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National Underwriter Property And Casualty Insurance News.

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PHIL GUSMAN
Associate Editor

pgusman@nuco.com

Phil Gusman is an Associate Editor who joined National Underwriter in January 2008, filing a wide variety of breaking news stories and special report features, both online and in the weekly newsmagazine. Previously, he was editor of Insurance Advocate, where he began working in 2002 as an Editorial Assistant before being named editor in 2004. He also worked as an Assistant Editor of the New York political magazine Empire State Report, as well as an Associate Editor of Crackdown, a monthly publication that covered insurance fraud. He graduated from Plattsburgh State University with a B.A. in English, Writing.

Articles by PHIL GUSMAN
Hurricane Earl Warnings Expand; Modelers Break Down N.C. Exposure
September 02, 2010
The Atlantic storm Earl has re-intensified into a Category 4 hurricane and is expected to track closer to the U.S. East Coast than yesterday’s estimates, according to the latest forecasts.The Atlantic storm Earl has re-intensified into a Category 4 hurricane and is expected to track closer to the U.S. East Coast than yesterday’s estimates, according to the latest forecasts....
Cat 3 Hurricane Earl Triggers N.C. Hurricane Warning
September 01, 2010
A hurricane warning is in effect for the East Coast of the U.S. from Bogue Inlet, N.C., to the North Carolina/Virginia border as Category 3 Hurricane Earl bears down on the region.A hurricane warning is in effect for the East Coast of the U.S. from Bogue Inlet, N.C., to the North Carolina/Virginia border as Category 3 Hurricane Earl bears down on the region....
N.Y. Agent Group Optimistic On Further Producer Comp. Clarification
August 31, 2010
A Professional Insurance Agents of New York (PIANY) representative said she believes state regulators will make some producer compensation guidance language changes after A Professional Insurance Agents of New York (PIANY) representative said she believes state regulators will make some producer compensation guidance language changes after a meeting was held to discuss a draft circular letter on a planned compensation disclosure regulation....
Cat 4 Hurricane Earl Hits Caribbean, Moves Toward East Coast
August 31, 2010
Hurricane Earl, now a Category 4 storm, hit the Caribbean and is expected to track close to the U.S. East Coast later this week as a major hurricane, according to reports.Hurricane Earl, now a Category 4 storm, hit the Caribbean and is expected to track close to the U.S. East Coast later this week as a major hurricane, according to reports....
Earl Becomes Season's Second Major Hurricane, Threatens Virgin Islands
August 30, 2010
The Atlantic storm Earl has become the second major hurricane of the season, and it is expected to continue gaining strength as it heads toward the northern Virgin Islands.The Atlantic storm Earl has become the second major hurricane of the season, and it is expected to continue gaining strength as it heads toward the northern Virgin Islands....
Increased Exposures, Not Climate Change, Responsible For Higher Cat Losses
August 25, 2010
Economic and insured losses from natural disasters have increased over recent decades, but a new report studying analyses of these events concludes anthropogenic climate change is not a main driver behind the increase.Economic and insured losses from natural disasters have increased over recent decades, but a new report studying analyses of these events concludes anthropogenic climate change is not a main driver behind the increase....
Storm Danielle Becomes Atlantic Hurricane; Another Storm Forming
August 24, 2010
The Atlantic storm Danielle has intensified into the second hurricane of the Atlantic season, but it later “unexpectedly” weakened Tuesday morning, according to the National Hurricane Center (NHC).The Atlantic storm Danielle has intensified into the second hurricane of the Atlantic season, but it later “unexpectedly” weakened Tuesday morning, according to the National Hurricane Center (NHC)....
Agents Ready Clients For NFIP Lapse; Insurers Reconsider WYO
August 20, 2010
Facing another looming flood program expiration deadline on Sept. 30, agents are expressing frustration at Congress and are advising clients to pay renewals for flood policies in advance of the deadline in case there is another lapse.Facing another looming flood program expiration deadline on Sept. 30, agents are expressing frustration at Congress and are advising clients to pay renewals for flood policies in advance of the deadline in case there is another lapse....
