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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.

Former CIA chief advises dealing with hardest risks

By: Matthew Lerner

Published October 27, 2014 - 9:45pm CST

Institutions, whether businesses or governments, must react and adapt to changing and disruptive influences in order to survive and thrive, former Secretary of Defense, CIA Director and Texas A&M University President Robert Gates said Monday at the Property and Casualty Insurers Association of America's annual meeting in Scottsdale, Arizona.

2014 Annual PCI Meeting

Published October 27, 2014 - 11:26am CST

Follow Business Insurance's complete coverage of the Property Casualty Insurers Association of America's 2014 annual meeting in Scottsdale, Arizona.

Terrorism backstop extension, financial regulations top PCI agenda

By: Matthew Lerner

Published October 26, 2014 - 8:44pm CST

Securing an extension of the federal terrorism insurance backstop created by the Terrorism Risk Insurance Act of 2002 tops the agenda for the Property and Casualty Insurers Association of America, but it’s far from the organization’s sole concern.

Terrorism insurance rates decrease as demand for coverage increases

By: Matthew Lerner

Published October 12, 2014 - 6:00am CST

Demand is up for terrorism insurance in the private market amid increased capacity and greater competition that have dropped rates in the lowest-risk locales, while rates are flat in cities considered at greatest risk of a terrorist attack.

TRIA reauthorization delayed until November at the earliest

By: Mark A. Hofmann

Published September 28, 2014 - 6:00am CST

The fate of the federal terrorism insurance backstop and an initiative to streamline licensing of interstate agents and brokers won't be known until November at the earliest.

Court reinstates case that London bank aided Hamas

By: Judy Greenwald

Published September 22, 2014 - 3:01pm CST

A U.S. appeals court has reinstated litigation against a London-based bank on charges it aided Hamas in violation of the Antiterrorism Act, ruling a lower court had misinterpreted the law.

Data breaches, terrorism, injury payments among insurers' emerging risks: Report

By: Rodd Zolkos

Published September 15, 2014 - 1:52pm CST

Cyber risk, terrorism and new compensation structures for long-term bodily injuries are among the emerging risks facing reinsurers and insurers, according to a report from Guy Carpenter & Co. L.L.C.

Congress could delay passage of TRIA renewal bill past November elections

By: Mark A. Hofmann

Published August 31, 2014 - 6:00am CST

Passage of a bill that would extend the federal terrorism insurance backstop could be pushed into a lame-duck session following the November elections.

Protecting the nation's electric grid from terrorist attacks is a top priority

By: Judy Greenwald

Published August 17, 2014 - 6:00am CST

Regulations proposed by the Federal Energy Regulatory Commission to protect the nation's electric grid are mainly prompted by an armed attack last year that knocked out high-voltage transformers in California.

Both House, Senate TRIA bills, place more liability on insurers: Report

By: Rodd Zolkos

Published July 21, 2014 - 3:13pm CST

While bills introduced in the U.S. Senate and House of Representatives to extend the federal terrorism backstop mark progress towards that goal, both would raise the insurance industry’s liability following a terrorist attack.

Insurance industry welcomes Senate approval of seven-year TRIA extension

By: Mark A. Hofmann

Published July 17, 2014 - 12:54pm CST

Insurers and other industry groups are welcoming Thursday's 93-4 Senate vote to extend the federal terrorism insurance backstop for seven years.

IN FOCUS Video: Property/Casualty Insurance Lobbyists

Published July 08, 2014 - 3:56pm CST

In our latest video report, we speak with several top lobbyists for the property/casualty insurance industry and find out what key issues are currently their top priorities on Capitol Hill.

Insurance, business groups urge House not to hike TRIA trigger

By: Mark A. Hofmann

Published July 08, 2014 - 12:27pm CST

A group of insurer and other trade associations has sent a letter to the House of Representatives expressing concern over the increased size of the so-called “trigger” in a House measure that would reauthorize TRIA for five years.

Insurance industry prefers Senate version of TRIA reauthorization bills

By: Mark A. Hofmann

Published June 22, 2014 - 6:00am CST

Differences between House and Senate bills that would reauthorize the federal government's terrorism insurance backstop appear to be resolvable before the program expires Dec. 31.

House committee approves TRIA program extension bill

By: Mark A. Hofmann

Published June 20, 2014 - 10:28am CST

Insurance groups are hailing the House Financial Services Committee's approval Friday morning of a bill that would extend the federal government's terrorism insurance backstop for five years.

TRIA program uncertainty weighs on terrorism insurance market: Report

By: Mark A. Hofmann

Published June 18, 2014 - 10:39am CST

The U.S. terrorism insurance market continues to be “challenged” by uncertainty over whether the federal government's terrorism insurance backstop will be extended, according to a report issued Wednesday by Guy Carpenter & Co. L.L.C.

House lawmaker unveils bill to extend TRIA through 2019

By: Rodd Zolkos

Published June 17, 2014 - 3:37pm CST

A key congressman on insurance issues introduced a bill Tuesday to extend the federal terrorism insurance backstop through 2019.

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