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Panama Canal expansion covered by global insurers and reinsurers

By: Sarah Veysey And Bill Kenealy

Published April 13, 2014 - 6:00am CST

Major global players in the insurance industry are providing coverage for the pivotal Panama Canal expansion project.

London insurance market aims to stay relevant to buyers as times change

By: Sarah Veysey

Published April 13, 2014 - 6:00am CST

The London market must change, its leaders say, to ensure it remains competitive and relevant to insurance and reinsurance buyers at a time when capacity is readily available from new sources, such as pension funds.

Marine insurers prepare to cover huge cargo shipments as Panama Canal expands

By: Sarah Veysey And Bill Kenealy

Published April 13, 2014 - 6:00am CST

The ongoing multibillion-dollar expansion of the Panama Canal carries a host of risks for the marine insurance industry as larger and higher valued ships will travel the 50-mile waterway with much bigger loads.

FedEx has $5M in primary coverage for deadly California truck-bus crash

By: Judy Greenwald

Published April 11, 2014 - 2:17pm CST

FedEx, whose tractor-trailer reportedly crossed a center divide on Thursday, slamming into a chartered bus carrying high school students and killing 10 people, has a $5 million combined single limit policy with Protective Insurance Co.

Global reinsurer capital reaches new high of $540B in 2013: Aon Benfield

By: Matthew Lerner

Published April 11, 2014 - 12:45pm CST

Global reinsurer aggregate capital is estimated to have reached a new high of $540 billion in 2013, an increase of 7% over the previous year, according to a report released Friday by Aon Benfield Group Ltd.

Aon CEO says Berkshire Hathaway deal good for Lloyd's market

Published April 10, 2014 - 2:23pm CST

(Reuters) — The head of insurance broker Aon P.L.C. has mounted a defense of a deal signed last year with Warren Buffett's Berkshire Hathaway Inc. that some fear could weaken the Lloyd's of London insurance market, arguing it is good for London.

Senators co-sponsor bill to extend TRIA backstop for 7 years

By: Mark A. Hofmann

Published April 10, 2014 - 12:31pm CST

A bipartisan group of senators has agreed on a bill that would extend the federal government's terrorism insurance backstop program for seven years.

U.S. terrorism insurance backstop would save taxpayers money: Study

By: Mark A. Hofmann

Published April 10, 2014 - 10:27am CST

The federal government’s terrorism insurance backstop program would save taxpayers money in the event of a terrorist attack causing less than $50 billion in losses, according to a study released Thursday by RAND Corp., a not-for-profit research organization.

Property/casualty insurance rates to decline, but some lines uncertain: Willis

By: Rodd Zolkos

Published April 09, 2014 - 1:45pm CST

Commercial property/casualty insurance buyers should see modest improvements in market conditions over the remainder of 2014, though external factors are causing instability in some coverage lines, according to a new report from Willis Group Holdings P.L.C.

Hail storms, twisters cause $300M in insured damage in North Texas

By: Mark A. Hofmann

Published April 09, 2014 - 12:52pm CST

Hail storms and tornadoes caused an estimated $300 million in insured damage to parts of North Texas last week, the Insurance Council of Texas said Wednesday.

N.Y. regulator subpoenas four insurers in Iran sanctions probe: Source

Published April 09, 2014 - 8:58am CST

(Reuters) — New York state's top insurance regulator has sent subpoenas to four U.S. insurance companies as part of a probe of potential sanctions violations involving Iran, a person familiar with the matter said on Tuesday.

Public insurance specialist Joel Hirsch to lead Allied Public Risk

By: Kate Shepherd

Published April 08, 2014 - 2:47pm CST

Joel Hirsch has been named president of Allied Public Risk, a new division at Aegis General Insurance Agency, a unit of San Diego-based K2 Insurance Services L.L.C.