IIABNY Will Engage Dept. On Disclosure Rule Despite Snub
August 18, 2010
A New York agent association said it will continue to provide input to the state insurance department despite being excluded from groups that received a circular letter draft on the state’s planned producer compensation regulation.A New York agent association said it will continue to provide input to the state insurance department despite being excluded from groups that received a circular letter draft on the state’s planned producer compensation regulation....
Agents: 5-Year NFIP Extension Unlikely To Pass Before Next Expiration
August 18, 2010
A five-year National Flood Insurance Program extension bill passed by the House in July is unlikely to pass the Senate before the program’s next scheduled expiration on Sept. 30, representatives for two Washington-based agent groups said.A five-year National Flood Insurance Program extension bill passed by the House in July is unlikely to pass the Senate before the program’s next scheduled expiration on Sept. 30, representatives for two Washington-based agent groups said....
Gulf Storm System Again Appears Down For The Count
August 17, 2010
Once again, the storm in the Gulf of Mexico called “Tropical Depression Five” has moved onshore and now has a “near 0 percent” chance of forming into a tropical storm over the next 48 hours.Once again, the storm in the Gulf of Mexico called “Tropical Depression Five” has moved onshore and now has a “near 0 percent” chance of forming into a tropical storm over the next 48 hours....
NYSID Provides Producer Comp. Guidance, But Not To Groups In Lawsuit
August 17, 2010
The New York State Insurance Department (NYSID) has distributed an advance copy of a draft circular letter on its planned producer compensation disclosure rule to agent groups but excludedThe New York State Insurance Department (NYSID) has distributed an advanced copy of a draft circular letter on its planned producer compensation disclosure rule to agent groups but excluded those groups that are challenging the regulation through a lawsuit....
N.Y. Attorney General Defends Proposed Compensation Disclosure Rule
August 16, 2010
A controversial New York producer compensation disclosure regulation complies with the law and is necessary to inform consumers about possible conflicts of interest, the state’s attorney general and leading candidate for governor argued in a court filing....
AIG Reports $2.7B Second-Quarter Loss, But Cites Growth In Adjusted Net Income
August 16, 2010
Property and casualty results at AIG deteriorated slightly in a competitive market, while overall the company reported a second-quarter net loss of $2.7 billion, primarily due to a $3.3 billion goodwill impairment charge on the sale of a life subsidiary....
Favorable Midyear Reinsurance Terms Drive July’s 3 Percent Rate Decrease
August 16, 2010
July property and casualty rates declined an average of 3 percent compared to last year at the same time, due in part to favorable midyear reinsurance terms, according to the latest survey by MarketScout....
Calif. Comp Bureau Likely To Call For 30% Rate Increase
August 16, 2010
The California Workers’ Compensation Insurance Rating Bureau will likely recommend an average rate increase of around 30 percent to the state’s insurance department later this year....
Schwarzenegger Objects To 30% WC Rate Increase Request
August 12, 2010
California Governor Arnold Schwarzenegger is opposing a suggested 29.6 percent workers’ compensation rate increase as the state’s Workers Compensation Insurance Rating BureauCalifornia Governor Arnold Schwarzenegger is opposing a suggested 29.6 percent workers’ compensation rate increase as the state’s Workers Compensation Insurance Rating Bureau (WCIRB) took another step toward filing the request with the Department of Insurance....
System Dumps Rain On SE U.S., But Does Not Become Tropical Storm
August 12, 2010
A tropical depression did not intensify into a tropical storm before making landfall along the Gulf Coast over southeastern Louisiana, but the slow-moving system will continue to dump rain on the region through Friday evening, reports indicate.A tropical depression did not intensify into a tropical storm before making landfall along the Gulf Coast over southeastern Louisiana, but the slow-moving system will continue to dump rain on the region through Friday evening, reports indicate....
