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Willis senior captive exec departs

By: Jerry Geisel

Published March 17, 2015 - 12:59pm CST

Les Boughner, a top executive with Willis North America's global captive and consulting practice in Burlington, Vermont, abruptly left the company last week.

Agency offers U.K., European recycling firms coverage

By: Shelby Livingston

Published March 17, 2015 - 11:41am CST

London-based underwriting agency Solon Underwriting Ltd. has launched to service recycling firms in the United Kingdom and other European markets.

Lloyd’s agency to offer prize indemnity, over-redemption coverage

By: Shelby Livingston

Published March 16, 2015 - 2:46pm CST

Lloyd’s of London managing general agent CFC Underwriting Ltd. has launched prize indemnity and over-redemption policies.

Guy Carpenter launches data-driven casualty catastrophe model

By: Matthew Lerner

Published March 16, 2015 - 2:33pm CST

Guy Carpenter & Co. L.L.C., wholly owned subsidiary of Marsh & McLennan Companies Inc. has launched GC ForCasSM, its new data-driven casualty catastrophe model, the company said in a statement Monday.

AIG acquires controlling stake in insurance group

By: Mark A. Hofmann

Published March 16, 2015 - 11:21am CST

American International Group Inc. has agreed to acquire a controlling stake in NSM Insurance Group, AIG announced Monday.

U.S. insurer groups wary of international capital standards

By: Mark A. Hofmann

Published March 15, 2015 - 6:00am CST

Insurers in the U.S. and elsewhere are concerned that an effort to set an international capital standard for globally active insurers could result in duplicative rules, higher costs and less choice for insurance buyers.

Risk managers to collaborate with London insurers to cover evolving risks

By: Sarah Veysey

Published March 15, 2015 - 6:00am CST

Risk managers have pledged to work more closely with underwriters in the London market to develop insurance to cover emerging risks, such as cyber breaches and supply chain disruptions.

2015 Risk Management Summit highlights cyber terrorism, international risk

Published March 15, 2015 - 6:00am CST

In our latest In Focus video, senior risk managers, leaders and innovators convene for the Business Insurance two-day networking and educational conference in New York City.

Nautilus expands commercial excess capacity to $10 million

By: Shelby Livingston

Published March 13, 2015 - 4:57pm CST

Nautilus Insurance Group, part of W. R. Berkley Corp., has increased its commercial excess insurance capacity to $10 million, up from $5 million, the Scottsdale, Arizona-based property/casualty insurer announced Friday.

Cyber security input sought by NAIC

By: Judy Greenwald

Published March 13, 2015 - 12:36pm CST

The National Association of Insurance Commissions has released a draft of “Principles for Effective Cybersecurity Insurance Regulatory Guidance” for public comment.

Generali profit miss takes shine off turnaround successes

Published March 12, 2015 - 8:34am CST

(Reuters) — Italian insurer Assicurazioni Generali S.p.A. missed 2014 profit forecasts on Thursday, hit by a weaker-than-expected performance in property/casualty insurance and one-off charges, taking some of the shine off recent turnaround successes.

RSA says ex-Irish boss failed to set aside enough money to cover claims

Published March 11, 2015 - 11:02am CST

(Reuters) — Former RSA Ireland boss Philip Smith failed to set aside enough money to cover potential insurance claims, contributing to the British insurer having to inject 200 million ($302 million) into its Irish arm in 2013, a lawyer for RSA said Wednesday.

AIG settles workers comp rate allegations for $1.25 million

By: Sheena Harrison

Published March 11, 2015 - 10:40am CST

AIG has agreed to pay a $1.25 million settlement after the Missouri Department of Insurance accused nine AIG-affiliated insurers of failing to file rate plans for thousands of large-deductible workers compensation policies.

Average truck cargo theft worth $232,924 in 2014

By: Judy Greenwald

Published March 10, 2015 - 2:42pm CST

The average value of cargo stolen during 2014 increased by 36%, to $232,924, with cargo thieves becoming more professional, says FreightWatch International (USA) Inc. in its 2014 report issued Tuesday.

QBE names North American president of field operations

By: Shelby Livingston

Published March 10, 2015 - 2:11pm CST

Mark Cantin has joined QBE North America as president of field operations, the New York-based unit of QBE Insurance Group Ltd. announced Tuesday.

Insurance merger deals expected to accelerate

By: Mark A. Hofmann

Published March 10, 2015 - 11:10am CST

Insurance merger and acquisition activity should continue to speed up this year, according to a report issued Tuesday by Deloitte L.L.P.

Winter weather took $1 billion toll in February

By: Bill Kenealy

Published March 06, 2015 - 3:14pm CST

Claims resulting from brutal winter weather in the U.S. coupled with typhoon and flood-related damage in Asia helped create global insured losses of over $1 billion in the month of February.

Property/casualty insurance rates up 1% in February

By: Bill Kenealy

Published March 05, 2015 - 2:59pm CST

Property/casualty insurance rates were up 1% on average in February, Dallas-based electronic insurance exchange MarketScout said Thursday.

XL auto insurance form targets commercial vehicles

By: Shelby Livingston

Published March 04, 2015 - 2:09pm CST

XL Group P.L.C. has launched a primary auto insurance form targeting trucking, public auto and commercial auto risks, the insurer announced Wednesday.

Travelers wrote most workers comp insurance in 2014

By: Stephanie Goldberg

Published March 04, 2015 - 12:45pm CST

Travelers Cos. Inc. was the largest workers compensation insurer in the nation last year, followed by Hartford Financial Services Group Inc. and American International Group Inc., according to market-share data released by the National Association of Insurance Commissioners.

ISO cyber options introduced for small- to medium-size business owners

By: Judy Greenwald

Published March 03, 2015 - 3:16pm CST

Two optional cyber endorsements for small and midsized businesses become available this month, said Verisk Analytics Inc.’s Insurance Services Office, in a statement Tuesday.

AIG former CEO remembered for leading the insurer’s revival

By: Mark A. Hofmann

Published March 03, 2015 - 10:16am CST

Former American International Group Inc. President and CEO Robert H. Benmosche, who died Friday in New York after battling cancer for five years, will go down in history as the executive who led the well-documented turnaround of the insurance giant.

Amlin stumbles on reduced investment results

By: Sarah Veysey

Published March 02, 2015 - 10:04am CST

Amlin P.L.C. posted pre-tax profit of 258.7 million ($399.3 million) for 2014, down 21% from 2013, in a more challenging trading environment, according to its CEO Charles Philipps.

Drone insurance cover set to take off

By: Judy Greenwald

Published March 01, 2015 - 6:00am CST

Insurers are eager to provide coverage for unmanned aerial vehicles, commonly known as drones, now that the Federal Aviation Administration has issued long-awaited proposed regulations for commercial use.

Former AIG chief Robert Benmosche dies at 70

By: Mark A. Hofmann

Published March 01, 2015 - 6:00am CST

Former American International Group Inc. President and CEO Robert H. Benmosche, who had battled cancer for five years, died Friday in New York. He was 70.

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