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Subscriber only, premium content. Tuesday, March 22

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Insurer expands line of product liability coverage

By: Donna Mahoney

Published March 16, 2016 - 2:40pm CST

General Star Management Co. said Wednesday it is offering three new specialized coverages for protection against product liability exposures.

Industry sees a big year of mergers and acquisitions

By: Judy Greenwald

Published March 16, 2016 - 1:15pm CST

The volume of M&A activity more than quadrupled in 2015, to $194.9 billion from $43.8 billion in 2014.

Munich Re profit flat for fourth quarter of 2015

By: Sarah Veysey

Published March 16, 2016 - 10:03am CST

Munich Reinsurance Co. reported a €700 million ($780.6 million) profit for the fourth quarter of 2015, unchanged from the fourth quarter of 2014.

Allianz veteran leaving North America specialty

By: Donna Mahoney

Published March 15, 2016 - 3:06pm CST

Allianz Global Corporate & Specialty North America said Tuesday that Art Moossmann will leave as president and CEO effective July 1.

Simplified drone coverage available in U.K.

By: Donna Mahoney

Published March 15, 2016 - 2:54pm CST

Lloyd’s specialty insurer ArgoGlobal said Tuesday it is offering click-and-buy drone insurance to U.K.’s commercial drones and drone operators.

U.S. reinsurers' premiums written, profit dropped in 2015

By: Mark A. Hofmann

Published March 15, 2016 - 12:54pm CST

Eighteen U.S. property/casualty reinsurers wrote $38.87 billion in net written premiums in 2015, an 18.6% decline from 2014, according to a survey of reinsurers' statutory underwriting results by the Washington-based Reinsurance Association of America.

AIG units to pay SEC for steering clients to pricey fund shares

By: Thomson Reuters

Published March 15, 2016 - 11:25am CST

The three units — Royal Alliance Associates, Sagepoint Financial and FSC Securities — are on the hook for more than $9.5 million.

Munich Re names CEO to succeed von Bomhard

By: Sarah Veysey

Published March 15, 2016 - 9:01am CST

Joachim Wenning, who is responsible for human resources at the reinsurer and is the company's labor relations director, will take over on April 26, 2017.

Ping An Insurance profit leaps, banking arm a concern

By: Thomson Reuters

Published March 15, 2016 - 8:48am CST

(Reuters) — Ping An Insurance Group Co. of China, Asia's second-largest insurer by market value, reported a 38% rise in full-year profit on Tuesday, though soured debt at Ping An Bank could cast a shadow over the current year.

Insurer launches fine art and specie offering

By: Joyce Famakinwa

Published March 14, 2016 - 3:22pm CST

Specialty insurer Brit Ltd. said Monday that it has launched Conexus, a fine art and specie offering for the North American market.

Dublin loses allure for some insurers

By: Sarah Veysey

Published March 13, 2016 - 12:01am CST

XL Catlin and Beazley Group P.L.C. both say their recently announced plans to change their domicile from Dublin relate to regulatory changes at the domiciles they are moving to rather than other considerations such as tax rates.

TPAs, insurers tripped up by California rules

By: Sheena Harrison

Published March 13, 2016 - 12:01am CST

Several third-party administrators and insurers facing fines from California insurance regulators say they're cooperating with the state to resolve complaints of delayed medical record submissions for independent medical reviews.

Flood insurance reform passes first hurdle

By: Mark A. Hofmann

Published March 13, 2016 - 12:01am CST

Supporters of federal flood insurance legislation look for Congress to follow a House panel's lead and approve a bill that would put private insurers on an even footing with the National Flood Insurance Program.

Q&A: Bronek Masojada, Hiscox Ltd.

By: Mark A. Hofmann

Published March 13, 2016 - 12:01am CST

Bronek Masojada has been chief executive of Hamilton, Bermuda-based Hiscox Ltd. since 2000. Mr. Masojada joined Hiscox in 1993, after a stint at management consulting firm McKinsey & Co. In addition, he served as a deputy chairman of Lloyd's of London. He recently spoke with Business Insurance Senior Editor Mark A. Hofmann about Hiscox's plans, the state of the commercial property/casualty...

Natural catastrophes evolve into complex web of risks

By: Mark A. Hofmann

Published March 13, 2016 - 12:01am CST

Every risk manager knows that risk is not static. Even the most predictable risk can mutate. A slight change in technology or weather may turn what looks like a perfectly manageable risk into something quite different — and difficult.

2016 Innovation Awards: XS Reserve Ltd.

By: Sarah Veysey

Published March 13, 2016 - 12:01am CST

Alastair Malcolm, founder and CEO of Faversham, England-based XS Reserve Ltd., is no stranger to innovation, having been at the forefront of the development of excess-of-loss credit insurance coverage some 30 years ago.

2016 Innovation Awards: EigenRisk Inc.

By: Shelby Livingston

Published March 13, 2016 - 12:01am CST

By arming risk managers with advanced analytics technology that typically has been reserved for underwriters, the team at EigenRisk Inc. aims to help corporate risk managers make informed, data-driven decisions when it comes to protecting their assets from natural catastrophe losses.

2016 Innovation Awards: Carrington Risk Consulting L.L.C.

By: Louise Esola

Published March 13, 2016 - 12:01am CST

Longtime risk expert Kristin Carrington remembers conducting field surveys to gather data about a property's exposures: First it was pen and paper, then revisions, then one or two revisits of a site to take a photo and assess something one may have missed, and then, when the data was collected, it was off to the typist. Days later, there would be a report.

Mind the D&O coverage gap when facing enforcement actions

By: Rodger Laurite, Mark Weintraub and Grady Kellogg

Published March 13, 2016 - 12:01am CST

As the federal government gets more determined about prosecuting books and records and internal controls violations, gaps in directors and officers liability cover become apparent. Rodger Laurite, Mark Weintraub and Grady Kellogg of Lockton Financial Services discuss the regulatory trend and how companies can guard against it.

2016 Innovation Awards: Allied World Assurance Co.

By: Judy Greenwald

Published March 13, 2016 - 12:01am CST

New York-based Allied World Assurance Co.'s FrameWRX is a platform that provides a set of cyber risk management solutions to its cyber insurance policyholders, enabling them to become proactive participants in their own data security.

Chubb expands construction insurance to midsize policyholders

By: Judy Greenwald

Published March 11, 2016 - 1:36pm CST

The product had previously been offered only to large national and international construction firms.

Gen Re to close six offices in restructuring

By: Mark A. Hofmann

Published March 11, 2016 - 11:48am CST

Berkshire Hathaway's General Reinsurance Corp. unit plans to integrate operations at the shuttered facilities into teams at its larger offices.

Week in pictures

Published March 11, 2016 - 9:32am CST

Widespread hacks, whistleblower suits and more from AIG fill the Business Insurance week in pictures.

Berkshire Hathaway taps Lloyd's veteran Tom Bolt

By: Judy Greenwald

Published March 10, 2016 - 2:48pm CST

The former director of performance management at Lloyd's of London has been named president and CEO of the U.K. and Southern Europe for Berkshire Hathaway Specialty Insurance.

AIG to reinsure U.S. casualty portfolio through Swiss Re

By: Mark A. Hofmann

Published March 10, 2016 - 9:41am CST

The two-year reinsurance arrangement is part of AIG's strategy to become a more profitable insurer.

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