns rise

By: Bill Kenealy

Published May 17, 2015 - 6:00am CST

The market for cyber insurance is finding a receptive audience as corporate concerns about the effect of data breaches rise and policy options available in the market continue to evolve.

Amtrak's liability for derailment capped

By: Mark A. Hofmann

Published May 14, 2015 - 12:41pm CST

Federal law caps Amtrak's liability for Tuesday night's fatal train derailment in Philadelphia to $200 million.

Generali posts best quarterly profit in 7 years

Published May 14, 2015 - 8:40am CST

(Reuters) — Italian insurer Assicurazioni Generali S.p.A.'s first-quarter operating profit rose 6% to top forecasts as growth in its life business offset a fall in nonlife activity.

Lumber Liquidators sues insurers balking at Chinese flooring claims

By: Judy Greenwald

Published May 13, 2015 - 1:59pm CST

Flooring retailer Lumber Liquidators Inc., which faces more than 100 lawsuits for allegedly selling Chinese-manufactured laminated flooring that contained unsafe levels of formaldehyde, has filed suit against several of its insurers for their alleged refusal to defend and indemnify the company.

Hiscox boosts reserves, reports higher premiums

By: Judy Greenwald

Published May 12, 2015 - 3:06pm CST

Political unrest is leading to reserve increases while the ongoing benign claims environment continues to put pressure on reinsurance rates, says Hamilton, Bermuda-based Hiscox Ltd. in its first-quarter interim report.

Reform bill would ease 'systemically important' rules for insurers

By: Mark A. Hofmann

Published May 12, 2015 - 12:46pm CST

A discussion draft of proposed regulatory reform legislation would require the Financial Stability Oversight Council to be more transparent as it determines whether a non-bank financial institution such as an insurer presents a systemic risk to the nation’s economy.

Liberty Mutual reports higher net income, change in business mix

By: Stephanie Goldberg

Published May 12, 2015 - 11:48am CST

Liberty Mutual Holding Co. reported $276 million in net income for the first quarter of 2015, a 4.2% increase over last year, despite increased catastrophe losses.

Insurance covers only a fraction of Nepal's earthquake damage

By: Sarah Veysey

Published May 10, 2015 - 6:00am CST

The devastating magnitude 7.8 earthquake that struck Nepal, killing at least 7,500 people and causing widespread destruction, highlights the quake-prone nation's lack of disaster preparedness and limited insurance coverage to mitigate losses.

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