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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.

Succession search begins as Oil CEO announces retirement

By: Mark A. Hofmann

Published October 15, 2014 - 11:45am CST

Robert Stauffer will retire as president and CEO of Oil Insurance Ltd. at the beginning of 2016, Hamilton, Bermuda-based Oil announced Tuesday.

Council of Insurance Agents and Brokers elects chairman for 2015

By: Mark A. Hofmann

Published October 15, 2014 - 10:11am CST

Steve Brockmeyer, president and CEO of Pasadena, California-based Bolton & Co. was elected as 2015 chairman of the Washington-based Council of Insurance Agents and Brokers on Tuesday.

Brokers launch business interruption cover for Ebola, other pandemics

By: Sarah Veysey

Published October 15, 2014 - 10:00am CST

Miller Insurance Services L.L.P. and William Gallagher Associates Insurance Brokers Inc. on Wednesday launched a pandemic disease business interruption insurance coverage product.

About 250 firms plan to offer health benefits next year via Mercer's health exchange

By: Matt Dunning

Published October 13, 2014 - 4:00pm CST

Nearly 250 employers will offer health care benefits to current and retired employees through Mercer L.L.C.'s “Marketplace” private health insurance exchange in 2015.

Hub names president for national employee benefits practice

By: Joanne Wojcik

Published October 13, 2014 - 2:12pm CST

Mike Barone has been named president of Hub International Ltd.’s national employee benefits practice, a newly created position charged with directing and enhancing Hub’s investments in employee benefits products and solutions for middle-market employers, the company reported.

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