Failed bridge demolition not due insurance coverage: Appeals court

By: Judy Greenwald

Published May 20, 2013 - 1:24pm CST

A W.R. Berkley Corp. unit is not obligated to provide insurance coverage for a bungled bridge demolition under exclusions in its policy, an appeals court ruled Monday.

Travelers secures another $300M in Long Point Re catastrophe bond

By: Bill Kenealy

Published May 20, 2013 - 12:03pm CST

The Travelers Cos. Inc. secured an additional placement of $300 million to its existing catastrophe bond shelf program, Long Point Re III Ltd., the insurer said Monday.

RIMS Rundown VIDEO: Lessons from Superstorm Sandy

Published May 20, 2013 - 6:00am CST

In the final episode of Business Insurance's 2013 RIMS Rundown, we ask risk managers, brokers and insurers what they learned from Superstorm Sandy, including what steps organizations can do to mitigate their risks for future catastrophes.

Takaful insurance capacity increases with demand

By: Sarah Veysey

Published May 19, 2013 - 6:00am CST

Increased demand for Sharia-compliant insurance coverage for large and medium-size commercial risks has prompted the launch of a managing general agent in London and likely will lead to more insurers offering Sharia-compliant products, experts say.

Technological innovation drives changes in commercial insurance industry

By: Bill Kenealy

Published May 19, 2013 - 6:00am CST

LAS VEGAS — The likelihood that technological advances are changing the nature of commercial insurance was a persistent theme at this year's ACORD LOMA Insurance Systems Forum.

Asian insurers offering significant capacity for global property risks

By: Bill Kenealy

Published May 17, 2013 - 3:46pm CST

Asian insurers, including several based in China, are offering significant capacity for international property risks, according to brokerage executives at Marsh Inc.

$1.6 billion in new catastrophe bonds issued in first quarter: Willis

By: Rodd Zolkos

Published May 17, 2013 - 1:16pm CST

The first quarter of 2013 saw $1.6 billion in new catastrophe bond issuance through five deals, including three that closed at the beginning of the second quarter, according to a report from Willis Group Holdings P.L.C.’s Willis Capital Markets & Advisory unit.

S&P cuts Berkshire Hathaway rating one notch to 'AA'

Published May 16, 2013 - 9:30am CST

(Reuters) — Credit-rating agency Standard & Poor's Corp. cut its rating on Berkshire Hathaway Inc., the insurance and industrial conglomerate controlled by billionaire investor Warren Buffett, one notch.

Zurich profits slip as reserve release declines

Published May 16, 2013 - 8:43am CST

(Reuters) — Zurich Insurance Group posted a fall in profits in the first quarter, with lower net releases of reserves compared with the prior year offsetting fewer natural catastrophes.

LIU marine liability, property cover offered for small, midsize firms

By: Joanne Wojcik

Published May 15, 2013 - 1:44pm CST

A new business owner policy designed to cover marine liability and property-related risks for small and midsize marine businesses has been launched by Liberty International Underwriters, the global specialty unit of Boston-based Liberty Mutual Group Inc.

AmTrust buys property insurer serving smaller entities

By: Joanne Wojcik

Published May 15, 2013 - 11:57am CST

AmTrust Financial Services Inc. has purchased Mutual Insurers Holding Co. and its subsidiary, First Nonprofit Insurance Co., the companies announced Tuesday.

StoneRiver's National Flood Services unit buys CSC's Flood BPO

By: Bill Kenealy

Published May 15, 2013 - 11:05am CST

Oakland, Calif.-based insurance software provider StoneRiver Inc. said its National Flood Services Inc. subsidiary has acquired the flood insurance business process outsourcing unit of Falls Church, Va.-based software and services firm Computer Sciences Corp.

Allianz posts nearly 24% rise in net income

By: Sarah Veysey

Published May 15, 2013 - 9:46am CST

Allianz S.E. posted net income of €1.71 billion ($2.22 billion) for the first quarter of the year, a 23.9% increase from the first quarter of 2012.

Political violence map shows 44% of countries vulnerable to terrorism: Aon

By: Sarah Veysey

Published May 15, 2013 - 6:00am CST

Forty-four percent of countries have an identifiable risk of terrorist attack, according to Aon P.L.C.'s 10th annual terrorism and political violence map.

Senate panel approves farm bill that expands crop insurance

Published May 14, 2013 - 1:45pm CST

(Reuters) — The Senate Agriculture Committee approved a $500 billion farm bill on Tuesday that would expand spending on the federally subsidized crop insurance program by 10% and trim spending slightly on food stamps for the poor.

Tokio Millennium Re moving domicile from Bermuda to Switzerland

By: Bill Kenealy

Published May 14, 2013 - 12:19pm CST

Hamilton, Bermuda-based Tokio Millennium Re Ltd. said Tuesday that it plans to move its place of incorporation to Switzerland as part of a larger restructuring effort.

Lloyd's construction consortium offers capacity of $166 million

By: Sarah Veysey

Published May 13, 2013 - 10:16am CST

Four Lloyd's of London insurers have formed a consortium to offer their combined capacity to large construction risks.

Companies of all types should look at environmental insurance: Study

By: Sarah Veysey

Published May 13, 2013 - 9:35am CST

Organizations that do not purchase dedicated environmental insurance policies frequently are not fully covered, or covered at all, in the event of a loss, making them vulnerable to liabilities that could be hard to manage.

Zurich, Aon offer insurance for nonprofit long-term care facilities

By: Matt Dunning

Published May 10, 2013 - 12:43pm CST

Zurich North America announced Friday that it has partnered with Aon P.L.C. to offer a program of commercial insurance products designed specifically to meet the needs of nonprofit long-term care organizations.

Catlin reports 12% quarterly boost in gross premiums

By: Bill Kenealy

Published May 10, 2013 - 10:52am CST

Catlin Group Ltd. released interim first-quarter financial results on Friday, saying gross written premiums for the first three months of 2013 were $1.84 billion, a 12.2% increase over the same period a year ago.

New TRIA bill would extend terrorism insurance backstop for 10 years

By: Mark A. Hofmann

Published May 10, 2013 - 10:03am CST

A bill extending the federal government's terrorism insurance backstop through 2024 was introduced by Rep. Bennie G. Thompson, D-Miss., on Thursday.

CNA names senior vice president of international

By: Anna Gaynor

Published May 09, 2013 - 2:23pm CST

CNA Financial Corp. has appointed Dave Brosnan as senior vice president of international, the insurer announced in a statement Thursday.

Allianz names chief agent for Canada

By: Anna Gaynor

Published May 09, 2013 - 12:03pm CST

Allianz S.E. has named Kevin Leong as chief agent for Canada with Allianz Global Corporate & Specialty A.G., effective Aug. 1.

MBIA settles with Société Générale for $350 million

Published May 09, 2013 - 9:30am CST

(Reuters) — MBIA Inc. agreed to pay Société Générale S.A. $350 million to settle litigation over the bond insurer's restructuring, a person familiar with the case told Reuters on Wednesday.