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TRIA reauthorization supporters pin their hopes on the next Congress

By: Mark A. Hofmann

Published December 21, 2014 - 6:00am CST

Supporters of the federal terrorism insurance backstop are guardedly optimistic the next Congress will take up reauthorization of the program shortly after it convenes next month.

Senate's failure to reauthorize TRIA sends shockwaves through insurance sector

By: Matthew Lerner

Published December 21, 2014 - 6:00am CST

The failure of the U.S. Senate last week to enact legislation extending the federal government's terrorism insurance backstop beyond its year-end expiration sent shockwaves through the insurance sector.

North Korea's Sony hack seen as cyber security game-changer

By: Louise Esola

Published December 21, 2014 - 6:00am CST

Risk and security experts examining the unprecedented cyber attack on Sony Pictures Entertainment Inc. see it as a game-changer for companies who think they have a handle on cyber security.

2015 risk management outlook hinges on evolving cyber and catastrophe risks

By: Bill Kenealy

Published December 21, 2014 - 6:00am CST

An issue that looks to remain a primary challenge for risk management professionals and insurers alike in 2015 is cyber risk and a rising number of attacks.

XL offers insurance for risks from chemical, nuclear and other weapons

By: Shelby Livingston

Published December 19, 2014 - 11:03am CST

XL Group P.L.C. has launched a liability insurance product covering chemical, biological, radiological and nuclear weapons events.

Rating agencies take calm approach to TRIA expiration

By: Mark A. Hofmann

Published December 19, 2014 - 11:01am CST

The lapse of the federal governments' terrorism insurance backstop program is unlikely to have any short-term impact on the ratings of insurance companies, according to rating agencies.

ISO policy contract language for terrorism cover triggered

By: Matthew Lerner

Published December 18, 2014 - 3:22pm CST

The sunset of the federal government's terrorism insurance backstop will trigger the activation of Insurance Services Office Inc.'s conditional commercial policy contract language for terrorism cover, ISO said Thursday.

Backlash expected from Senate's inaction on terrorism insurance backstop

By: Matthew Lerner

Published December 17, 2014 - 1:10pm CST

The failure of the Senate to vote on legislation extending the federal terrorism insurance program, will likely reverberate quickly through the insurance industry and the entire U.S economy, according to observers.

TRIA dead for 2014 as Senate fails to reauthorize

By: Mark A. Hofmann

Published December 17, 2014 - 9:18am CST

The federal terrorism insurance backstop will expire Dec. 31 after the Senate failed to reauthorize it Tuesday.

Business, insurance leaders urge approval of terrorism insurance backstop extension

By: Mark A. Hofmann

Published December 15, 2014 - 10:47am CST

A group of insurance and business associations has sent a letter asking that the Senate approve without amendment a House measure that would extend the federal government's terrorism insurance backstop for six years.

Senator slams House insurance bill over Dodd-Frank changes

Published December 11, 2014 - 11:25am CST

(Reuters) — Democratic Sen. Charles Schumer on Thursday called for the U.S. House of Representatives to extend a federal terrorism insurance program by passing a “clean” bill with no controversial extra provisions.

House backs six-year extension of terrorism insurance backstop

By: Mark A. Hofmann

Published December 10, 2014 - 12:33pm CST

The U.S. House of Representatives approved a bill Wednesday that would extend the federal government's terrorism insurance backstop program for six years.

U.S. Treasury's Lew urges terrorism insurance backstop renewal

Published December 10, 2014 - 9:08am CST

(Reuters) — U.S. Treasury Secretary Jack Lew on Tuesday called on lawmakers to reauthorize a federal terrorism insurance program, saying they should not tie its approval to consideration of proposed changes to unrelated Wall Street reforms.

House may vote soon on its terrorism insurance backstop bill

By: Mark A. Hofmann

Published December 09, 2014 - 2:17pm CST

The House of Representatives could soon vote on its own measure to extend the federal government's terrorism insurance backstop before the lame-duck session ends later this week.

U.K. terrorism bill proposes ban on insurance coverage of ransom payments

By: Sarah Veysey

Published December 07, 2014 - 6:00am CST

Insurers say they already do not reimburse ransom that is paid to terrorist organizations to free kidnapping victims and that a proposed U.K. law making it a criminal offense to do so is unnecessary.

XL launches stand-alone terrorism insurance policy

By: Shelby Livingston

Published December 02, 2014 - 2:46pm CST

XL Group P.L.C. has created a stand-alone terrorism insurance policy to address potential gaps in coverage in the federal government's terrorism insurance backstop program.

U.S. Supreme Court rejects Sept. 11 environmental appeal

Published December 01, 2014 - 2:16pm CST

(Reuters) — The U.S. Supreme Court on Monday declined to revive a New York real estate developer's lawsuit against the leaseholder of the destroyed World Trade Center and two airlines seeking environmental cleanup costs related to the Sept. 11, 2001, hijacked airliner attacks.

Marsh unit sets up U.K. terrorism insurance facility

By: Sarah Veysey

Published November 25, 2014 - 9:59am CST

Bowring Marsh, the specialist international placement arm of Marsh L.L.C., on Tuesday launched a U.K. terrorism insurance facility.

Insurance industry PACs back Republican winners in congressional races

By: Mark A. Hofmann

Published November 23, 2014 - 6:00am CST

Property/casualty insurance industry political action committees did well in the midterm elections, and officials say member input was crucial to their success.

Pool Re secures premium rate concessions from U.K. Treasury

By: Sarah Veysey

Published November 18, 2014 - 10:01am CST

Pool Reinsurance Co. Ltd. on Tuesday said it had secured several concessions and acceptance of several modernization proposals from the U.K. Treasury ahead of a Friday vote on Treasury proposals to increase the retrocession premium it charges the government-guaranteed terrorism reinsurance backstop.

Insurers, reinsurers cite cyber, terror as greatest emerging risks

By: Matthew Lerner

Published November 12, 2014 - 11:59am CST

Cyber attacks and terrorism are the most threatening emerging risks for the insurance and reinsurance industry in 2015, according to a survey released Wednesday by Guy Carpenter & Co. L.L.C.

U.K. seeks fivefold retrocession increase in terrorism backstop premiums

By: Sarah Veysey

Published November 09, 2014 - 6:00am CST

The board overseeing the United Kingdom's terrorism reinsurance backstop is encouraging members to accept a U.K. Treasury proposal that would result in a fivefold increase in the retrocession premium the government charges the pool.

Insurance groups hope Republican-controlled Congress will amend Dodd-Frank

By: Mark A. Hofmann

Published November 09, 2014 - 6:00am CST

With Republican control of the next Congress, the insurance industry gains confidence that at least both chambers will consider pivotal changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Californians reject med mal proposition; AIA urges TRIA action

By: Mark A. Hofmann

Published November 05, 2014 - 2:32pm CST

California voters on Tuesday decisively rejected a ballot measure that called for repealing the state’s current cap on noneconomic damages in medical malpractice cases.

Gates' support of extending federal terrorism backstop praised

By: Mark A. Hofmann

Published October 29, 2014 - 10:07am CST

The Coalition to Insure Against Terrorism is welcoming former Defense Secretary Robert Gates' call to extend the federal government's terrorism insurance backstop.

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