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Updated insurance law to bring more clarity to U.K. buyers

By: Sarah Veysey

Published June 21, 2015 - 6:00am CST

LIVERPOOL, England — Updated insurance law will give U.K. buyers greater clarity about their coverage but will create more work for buyers and brokers in presenting risks to underwriters.

Tokio Marine makes splash with latest deal

By: Matthew Lerner

Published June 21, 2015 - 6:00am CST

Tokio Marine Holdings Inc.'s $7.5 billion cash offer for U.S. specialty insurer HCC Insurance Holdings Inc. furthers the Japanese insurer's goal of expanding beyond Asia into noncorrelated risks at a price that appears to be high enough to forestall competing bids.

AIG bailout case to continue as Greenberg seeks damages

By: Mark A. Hofmann

Published June 21, 2015 - 6:00am CST

Former American International Group Inc. leader Maurice R. Greenberg and other AIG shareholders vowed to continue their legal battle to win billions in damages stemming from the government's “unduly harsh” terms to bail out the insurer in 2008.

Q&A: Bob Rheel, Aspen U.S. Insurance

Published June 21, 2015 - 6:00am CST

Currently head of U.S. property/casualty insurance at Aspen Insurance Holdings Ltd., Bob Rheel was recently appointed president of Aspen U.S. Insurance. Before joining Aspen in 2011, Mr. Rheel was the head of distribution and regional management at Zurich Financial Services, and he has held several senior roles in his 30-year career. He recently spoke with Business Insurance Associate Editor Bill ...

Insurance industry takes look at ethics to polish reputation

Published June 21, 2015 - 6:00am CST

The insurance industry has had a longstanding problem with its reputation, and The Institutes, a nonprofit provider of professional insurance education, recently decided to survey risk management and insurance professionals on ethics in the profession. Peter L. Miller, president and chief executive of The Institutes, discusses those results and offers suggestions on how the industry could...

New York case against ex-AIG CEO Greenberg heads back to court

Published June 19, 2015 - 9:58am CST

(Reuters) — A decade-old lawsuit in which New York accused former AIG CEO Maurice R. Greenberg of accounting fraud will head to the state's highest court for a second time.

Dodge minivan products liability and wrongful death case reinstated

By: Judy Greenwald

Published June 18, 2015 - 1:41pm CST

A federal appeals court has reinstated a products liability and wrongful death case against the Chrysler Group L.L.C., stating there is a genuine dispute whether the deaths of two people were caused by a defect in a 2008 Chrysler Dodge Grand Caravan minivan.

Amazon buzzes Congress for quick action on drone rules

By: Donna Mahoney

Published June 17, 2015 - 4:50pm CST

Amazon.com's Vice President for Global Public Policy Paul E. Misener told a Congressional committee Wednesday his company is concerned about the lag in action toward regulations that would provide guidance to unmanned aerial vehicle flying.

Ex-QBE executive, consultant accused of embezzlement

By: Donna Mahoney

Published June 17, 2015 - 11:50am CST

A former QBE North America executive and a consultant are accused of embezzling $2.6 million from the insurer through fake contracts and spending the money on expensive homes and cars.

Market for political risk favors insurance buyers

By: Mark A. Hofmann

Published June 17, 2015 - 10:18am CST

Abundant capacity has created a buyer's market in political risk insurance, according to an analysis released Wednesday by Marsh L.L.C.

Commercial insurance prices inch up 2% in first quarter

By: Matthew Lerner

Published June 15, 2015 - 1:07pm CST

Commercial insurance prices in the first quarter of 2015 increased 2% in aggregate compared with the first quarter of 2014, Towers Watson & Co. said Monday in a new report.

Risk Management Spotlight series: Brian Merkley, Huntsman Corp.

Published June 15, 2015 - 6:00am CST

In the final episode of Business Insurance's four-part Risk Management Spotlight video series, we get better acquainted with 2015 Risk Management Honor RollŪ winner, Brian Merkley, global director of corporate risk management with Salt Lake City-based chemical manufacturer Huntsman Corp.

