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N.Y. court limits attorney/client privilege in insurance claim negotiations

By: Rodd Zolkos

Published August 07, 2014 - 2:40pm CST

The Appellate Division of the Supreme Court of New York has upheld a ruling that insurance companies can't claim attorney/client privilege for communications with outside counsel engaged in the process of determining whether to pay claims.

Firm that bought maker of faulty artificial knees liable for $2M retention: Court

By: Judy Greenwald

Published August 07, 2014 - 2:06pm CST

Stryker Corp. must pay the $2 million self-insured retention under its insurance policy with XL Insurance America Inc. in connection with claims arising from the implanting of expired artificial knees.

CNA reshuffles Canadian, European insurance leadership

By: Kate Shepherd

Published August 07, 2014 - 11:58am CST

CNA Financial Corp. has named John Hennessy president and chief operating officer of CNA Canada and David Brosnan as chief executive of CNA Insurance Co. Ltd. (CNA Europe).

Insurer's liability hinges on employment status of trucker killed in crash

By: Judy Greenwald

Published August 07, 2014 - 10:52am CST

Because a truck driver killed in an accident may not have been an employee of the company that leased the truck, an insurer could be liable to provide coverage in his death, says an appeals court in reversing a lower court ruling.

Agency and brokerage organic growth slows

Published August 07, 2014 - 10:08am CST

Independent insurance agents and brokers reported median organic growth of 5.8% for the second quarter of 2014, a weakening from 6.2% for the first quarter of 2014 and 6.9% for the second quarter of 2013, according to Atlanta-based Reagan Consulting's Organic Growth and Profitability survey.

Zurich says restructuring on track as profit rises

Published August 07, 2014 - 9:14am CST

(Reuters) — Zurich Insurance Group Ltd. posted a rise in second-quarter net profit on Thursday and said its business overhaul was on track, with job cuts largely completed and more than half of restructuring costs booked.

Aon reports marine market risk overcapacity, soft market pricing

By: Judy Greenwald

Published August 06, 2014 - 4:01pm CST

Continued overcapacity for most marine risks is causing soft market pricing and increased attention to new product development and differentiation, says Aon Risk Solutions in a report on the marine market issued Wednesday.

Insurer enthusiasm growing for acquisitions: KPMG survey

By: Mark A. Hofmann

Published August 06, 2014 - 10:25am CST

Insurer interest in strategic acquisitions is on the upswing, according to a survey released by KPMG L.L.P. on Wednesday.

Hannover Re’s profit improves on investments, life/health reinsurance

By: Sarah Veysey

Published August 06, 2014 - 10:11am CST

Hannover Re S.E. reported net income of €211.5 million ($284.0 million) for the second quarter of 2014, up 10% from the comparable period last year despite falling reinsurance rates.

Personal lines rates rise in July

Published August 06, 2014 - 9:41am CST

Personal lines insurance rates rose an average of 3% in July, according to a report issued by Dallas-based electronic insurance exchange MarketScout on Tuesday.

IN FOCUS Video: Ridesharing Service Regulation in Illinois

Published August 05, 2014 - 4:44pm CST

In this video report, we examine legislation approved by the Illinois General Assembly that, if signed into law by Gov. Pat Quinn, will force ridesharing operators such as UberX and Lyft to comply with new safety standards and insurance guidelines.

AIG reaches $960 million settlement on class-action lawsuit

By: Rob Kozlowski, Pensions & Investments

Published August 05, 2014 - 4:31pm CST

American International Group Inc. announced in a recent SEC filing it has agreed to a mediator's proposal to settle for $960 million a consolidated class-action lawsuit regarding the firm's role in the 2008 financial crisis.

July commercial property/casualty rates up 1.5%: MarketScout

By: Mark A. Hofmann

Published August 05, 2014 - 12:59pm CST

Commercial property/casualty insurance rates rose an average of only 1.5% in July over those of a year earlier, Dallas-based electronic insurance exchange MarketScout reported Tuesday.

