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PBGC takes over Delta pilots plan
The Pension Benefit Guaranty Corp. has taken over and terminated Delta Air Lines Inc.'s massively underfunded pension plan covering the airline's pilots. The Delta plan, which covers about 13,000 active and retired pilots, is underfunded by about $3 billion, with $1.7 billion in assets and $4.7 billion in benefit obligations. The PBGC will be liable for about $920 million, the sixth-largest loss in the agency's 32-year history.
Spitzer seeking comp reforms
New York Gov. Eliot Spitzer said he has started discussions with the Legislature, employers and labor in an attempt to lower workers compensation premiums and increase benefits. In his state of the state address, the governor also discussed health care reforms including providing care for New York's 500,000 uninsured children.
FAA war risk program extended
The Federal Aviation Administration's war risk insurance program will remain in effect until Aug. 31. The extension was made possible under the continuing appropriations resolution passed by Congress last month. The program, which had been slated to expire on Dec. 31, 2006, provides war risk hull loss and passenger, crew and third-party liability insurance for the U.S. domestic airline industry.
Swett acquires MGA/wholesaler
Swett & Crawford Group has acquired Oxbridge Insurance Associates Inc. for an undisclosed sum. Morristown, N.J.-based Oxbridge is a wholesale broker and managing general agent that writes nationwide specialty products such as program coverage for professional sports leagues. It also provides brokerage services for the transportation industry, including entities that operate school buses and limousines.
Lloyd's Advent forms Bermuda reinsurer
Lloyd's of London insurer Advent Capital (Holdings) P.L.C. has launched a Bermuda-domiciled reinsurance subsidiary. Advent Re, which will operate as a Class 3 reinsurer, has starting capitalization of about $37.5 million, Advent Capital said. The companywhich is also partially owned by Toronto-based Fairfax Financial Holdings Ltd.initially plans to underwrite a limited number of retrocessional contracts.
Runoff specialist buys Inter-Ocean
Bermuda-based runoff holding company Castlewood Holdings Ltd. has agreed to buy Inter-Ocean Holdings Ltd. for $57 million. Under the deal, Hamilton-based Castlewood, which is partially owned by The Enstar Group Inc., plans to acquire Inter-Ocean using about $24.5 million of new bank debt and cash, it said.
Aviation losses rise in 2006
Hull and liability losses from accidents to jets and turboprops totaled $1.43 billion, up from $1.33 billion in 2005, according to a report from London-based consultant Ascend. The year was the joint second-safest ever for the aviation industry: There were 13 fatal accidents during 2006, compared with just 11 in 2004the safest year on record, Ascend said in the report. But the number of passenger deaths in 2006 was "relatively high" at 790, compared with 347 in 2004.
Aon forms security unit
Aon Consulting has formed a new unit dedicated to threat management and security services, parent Aon Corp. said. Gregory S. Boles was tapped to serve as a director and leader of threat management for the unit. Mr. Boles, who will be based in Los Angeles, most recently was director of the global threat management practice at Kroll Inc., Marsh & McLennan Cos. Inc.'s security consulting unit.
OSHA sued over equipment rule
Two labor groups are suing the U.S. Department of Labor for failing to issue a final rule that would require employers to pay for employees' personal protective equipment. In a suit filed in the U.S. Court of Appeals for the District of Columbia, the AFL-CIO and the United Food and Commercial Workers International Union claimed that the government's failure to issue the standardoriginally proposed by the Labor Department's Occupational Safety and Health Administration in 1999is endangering workers.
The Vermont Department of Banking, Insurance, Securities and Health Administration licensed 37 captives in 2006, as new captive formation held steady in the nation's largest domicile. Last year's 37 formations is the same as in 2005, while 43 captives were licensed in 2004.Electronic insurance exchange MarketScout said that overall property/casualty rates were down 8% in December compared with the same month in 2005.