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Brokers, insurers need to offer relevant insurance to prosper: Panel

By: Gavin Souter

Published October 13, 2014 - 1:31pm CST

COLORADO SPRINGS, Colorado – Insurers and brokers need to offer relevant products to add value for insurance buyers if they are to prosper in an environment where nontraditional capital continues to enter the market.

Colorado's September hailstorm insured damage estimated at $213.3M

By: Joanne Wojcik

Published October 13, 2014 - 12:55pm CST

A Sept. 29 hailstorm that pounded parts of Colorado's Front Range has been ranked as the state's 8th most expensive hailstorm on record, racking up an estimated $213.3 million in insured losses.

Swiss Re to cover product contamination or failure in U.K., Ireland, Italy

By: Stephanie Goldberg

Published October 13, 2014 - 10:51am CST

Swiss Re Corporate Solutions will offer contaminated products insurance to manufacturers, retailers and distributors in the food and drink industries in the United Kingdom, Ireland and Italy, the Zurich, Switzerland-based reinsurance company announced Monday.

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.

PERSPECTIVES: Transatlantic Trade and Investment Partnership must include insurance markets

By: Steve Simchak

Published October 12, 2014 - 6:00am CST

It would be a big missed opportunity if the final agreement of the Transatlantic Trade and Investment Partnership excludes a sector as significant as financial services, says Steve Simchak, director of international affairs at the American Insurance Association. Doing so could leave U.S. insurers in a neutral or even worse position than they are in now. In the months ahead, financial services...

Texas comp claim costs close gap between in-, out-of-network care

By: Sheena Harrison

Published October 10, 2014 - 12:48pm CST

Medical costs for injured workers treated by Texas workers compensation health care networks have declined 7% over the last five years while costs for workers treated by non-network providers have increased 21% in that time, according to the Texas Department of Insurance.

BROKER BEAT Video: Oswald Cos.

Published October 09, 2014 - 6:57pm CST

Business Insurance Assistant Managing Editor Aranya Tomseth speaks with Robert J. Klonk, CEO of Oswald Cos., about how the Affordable Care Act is affecting its employee benefits practice and private exchange.

AIG expands excess casualty liability cover for railroads

By: Stephanie Goldberg

Published October 09, 2014 - 2:19pm CST

With increased rail traffic and more cars carrying potentially hazardous materials American International Group Inc. has expanded its excess casualty liability limits for Class 1 railroads in the United States and Canada.

Sears tumbles on report vendor insurers to trim coverage

Published October 09, 2014 - 10:59am CST

(Reuters) — Sears Holdings Corp. shares slumped on Wednesday following a report that three of the biggest insurance firms for its suppliers were seeking to reduce coverage.

Search is on to replace retiring XL reinsurance chief

By: Mark A. Hofmann

Published October 09, 2014 - 9:40am CST

James Veghte will retire as CEO of XL Group P.L.C.'s reinsurance segment, effective Dec. 31.

Geithner says AIG losses were exceptional compared with other firms

Published October 08, 2014 - 2:54pm CST

(Reuters) — Former U.S. Treasury Secretary Timothy Geithner defended the 2008 bailout of American International Group Inc. for a second day Wednesday, struggling at times to respond to increasingly contentious questions about the government's efforts to rescue the insurer as it stood minutes from bankruptcy.

Personal lines rates up yet again

Published October 08, 2014 - 1:46pm CST

Even as the rates for commercial property/casualty lines had decelerated, rates for personal lines continued their upswing in September, according to a recently released analysis by Dallas-based electronic insurance exchange MarketScout.

Calm weather should translate to strong property/casualty quarter

By: Mark A. Hofmann

Published October 08, 2014 - 1:15pm CST

Property/casualty insurers should report “very strong” underwriting results for the third quarter, according to an analysis issued by Keefe, Bruyette & Woods Inc. on Wednesday.

Pembroke expanding space offerings to include cover for launch delays

By: Bill Kenealy

Published October 08, 2014 - 11:08am CST

Ironshore International said on Wednesday that its Hamilton, Bermuda-based Pembroke Managing Agency Ltd. is broadening insurance coverage for the space sector by launching products that cover contractual exposure rather than physical loss or damages.

Former Treasury Secretary Timothy Geithner defends AIG bailout

Published October 07, 2014 - 1:52pm CST

(Reuters) — Former U.S. Treasury Secretary Timothy Geithner defended the government's rescue of AIG in September 2008, saying the action was necessary to prevent the country from plunging into a possible second Great Depression.

Use of capital tops business priorities of insurer CFOs: Towers Watson study

By: Mark A. Hofmann

Published October 07, 2014 - 11:40am CST

Chief financial officers of North American property/casualty insurers say capital utilization is their top business priority, according to a survey released Tuesday by Towers Watson & Co.

U.S. FSOC may tweak process for spotting super-risky firms

Published October 07, 2014 - 9:50am CST

(Reuters) — The U.S. top financial risk council may tweak the way in which it identifies insurers and other companies that are not banks as systemically important, a process the industry and politicians have fiercely criticized.

Risk retention groups face drop in written premium, higher combined ratio

By: Bill Kenealy

Published October 06, 2014 - 5:23pm CST

A review of risk retention groups’ performance through the second quarter of 2014 released on Monday finds the sector healthy despite a drop in direct written premium and a rising combined ratio.

Overall commercial insurance rates up 1.5% in September: MarketScout

By: Matthew Lerner

Published October 06, 2014 - 3:45pm CST

Commercial insurance rates in the U.S. rose 1.5% in September on a composite basis, Dallas-based broker and underwriter MarketScout said in a statement Monday.

Hub acquires San Diego-area property/casualty, benefits broker

By: Matt Dunning

Published October 06, 2014 - 2:44pm CST

Hub International Ltd. has acquired the assets of Carlsbad, California-based brokerage Marrs Maddocks & Associates Insurance Services Inc., the company announced on Monday.

NCCI proposes 3.3% Florida comp rate decrease based on fee changes

By: Sheena Harrison

Published October 06, 2014 - 1:27pm CST

The National Council on Compensation Insurance Inc. has asked Florida regulators to consider a 3.3% decrease in state workers compensation rates for 2015 after it originally proposed a 2.5% rate cut in August.

Property/casualty net premiums, income grow in first half of 2014

By: Matthew Lerner

Published October 06, 2014 - 1:24pm CST

Net premiums grew, but combined ratio worsened among property/casualty insurers during the first half of 2014, according to the mid-year survey by Insurance Services Office Inc. and the Insurance Information Institute Inc.

AIR offers inland U.S. probabilistic flood model

By: Bill Kenealy

Published October 06, 2014 - 10:49am CST

Catastrophe modeling firm AIR Worldwide Corp. unveiled an inland flood model for the United States on Monday.

Lockton acquires Scottish broker’s general insurance business

By: Matthew Lerner

Published October 03, 2014 - 1:41pm CST

Lockton Companies L.L.P. has acquired the Glasgow, Scotland, general insurance business of Griffiths & Armour, Lockton said in a statement Thursday.

Validus completes $690M acquisition of Western World

By: Matthew Lerner

Published October 03, 2014 - 12:07pm CST

Validus Holdings Ltd. has completed its acquisition of Franklin Lakes, New Jersey-based specialty lines carrier Western World Insurance Group Inc., Validus said in a statement Thursday.

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