Liberty Mutual 2nd-quarter net income down 12.3% on catastrophe losses

By: Mark A. Hofmann

Published August 05, 2014 - 9:45am CST

Liberty Mutual Holding Co. Inc. reported net income of $393 million for the second quarter of 2014 on Tuesday, a 12.3% decrease driven in part by higher catastrophe losses over the same period a year ago.

Insurer Ageas urged to halt dividends until Fortis legal claims settled

Published August 05, 2014 - 9:18am CST

(Reuters) — A lawyer for shareholders seeking compensation over the 2008 bailout and breakup of Dutch-Belgian lender Fortis Bank S.A./N.V. urged the succeeding company, Ageas S.A./N.V., on Tuesday to suspend dividend payments until legal claims are settled.

Higher premiums, lower losses boost Endurance earnings $41.9%

By: Matthew Lerner

Published August 04, 2014 - 4:37pm CST

Pembroke, Bermuda-based Endurance Specialty Holdings Ltd. Monday reported second quarter net income of $75.0 million, up 41.9% from the same period last year on an improved combined ratio, increased premiums and lower loss expenses.

AIG quarterly profit improves on property, other lines' performance

By: Mark A. Hofmann

Published August 04, 2014 - 3:45pm CST

AIG reported second-quarter net income of $3.07 billion on Monday, a 12.5% increase over the same period last year, driven by higher profit in its property/casualty, life and retirement and mortgage guaranty operations.

Property/casualty insurers pursue growth through M&As in new markets: Report

By: Matthew Lerner

Published August 04, 2014 - 12:01pm CST

Property/casualty insurers and reinsurers used mergers and acquisition to penetrate new geographical markets during the first half of 2014, according to a special report issued by A.M. Best Co., Inc. on Monday

Marsh & McLennan's Glaser to chair Federal Advisory Committee on Insurance

By: Mark A. Hofmann

Published August 04, 2014 - 11:17am CST

Marsh & McLennan Cos. Inc. President and CEO Daniel Glaser has been named chairman of the Federal Advisory Committee on Insurance.

Aspen Insurance remains independent after Endurance's hostile takeover bid fails

By: Matthew Lerner

Published August 03, 2014 - 6:00am CST

Endurance Specialty Holdings Ltd.'s abandonment of its $3.2 billion hostile takeover bid for fellow Bermudian insurer and reinsurer Aspen Insurance Holdings Ltd. recognized Aspen shareholders' tepid response to proposals meant to seal the deal.

White House, insurers partner on building resillience to catastrophes

By: Mark A. Hofmann

Published August 03, 2014 - 6:00am CST

A new and ongoing dialogue between the White House and the insurance and reinsurance industries could lead to more effective public/private partnerships to promote resilience in the face of severe weather events, according to participants.

Liberty Mutual liability reinsurance deal with Berkshire Hathaway raises questions

By: Sheena Harrison

Published August 03, 2014 - 6:00am CST

Liberty Mutual's deal to reinsure billions of dollars in long-tail liabilities through Berkshire Hathaway Inc.'s National Indemnity Co. results in a financial boost for Liberty Mutual, but might mean slower claim payments for policyholders.

Total cost of risk rises on 2013 insurance premium hikes

By: Bill Kenealy

Published August 03, 2014 - 6:00am CST

Rising costs last year for property, liability and workers compensation insurance are major factors in the latest increase in the total cost of risk.

U.K. insurance buyers laud changes in Marine Insurance Act 1906

By: Sarah Veysey

Published August 03, 2014 - 6:00am CST

Proposed changes to the United Kingdom's century-old insurance contract law will prompt underwriters to review their business practices and policy wordings and should eliminate claims denials due to inadvertent buyer errors.

Aviation insurance rates set to rise at renewals after slew of airplane losses

By: Sarah Veysey

Published August 03, 2014 - 6:00am CST

As the commercial aviation sector approaches its busiest renewal period, insurance rates are set to increase — with the war risk portion jumping by up to 300% — following a series of major losses, including the Malaysia Airlines flight shot down over strife-torn Ukraine.

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