Chartis Increases Capacity At Oil Rig Unit For Upstream Energy Risks
August 10, 2010
Chartis announced it will increase its underwriting capacity at the Oil Rig unit of its Global Marine and Energy Division to $200 million from $150 million.Chartis announced it will increase its underwriting capacity at the Oil Rig unit of its Global Marine and Energy Division to $200 million from $150 million....
Storm Colin Dissipates Again, Spares Bermuda
August 09, 2010
Bermuda was spared from tropical storm-force winds as Colin once again defied expectations and dissipated as it neared the island over the weekend, according to catastrophe modeler Risk Management Solutions (RMS).Bermuda was spared from tropical storm-force winds as Colin once again defied expectations and dissipated as it neared the island over the weekend, according to catastrophe modeler Risk Management Solutions (RMS)....
Colin Once Again A Tropical Storm; Moving Toward Bermuda
August 06, 2010
The Atlantic storm Colin has re-intensified into a tropical storm and is expected to pass either near or over Bermuda during the weekend, according to the National Hurricane Center.The Atlantic storm Colin has re-intensified into a tropical storm and is expected to pass either near or over Bermuda during the weekend, according to the National Hurricane Center....
Calif. WCIRB To Call For 30% WC Rate Increase
August 06, 2010
The California Workers’ Compensation Insurance Rating Bureau (WCIRB) will likely recommend an average rate increase of around 30 percent to the state’s insurance department later this year.The California Workers’ Compensation Insurance Rating Bureau (WCIRB) will likely recommend an average rate increase of around 30 percent to the state’s insurance department later this year....
AIG Posts $2.7b 2Q Net Loss On Impairment Charge, P&C Results Flat
August 06, 2010
American International Group (AIG) reported a 2010 second quarter net loss of $2.7 billion, which the company said was primarily due to a $3.3 billion goodwill impairment charge.American International Group (AIG) reported a 2010 second quarter net loss of $2.7 billion, which the company said was primarily due to a $3.3 billion goodwill impairment charge....
N.Y. AG Says Producer Comp. Reg. Necessary; Complies With Law
August 05, 2010
A proposed New York producer compensation regulation complies with the law and is necessary to inform consumers about possible conflicts of interest, the state’s attorney general said in a court filing.A proposed New York producer compensation regulation complies with the law and is necessary to inform consumers about possible conflicts of interest, the state’s attorney general said in a court filing....
House Again Avoids Vote On Taylor Bill To Add Wind To NFIP
August 02, 2010
Just before taking a month-long recess, the House once again opted not to act on legislation that would add windstorm coverage to the National Flood Insurance Program.Just before taking a month-long recess, the House once again opted not to act on legislation that would add windstorm coverage to the National Flood Insurance Program....
P&C 2010 Premium Growth Expected To Lag GDP Gains
August 02, 2010
While property and casualty premium gain is expected for 2010, it will likely lag the real gross domestic product growth rate as commercial lines pricing continues to be soft....
E&S Reform Law Intent Clarified To Avoid Delays
August 02, 2010
As regulators prepare to implement the new financial services reform law, a House member sought to clarify the legislative intent of surplus lines provisions in a recent floor statement....
Montpelier Re 2Q Net Falls 56%, But Operating Results Solid
July 27, 2010
Montpelier Re reported 2010 second-quarter net income down 57 percent, resulting from a sharp drop in net unrealized investment gains compared to the 2009 second quarter, but the company’s operating income grew compared to a year ago.Montpelier Re reported 2010 second-quarter net income down 57 percent, resulting from a sharp drop in net unrealized investment gains compared to the 2009 second quarter, but the company’s operating income grew compared to a year ago....
Tropical Storm Bonnie Moves Toward Fla., Halts Oil Spill Work
July 23, 2010
The second named storm of the Atlantic Hurricane Season is expected to graze southern Florida before making landfall in Louisiana/Mississippi Sunday, according to catastrophe modeler Risk Management Services.The second named storm of the Atlantic Hurricane Season is expected to graze southern Florida before making landfall in Louisiana/Mississippi Sunday, according to catastrophe modeler Risk Management Services....
