CNA names senior vice president of international

By: Anna Gaynor

Published May 09, 2013 - 2:23pm CST

CNA Financial Corp. has appointed Dave Brosnan as senior vice president of international, the insurer announced in a statement Thursday.

Allianz names chief agent for Canada

By: Anna Gaynor

Published May 09, 2013 - 12:03pm CST

Allianz S.E. has named Kevin Leong as chief agent for Canada with Allianz Global Corporate & Specialty A.G., effective Aug. 1.

MBIA settles with Société Générale for $350 million

Published May 09, 2013 - 9:30am CST

(Reuters) — MBIA Inc. agreed to pay Société Générale S.A. $350 million to settle litigation over the bond insurer's restructuring, a person familiar with the case told Reuters on Wednesday.

Technology driving big changes for insurers: ACORD speaker

By: Bill Kenealy

Published May 08, 2013 - 4:07pm CST

LAS VEGAS — A mix of technology and business factors leave the insurance industry primed for both evolutionary and revolutionary changes, speakers said Wednesday at the ACORD LOMA Forum at the MGM Grand Resort in Las Vegas.

Catastrophe bond market poised for record issuance in 2013: Report

By: Rodd Zolkos

Published May 08, 2013 - 2:16pm CST

The catastrophe bond market has shown that it's ready to “transition from adolescence to young adulthood” and could be poised to exceed the annual record for cat bond issuance of $7.0 billion by the end of this year.

Medical malpractice insurance sector remains strong: Report

By: Judy Greenwald

Published May 08, 2013 - 1:00pm CST

Medical malpractice insurers continue to post strong results despite facing challenges such as pricing pressures, looming upheavals in health care delivery and rapid consolidation, said an A.M. Best Co. Inc. report.

Link social media strategy to business goals: ACORD speaker

By: Bill Kenealy

Published May 08, 2013 - 9:40am CST

LAS VEGAS — Organizations need to link social media strategies directly to defined business goals and embrace the technology at the highest organizational levels, author and social media expert Charlene Li said Tuesday at the ACORD LOMA Forum at the MGM Grand Resort in Las Vegas.

AIG may pursue fraud case against Bank of America over Countrywide

Published May 08, 2013 - 9:15am CST

(Reuters) — American International Group Inc. may pursue a lawsuit accusing Bank of America Corp.'s Countrywide unit of causing billions of dollars of losses by fraudulently inducing it to buy risky residential mortgage-backed securities.

Liberty Mutual names president of Argentina operations

By: Anna Gaynor

Published May 07, 2013 - 3:05pm CST

Liberty Mutual Insurance Co. has named Daniel Arolfo as president of Liberty Seguros Argentina S.A. and Liberty Compañía Argentina de Reaseguros S.A., its local reinsurance operation.

FM Global prepares to offer its largest-ever membership credit

By: Mark A. Hofmann

Published May 07, 2013 - 11:00am CST

FM Global’s clients will be eligible for the largest “membership credit” it has ever paid — about $435 million in total — for renewing their policies between June 30 this year and June 29 next year, the Johnston. R.I.-based insurer announced Tuesday.

Social media strategies can benefit commercial insurers: ACORD panel

By: Bill Kenealy

Published May 07, 2013 - 10:08am CST

LAS VEGAS — Commercial lines insurers willing to make the necessary investments can replicate the successful use of social media and analytic technologies by leading personal lines insurers, experts say.

Hiscox says reinsurance rates steady at April 1 renewals

By: Sarah Veysey

Published May 07, 2013 - 9:50am CST

Hiscox Ltd. on Tuesday said reinsurance rates remained “mostly healthy” during the first quarter of 2013 and that some business impacted by losses from Superstorm Sandy saw rate increases.

Allianz sees increased profits in 2013 first quarter

By: Sarah Veysey

Published May 07, 2013 - 9:45am CST

Allianz S.E. said its net income for the first quarter of 2013 was €1.7 billion ($2.23 billion), compared with €1.4 billion ($1.87 billion) for the first three months of 1012.

IT systems, supply chains at risk from natural catastrophes: Study

By: Sarah Veysey

Published May 07, 2013 - 9:17am CST

While companies recognize the potential threats posed by natural catastrophes, many have insufficient mitigation plans in place, particularly in the area of information technology, according to research by Zurich Insurance Co. Ltd. and the Economist Intelligence Unit.

Expect higher insurance premiums if TRIA not renewed: Fitch

By: Judy Greenwald

Published May 06, 2013 - 2:41pm CST

If the Terrorism Risk Insurance Act is not renewed, it could induce commercial insurers to retreat from larger metropolitan areas, thereby reducing the availability of coverage and raising premium rates.

Property/casualty rates rose 5% in April: MarketScout

By: Mark A. Hofmann

Published May 06, 2013 - 2:19pm CST

Commercial property/casualty insurance rates rose an average of 5% in April over those of the same month a year earlier, Dallas-based electronic insurance exchange MarketScout reported Monday.

S&P raises ratings on AIG’s property/casualty units to A+

By: Mark A. Hofmann

Published May 06, 2013 - 2:03pm CST

Standard & Poor’s Corp. has raised its long-term counterparty credit and financial strength ratings on the property/casualty operating subsidiaries of American International Group Inc. — AIG Property/Casualty, formerly Chartis Inc. — to A+ from A, S&P announced Monday.

Berkshire Hathaway lures four AIG execs in effort to push into E&S market

By: Bill Kenealy And Mark A. Hofmann

Published May 05, 2013 - 6:00am CST

Berkshire Hathaway Inc.'s hiring of top executives from American International Group Inc. shows the Omaha, Neb.-based insurer intends to make a concerted push into the excess and surplus lines market.

Former RIMS presidents discuss broker-insurer relationships, cyber risks and more

By: Joanne Wojcik

Published May 05, 2013 - 6:00am CST

Long-term relationships with trusted and reliable insurance partners can be more valuable to securing an organization's risks than shopping for insurance coverage more frequently to save a few bucks, a panel of seasoned risk managers said.

Buffett says he, Berkshire board in agreement on next CEO

Published May 04, 2013 - 12:48pm CST

(Reuters) -- Warren Buffett and the board of his conglomerate Berkshire Hathaway Inc. are “solidly in agreement” on who should be the company's next chief executive, he said at Berkshire's annual shareholder meeting on Saturday.

Berkshire profit rises 51%, shares at record high

Published May 04, 2013 - 12:30pm CST

(Reuters) -- Berkshire Hathaway Inc. on Friday said quarterly profit rose nearly 51% on a solid performance in insurance and by many of its other businesses, as well as gains from investments and derivatives.

Liberty Mutual's net income drops 30.7% in first quarter

By: Mark A. Hofmann

Published May 03, 2013 - 3:53pm CST

Liberty Mutual Holding Co. Inc.’s net income for the first quarter of 2013 dropped 30.7% to $318 million from that of a year earlier, the Boston-based insurer reported.

SOLUTION ARC: How insurers, brokers and risk managers can be better prepared for a natural disaster

Published May 03, 2013 - 3:27pm CST

Business Insurance's latest Solution Arc explores the key lessons learned from Superstorm Sandy.

Notice must be received to trigger excess marine cover: Court

By: Mike Tsikoudakis

Published May 03, 2013 - 1:45pm CST

Insurers on an excess marine insurance policy must receive notice of a claim for the duty of coverage to be triggered, but not all insurers under the policy must receive such notice for coverage to be triggered for any individual underwriter, the 5th U.S. Circuit Court of Appeals has ruled.