International insurer promotes executives

By: Donna Mahoney

Published June 12, 2015 - 3:24pm CST

The Navigators Group Inc., an international insurance company with corporate headquarters in Stamford, Connecticut, announced the promotion of two of its executives Friday.

Ruling for Lloyd's of London in construction dispute overturned

By: Judy Greenwald

Published June 12, 2015 - 1:00pm CST

A U.S. appeals court has overturned a lower court ruling that granted Lloyd's of London underwriters summary judgment dismissing a case in a construction-related dispute.

Specialty insurer buys accident and health agency

By: Bill Kenealy

Published June 12, 2015 - 11:31am CST

Property/casualty and professional liability insurer Philadelphia Insurance Cos. on Friday said it has acquired Larchmont, New York-based managing general agent The Allen J. Flood Cos. Inc.

Slowly improving economy challenges insurers

By: Matthew Lerner

Published June 10, 2015 - 3:18pm CST

SOUTHAMPTON, Bermuda — The U.S. economy is improving slowly, complicating investment strategies for insurers and reinsurers, according to speakers at the 2015 Bermuda Captive Conference in Southampton, Bermuda, on Wednesday.

Broker acquires health care specialty agency

By: Joyce Famakinwa

Published June 10, 2015 - 11:24am CST

Boston-based national insurance brokerage and risk management firm Risk Strategies Co. Inc. has acquired brokerage and consulting firm San Diego-based Dubraski & Associates Insurance Services L.L.C.

Data scarce for insurers covering cyber risks

By: Sarah Veysey

Published June 10, 2015 - 11:12am CST

U.S. insurers are cautiously underwriting cyber coverage as they seek to understand the true nature of the underlying risk, according to a report by Standard & Poor's Corp.

Tokio Marine to buy HCC Insurance for $7.5 billion

Published June 10, 2015 - 9:06am CST

(Reuters) — Tokio Marine Holdings Inc. on Wednesday said it had agreed to buy U.S. specialty insurer HCC Insurance Holdings Inc. for $7.5 billion, in what would be the biggest M&A deal this year by a Japanese company.

Insurer names new president

By: Donna Mahoney

Published June 09, 2015 - 4:11pm CST

Admiral Insurance Co., a unit of Greenwich-based W.R. Berkley Corp., has named Steven S. Zeitman as its new president.

Persistent low rates push insurers toward riskier investments

By: Matthew Lerner

Published June 09, 2015 - 2:52pm CST

SOUTHAMPTON, Bermuda — Insurers are taking on riskier investments in their quest for higher returns in what has been an ongoing low-yield environment.

Broker expands network with acquisition of New York agency

By: Donna Mahoney

Published June 08, 2015 - 4:52pm CST

Insurance broker Prime Risk Partners Inc., Atlanta, has purchased Cook Maran & Associates Inc., an insurance agency with offices in New York and New Jersey.

Half of risk managers buying stand-alone cyber insurance

By: Judy Greenwald

Published June 08, 2015 - 2:11pm CST

Slightly more than half of risk managers now purchase stand-alone cyber insurance policies, most carrying less than $20 million in coverage, according to a survey by the Risk & Insurance Management Society Inc. released Monday.

Guy Carpenter adds financial, cyber to casualty insurance model

By: Joyce Famakinwa

Published June 08, 2015 - 11:50am CST

Global reinsurance broker Guy Carpenter & Co. L.L.C. has launched financial institutions and cyber components of its GC ForCas casualty catastrophe modeling platform.

Private terrorism insurance coverage costs fall sharply amid competition

By: Matthew Lerner

Published June 07, 2015 - 6:00am CST

Buyers are seeing up to double-digit price declines in the private market for terrorism insurance and are buying more of the coverage when they renew amid plentiful capacity and competition for their business, sources say.

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