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News
Sam’s Blog: Sam Takes Home The Bronze!
July 29, 2010
NU Editor Sam Friedman won the Bronze Award for Editorial Excellence for his weekly column, given out by the American Society of Business Publication Editors. See www.NUSamSoapBox.com to review the winning entries about Hank Greenberg and Eliot Spitzer....
Storm Losses Batter 2Q Results For Several Insurers
July 29, 2010
High U.S. storm losses affected a number of earnings announcements late this week, eclipsing normal weather-related losses for this time of year and impacting profitability....
S&P Raises Arch’s Ratings To A-Plus
July 29, 2010
Standard & Poor’s has raised Arch Capital Group’s operating insurance and reinsurance companies’ financial strength ratings to A-plus from A, reflecting the group’s “strong management and well-conceived corporate strategy,” according to the rating agency....
Willis Reports 2Q Net Increase, Organic Growth Despite Headwinds
July 29, 2010
Willis Group Holdings reported a 2 percent increase in 2010 second quarter net income as it increased organic growth by 4 percent despite the headwinds of a soft market and continued challenges from the economic downturn....
Everest Re Names New CEO; 2Q Profit Drops
July 29, 2010
Bermuda-based reinsurer, Everest Re Group Ltd. reported a 42.5 percent drop in 2010 second quarter net income, while also announcing that Chief Executive Officer Joseph V. Taranto will retire as of Dec. 31....
Americans Lukewarm On Filing Bad Faith Suits Against Insurers
July 29, 2010
The majority of the American public is not overly supportive of legislation allowing policyholders to file first-party bad-faith lawsuits, the Insurance Research Council (IRC) said in a new report. ...
NAIC Looks For Vendor To Help Model Insurers’ CMBS
July 29, 2010
The National Association of Insurance Commissioners (NAIC) is looking for a vendor to model expected insurer losses for commercial mortgage-backed securities (CMBS) in an effort to...
Light Insured Losses Expected From Calif. Fires
July 29, 2010
Fire officials expect to have control over two major wildfires burning in California by the end of this week, but neither incident should amount to catastrophe claims, an insurance association representative said....
Arthur J. Gallagher 2Q Net Income Flat
July 29, 2010
With its chief executive calling the current business climate the most difficult since the Great Depression, Arthur J. Gallagher (AJG) reported flat net income for the 2010 second quarter and another quarter of organic growth decline....
NRRA: Nevada RRG Discrimination Shows Need For GAO Report
July 29, 2010
A letter to Nevada officials requesting that the state stop discriminating against a risk retention group underscores the need for a Government Accountability Office RRG report, counsel for an RRG association said....
Industry, Taylor React To 'Compromise' Senate Wind vs. Water Bill
July 29, 2010
Legislation introduced in the Senate today that would split the difference on wind vs. water claims after a hurricane appears to be generating little support within the property and casualty insurance industry....
N.M. Commission Appoints Franchini Insurance Superintendent
July 29, 2010
The New Mexico Public Regulation Commission (NMPRC) has appointed John G. Franchini as Superintendent of Insurance, the commission announced....
BP Oil Spill To Impact Energy Market, But Not A Game Changer
July 28, 2010
The explosion of the Deepwater Horizon rig in the Gulf of Mexico has changed sentiment among energy underwriters and will likely lead to new market dynamics, according to a new report by insurance broker Marsh....
Fed Seeking Council Members To Help Implement Fin. Svcs. Reform
July 28, 2010
The Federal Reserve Board is seeking nominations for appointments to a council that may influence how the Fed sets up the Consumer Financial Protection Bureau. ...
Fla. Consumer Advocate: Allstate Rate Hike Requests Exaggerated
July 28, 2010
Florida’s insurance consumer advocate told regulators Allstate’s Castle Key subsidiaries do not need the double-digit rate increases they are asking the state to approve....
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P&C Insurer Bottom Lines Recover, But Combined Ratios Worsen For Key Lines
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