Bill To Add Wind To NFIP Pulled From House Floor Before Vote
July 23, 2010
The House leadership pulled a bill off of the floor before a vote could be taken on legislation that would add windstorm coverage to the National Flood Insurance Program (NFIP).The House leadership pulled a bill off of the floor before a vote could be taken on legislation that would add windstorm coverage to the National Flood Insurance Program (NFIP)....
Insurers’ Muni Bond Investments Not Expected To Impact Capital Positions
July 22, 2010
Recent concerns over public entities’ credit quality is not expected to materially impact U.S. property and casualty insurers’ capital position, despite the insurers’ heavy investments in municipal bonds, Fitch said. Recent concerns over public entities’ credit quality is not expected to materially impact U.S. property and casualty insurers’ capital position, despite the insurers’ heavy investments in municipal bonds, Fitch said....
P&C 2010 Premium Growth Expected To Lag GDP Growth
July 21, 2010
While property and casualty premium growth is expected for 2010, it will likely lag real gross domestic product growth rate as commercial lines pricing continues to show softness, according to a new Conning Research & Consulting analysis. While property and casualty premium growth is expected for 2010, it will likely lag real gross domestic product growth rate as commercial lines pricing continues to show softness, according to a new Conning Research & Consulting analysis....
Adding Wind To NFIP ‘Easy Money’ For Industry, Legislator’s Rep Says
July 20, 2010
Adding wind coverage to the National Flood Insurance Program would benefit insurers by flowing premium dollars to them while removing risk and capital costs from the private sector, a House legislator’s office said.Adding wind coverage to the National Flood Insurance Program would benefit insurers by flowing premium dollars to them while removing risk and capital costs from the private sector, a House legislator’s office said....
Court Rejects Deepwater Drilling Moratorium
July 19, 2010
A three-judge panel has denied the federal government’s request to reinstate a six-month deepwater drilling moratorium pending the government’s appeal of a lower court decision that lifted the moratorium last month....
Markel Acquires Workers’ Comp. Writer Aspen
July 15, 2010
Markel Corporation announced it will acquire Aspen Holdings, Inc., a privately-held insurance group that provides workers’ compensation insurance and related services, for approximately $135 million in cash plusMarkel Corporation announced it will acquire Aspen Holdings, Inc., a privately-held insurance group that provides workers’ compensation insurance and related services, for approximately $135 million in cash plus the value relating to certain outstanding Aspen stock options....
Bermuda Companies Challenged In 2Q, But P&C Industry Fares Well
July 14, 2010
Bermuda reinsurers are expected to have a difficult second quarter, with a challenging near-term outlook, as pricing remains under pressure with no sign of rate increases, and profits hit by recent losses, according to a financial analyst’s report.Bermuda reinsurers are expected to have a difficult second quarter, with a challenging near-term outlook, as pricing remains under pressure with no sign of rate increases, and profits hit by recent losses, according to a financial analyst’s report....
Court Denies Gov’t Request To Reinstate Drilling Moratorium
July 09, 2010
A three-judge panel has denied the federal government’s request to reinstate a six-month deepwater drilling moratorium pending the government’s appeal of a lower court decision that lifted the moratorium last month.A three-judge panel has denied the federal government’s request to reinstate a six-month deepwater drilling moratorium pending the government’s appeal of a lower court decision that lifted the moratorium last month....
N.Y. Governor Introduces Bill To End WC Group Self-Insured Trusts
June 28, 2010
New York Governor David Paterson has introduced a program bill that would, except under limited circumstances, close all private group self-insured trusts in the state, tracking recommendations made by a task force earlier this month.New York Governor David Paterson has introduced a program bill that would, except under limited circumstances, close all private group self-insured trusts in the state, tracking recommendations made by a task force earlier this month....
