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USI acquires New Jersey specialty agency

By: Kate Shepherd

Published July 21, 2014 - 1:25pm CST

USI Insurance Services L.L.C. announced that it has acquired Toms River, New Jersey-based insurance agency BHB Insurance Services L.L.C.

Q&A: Brian Duperreault, Hamilton Insurance Group

By: Gavin Souter

Published July 20, 2014 - 6:00am CST

Insurance industry executive Brian Duperreault recently spoke about his ambitious plans for Hamilton Insurance Group in Bermuda with Business Insurance Editor Gavin Souter. Edited excerpts follow.

More brokers sharing critical big data insight with mid-market clients

By: Joanne Wojcik

Published July 20, 2014 - 6:00am CST

After decades of gathering and warehousing data on insurance purchases, exposures and claims from their commercial clients, more insurance brokers are offering to share the power of their “big data” sets with their middle-market clients.

Integro uses data analytics to give mid-market client key insurance tip

By: Joanne Wojcik

Published July 20, 2014 - 6:00am CST

Integro Ltd. recently used data analytics to help a middle-market client with Midwest energy distribution operations hedge the risk of an unseasonably warm winter on its business income, said Patrick Gallagher, managing principal and chief actuary in the broker's New York headquarters.

Allianz, Atrium lead insurance coverage on downed Malaysian Airlines plane

Published July 18, 2014 - 9:51am CST

(Reuters) — Insurance on the Malaysian Airlines plane brought down over Ukraine is likely to pay out quickly, but settling insurance for the loss of 298 lives and other liability could be complex and lengthy.

Liberty Mutual enters multibillion-dollar reinsurance deal with National Indemnity

By: Mark A. Hofmann

Published July 17, 2014 - 2:02pm CST

Liberty Mutual Insurance Co. has entered into a multibillion-dollar retroactive reinsurance transaction with Berkshire Hathaway Inc.'s National Indemnity Co. to cover asbestos-related and other long-term liabilities.

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.

Endurance will not succeed with hostile takeover of Aspen: Barclays

By: Matthew Lerner

Published July 17, 2014 - 12:11pm CST

Endurance Specialty Holdings Ltd. likely will not complete its attempted $3.2 billion hostile takeover of Aspen Insurance Holdings Ltd., according to an equity research note from Barclays P.L.C.

Starr Cos. expands reach in China with Shanghai purchase

By: Mark A. Hofmann

Published July 16, 2014 - 3:09pm CST

Starr Cos. has completed its purchase of majority ownership of Shanghai-based Dazhong Insurance Co. Ltd., of China, Starr said Wednesday.

Bank of America pays AIG $650M to settle mortgage disputes

Published July 16, 2014 - 8:50am CST

(Reuters) — Bank of America Corp. agreed to pay American International Group Inc. $650 million to settle long-running legal disputes over defective mortgage-backed securities sold in the run-up to the financial crisis.

SEC official vows to defend agency from Fed encroachment

Published July 15, 2014 - 1:59pm CST

(Reuters) — A member of the U.S. Securities and Exchange Commission is vowing to defend the regulator's turf against what he said is growing encroachment by the Federal Reserve and a council of financial regulators on everything from asset manager regulation to high-speed trading.

Hamilton Re joins Iron-Starr as subscribing insurer

By: Kate Shepherd

Published July 15, 2014 - 1:10pm CST

Ironshore Inc. has announced the addition of Hamilton Re as a subscribing insurer to the Iron-Starr Excess Agency Ltd.

Insurance buyers should make greater use of analytics: Willis report

By: Judy Greenwald

Published July 15, 2014 - 1:02pm CST

While benefitting from overcapacity, corporate insurance buyers are lagging behind insurers in making greater use of analytics, says Willis Group Holdings P.L.C.

Peter Hancock to get pay hike as AIG's new CEO

By: Mark A. Hofmann

Published July 15, 2014 - 10:53am CST

Peter D. Hancock will receive a raise when he becomes president and CEO of American International Group, Inc. on Sept. 1, according to a filing AIG made with the Securities & Exchange Commission on Monday.

Harsh winter drives down 1st-quarter property/casualty insurers' profitability: Report

By: Matthew Lerner

Published July 15, 2014 - 10:12am CST

Increased catastrophe losses driven by the past winter's severe weather helped drive down first quarter property and casualty insurers' profitability 39.8% to $13.9 billion, according to A.M. Best Co. Inc.

BROKER BEAT: Bankers Insurance L.L.C.

Published July 15, 2014 - 6:00am CST

Business Insurance Senior Editor Rodd Zolkos speaks with Mike Hedden, senior vice president and director of operations for Bankers Insurance L.L.C., about issues currently affecting the bank-owned agency and brokerage firm.

Ironshore International opens Hong Kong office

By: Mark A. Hofmann

Published July 14, 2014 - 10:04am CST

Ironshore Inc.’s Ironshore International operation has opened an office in Hong Kong, the Hamilton, Bermuda-based underwriter announced Monday.

Insurers struggle to get grip on burgeoning cyber risk market

Published July 14, 2014 - 9:07am CST

(Reuters) — Insurers are eagerly eyeing exponential growth in the tiny cyber coverage market but their lack of experience and skills handling hackers and data breaches may keep their ambitions in check.

Generali sells BSI to BTG Pactual for $1.69 billion

Published July 14, 2014 - 8:33am CST

(Reuters) — Assicurazioni Generali S.p.A. has agreed to sell Swiss private bank BSI to Brazil's BTG Pactual for 1.5 billion Swiss francs ($1.69 billion) in cash and stock, offloading an unprofitable noncore unit and boosting its financial strength.

Aspen announces higher estimated 2nd-quarter earnings

By: Mark A. Hofmann

Published July 11, 2014 - 10:05am CST

Aspen Insurance Holdings Ltd. on Thursday reported higher estimated earnings per share in a preannouncement of its second-quarter results.

Property insurer FM Global taps Thomas Lawson as next CEO

By: Mark A. Hofmann

Published July 10, 2014 - 3:13pm CST

FM Global Executive Vice President Thomas A. Lawson will succeed Shivan S. Subramaniam as CEO, effective Jan. 1, 2015, the Johnston, Rhode Island-based insurer announced Thursday.

Cyber risks challenge insurance market: Crawford report

By: Bill Kenealy

Published July 09, 2014 - 3:22pm CST

The increasing frequency and complexity of claims are primary challenges facing the cyber insurance market, a report released by Crawford & Co. on Wednesday finds.

Natural catastrophes up insured losses to $17B in 2014 first half: Munich Re

By: Sarah Veysey

Published July 09, 2014 - 8:37am CST

Insured losses caused by natural catastrophes in the first half of 2014 totaled about $17 billion, up from about $11 billion for the comparable period last year but below the 10-year average of $25 billion.

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.

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