Catastrophe bond issuance dips slightly in first quarter: Willis

By: Matthew Lerner

Published April 08, 2014 - 1:04pm CST

Issuance of nonlife catastrophe bond capacity in the first quarter of 2014 slipped slightly from first quarter 2013 levels, according to a new report issued Tuesday from Willis Capital Markets & Advisory, part of Willis Group Holdings P.L.C.

Business Insurance IN FOCUS Video: 2014 Risk Management Summit

Published April 07, 2014 - 2:55pm CST

Business Insurance's latest video report explores the 2014 Risk Management Summit held in New York on March 12-13.

Reinsurer outlook stable, but challenges loom: A.M. Best

By: Mark A. Hofmann

Published April 04, 2014 - 2:54pm CST

After enjoying a “miraculous” 2013, global reinsurers face significant challenges this year, A.M. Best Co. Inc. said Friday.

Commercial insurance rates rise 3% in March: MarketScout

By: Mark A. Hofmann

Published April 04, 2014 - 2:41pm CST

U.S. commercial property/casualty insurance rates rose an average of 3% in March over those of the prior-year period, MarketScout reported Friday.

A.M. Best assigns Torus' U.S. operations a negative outlook

By: Matthew Lerner

Published April 04, 2014 - 11:30am CST

A.M. Best Co. Inc. has assigned Torus Insurance Holdings Ltd.'s Wilmington, Del.-based Torus Specialty Insurance Co. and Torus National Insurance Co. units a negative outlook while affirming their financial strength rating of A-, Best said Friday.

AIG sues N.Y. regulators over probe of insurance marketing

Published April 04, 2014 - 9:37am CST

(Reuters) — American International Group Inc. on Thursday sued New York regulators to force them to back off a threatened costly enforcement proceeding over possible violations of state law by a former unit.

A.M. Best revises Hartford Insurance Pool outlook to positive, affirms A rating

By: Mark A. Hofmann

Published April 03, 2014 - 3:24pm CST

A.M. Best Co. Inc. has revised the outlook to positive from stable and affirmed the financial strength rating of A of Hartford Fire Insurance Co. and its pooling subsidiaries and affiliates, collectively referred to as the Hartford Insurance Pool, Best said Thursday.

A.M. Best upgrades Transatlantic Re outlook, affirms A rating

By: Mark A. Hofmann

Published April 03, 2014 - 11:45am CST

A.M. Best Co. Inc. has revised the outlook to positive from stable and affirmed the financial strength rating of A of Transatlantic Reinsurance Co. and its subsidiaries.

Forensics firm LWG Consulting launches Mexican unit

By: Kate Shepherd

Published April 03, 2014 - 7:47am CST

LWG Consulting Inc., a provider of forensic engineering services, has launched a Mexican subsidiary, LWG Consulting Mexico S.A. de C.V.

Insured losses from Chile earthquake likely to be low: AIR Worldwide

By: Mark A. Hofmann

Published April 02, 2014 - 2:32pm CST

The 8.2-magnitude earthquake that struck off the coast of Chile on Tuesday is unlikely to result in significant insured losses, according to Boston-based catastrophe modeler AIR Worldwide Corp.

Hub International buys brokers Argus Insurance, Cusson & Anderson

By: Kate Shepherd

Published April 02, 2014 - 1:47pm CST

Hub International Ltd. on Wednesday announced the acquisition of insurance brokers Argus Insurance Inc. and Cusson & Anderson Financial Services.

Widow of Zurich CFO rejects report into his suicide

Published April 02, 2014 - 12:25pm CST

(Reuters) — The widow of Zurich Insurance Group's late finance chief said at the firm's shareholder meeting that she could not accept the results of a probe into his suicide, which exonerated the firm and its former chairman of responsibility.

Enstar, Stone Point complete Torus Insurance acquisition

By: Kate Shepherd

Published April 02, 2014 - 11:46am CST

Enstar Group Ltd. and Stone Point Capital L.L.C. have completed their acquisition of London-based Torus Insurance Holdings Ltd. and have appointed two new members to Torus’ board.

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