Senate Fails To Move One NFIP Bill, But Could Take Up Another
June 25, 2010
The Senate again failed to move a tax extenders bill containing a National Flood Insurance Program (NFIP) extension, butThe Senate again failed to move a tax extenders bill containing a National Flood Insurance Program (NFIP) extension, but insurance industry representatives said the Senate will likely take up a separate extension bill the week of June 28....
Insurers Question Legality Of Mass. AG’s Proposed Auto Regs
June 24, 2010
Insurance associations are questioning the legality of Massachusetts auto insurance regulations proposed by the state’s Attorney General’s Office as the second and final day of hearings on the issue begins.Insurance associations are questioning the legality of Massachusetts auto insurance regulations proposed by the state’s Attorney General’s Office as the second and final day of hearings on the issue begins....
Alligator Risk Tops List Of Weirdest Claims
June 21, 2010
Claims never seem to be routine when animals are involved. ...
Agent Groups Join NCIS Criticism Of Crop Insurance Program Cuts
June 16, 2010
Agent associations have joined the National Crop Insurance Services’ (NCIS) criticisms of the Obama administration’s decision to cut the federal crop insurance program by $6 billion over the next 10 years.Agent associations have joined the National Crop Insurance Services’ (NCIS) criticisms of the Obama administration’s decision to cut the federal crop insurance program by $6 billion over the next 10 years....
La. Legislature Passes Bill Banning Chinese Drywall Cancellations
June 14, 2010
The Louisiana legislature has passed a bill that would prevent insurers from canceling or nonrenewing homeowners policies because of Chinese drywall claims.The Louisiana legislature has passed a bill that would prevent insurers from canceling or nonrenewing homeowners policies because of Chinese drywall claims....
R.I. Appraisal Bill Divides Insurers, Repair Shops
June 14, 2010
Insurer associations and auto repair shops in Rhode Island are sparring over a bill passed by the legislature that would require independent appraisals on vehicles when damages are thought to exceed $2,500.Insurer associations and auto repair shops in Rhode Island are sparring over a bill passed by the legislature that would require independent appraisals on vehicles when damages are thought to exceed $2,500....
Senate Committee Passes Distracted Driving Bill
June 10, 2010
The Senate Commerce, Science and Transportation Committee approved legislation that would offer grants to states that enact laws prohibiting texting and using a handheld device while driving.The Senate Commerce, Science and Transportation Committee approved legislation that would offer grants to states that enact laws prohibiting texting and using a handheld device while driving....
Calif. Voters Reject Auto Insurance Measure, Prop 17
June 10, 2010
Voters in California rejected a proposition that would have allowed insurers to apply continuous coverage discounts to drivers in the state.Voters in California rejected a proposition that would have allowed insurers to apply continuous coverage discounts to drivers in the state....
Hawaii Commissioner To Leave For Law Firm
June 09, 2010
Hawaii Insurance Commissioner J.P. Schmidt will leave his position on July 1 to join a Honolulu law firm, according to a Department of Commerce and Consumer Affairs statement.Hawaii Insurance Commissioner J.P. Schmidt will leave his position on July 1 to join a Honolulu law firm, according to a Department of Commerce and Consumer Affairs statement....
Texting While Driving Banned In Georgia
June 08, 2010
Georgia Governor Sonny Perdue signed two bills that ban texting while driving in the state.Georgia Governor Sonny Perdue signed two bills that ban texting while driving in the state....
N.Y. Group Self-Insured Trusts Should End, Task Force Says
June 08, 2010
The group self-insured trust workers’ compensation program in New York should be terminated, as the risks inherent in the group model outweigh the benefits, according a task force report The group self-insured trust workers’ compensation program in New York should be terminated, as the risks inherent in the group model outweigh the benefits, according a task force report...
European Insurers Hope For Smooth Sailing, But Prepared To Navigate Economic Storms
May 31, 2010
With the European economy being rocked by fears that the Greek debt crisis will spread to other countries, the euro falling in value and the strength of the U.S. recovery uncertain, the European insurance industry recognizes it is navigating stormy seas. ...

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