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Insurers don't pose systemic risk: Execs


WASHINGTON—A coalition of property/casualty insurers has written the chairman of the Senate Banking, Housing and Urban Affairs Committee asking that the property/casualty industry not be subject to “bank-centric” financial services regulation.

In a letter sent Tuesday to Sen. Chris Dodd, D-Conn., the newly formed Property & Casualty Leaders Coalition reiterated the contention made by property/casualty trade organizations that property/casualty insurers do not present a systemic risk to the economy.

The letter, which was signed by 11 company executives, came as Sen. Dodd and other members of his committee grew closer to agreement on the contents of a financial services regulatory reform bill. Copies of the letter were sent to all members of the committee.

“The property and casualty industry should not be subject to heightened or duplicative solvency supervision at the federal level, nor should bank-centric financial regulation be applied to our industry,” wrote the executives.

In addition, “The property and casualty industry should not be charged any assessments to cover shortfalls that arise from a resolution of a non-insurance financial company,” the letter said.

The letter was signed by Evan Greenberg, chairman and CEO of the ACE Group; Thomas Wilson, chairman, CEO and president of Allstate Corp., John Degnen, vice chairman and chief operating officer of Chubb Corp.; Thomas Motamed, president and CEO of CNA Corp.; Edmund Kelly, chairman, president and CEO of Liberty Mutual Group; Stephen Rasmussen, CEO of Nationwide Mutual Insurance Co.; Edward Rust, chairman, president and CEO of State Farm Mutual Automobile Insurance Co.; Jay Fishman, chairman and CEO of the Travelers Cos. Inc.; Stuart Parker, president and CEO of USAA Property and Casualty Insurance Group; William Berkley, chairman and CEO of W.R. Berkley Corp.; and Paul Hopkins, CEO-Americas of Zurich Financial Services Group.