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Florida Supreme Court Leaves PIP Reforms Intact

The Florida Supreme Court has declined to review the state’s no-fault automobile insurance personal injury protection (PIP) reforms that were designed to lower the cost of the coverage by targeting fraud and restricting emergency medical services. Parts of the 2012 …

Travelers Reports 17% Profit Hike in 1Q

Travelers Companies Inc. reported a 17 percent rise in first-quarter profit, helped by higher underwriting gains and an increase in net investment income. Net income rose to $1.05 billion for the quarter ended March 31, from $896 million a year …

John Edwards Returns to Courtroom in Medical Malpractice Trial

Former U.S. senator and Democratic presidential hopeful John Edwards has returned to the courtroom to help represent a 4-year-old Virginia boy in a medical malpractice case in North Carolina. Edwards is one of three attorneys representing the parents and guardians …

Colosi Joins Great American Insurance, Alternative Markets Division

Great American Insurance Group said its Alternative Markets Division has hired Tom Colosi as divisional vice president, Group Captives. In this role with Great American, Colosi will lead the company’s existing group captive operation. Colosi joins Great American from Sparta …

Federal Insurance Plan Aims to Protect Reluctant Dairy, Livestock Farmers

A plan in the new U.S. farm law to help dairy farmers limit losses from rising feed costs or falling milk prices may become a model in coming years for livestock producers who have resisted similar types of insurance. The …

Echo Re to Write Treaty Reinsurance in Latin America with Madroñero’s EGRM

Zurich-based Echo Reinsurance Ltd., wholly owned subsidiary of German mutual insurance group DEVK, announced that it will target writing treaty reinsurance from Latin America in order to further enhance and diversify its portfolio. Echo Re also noted that it has …

Sanlam Unit Buys Controlling Stake in MCIS Zurich of Malaysia

Sanlam Emerging Markets, a unit of South African insurance company Sanlam Ltd., said it’s buying 51 percent of Malaysia’s MCIS Zurich Insurance Berhad for about 1.25 billion rand ($118.4 million). Sanlam will first buy a 40 percent stake in MCIS …

China Regulators Draft Rules for Insurer Trusts

Collective trusts that insurers are allowed to invest in are confined to those backed by financing assets and non-listed equity assets, according to draft rules posted on the website of China Insurance Regulatory Commission [CIRC]. Collective trusts backed by fixed-income …

Genworth Financial to Raise as Much as $700 Million in Australia Offer

Genworth Financial Inc. plans to raise as much as $700 million by selling a minority stake in its Australian mortgage guarantor, in what may be the biggest share sale in the country for more than three years. The seller of …

Aetna Completes Acquisition of UK-Based InterGlobal

Aetna announced that it has completed its acquisition of United Kingdom-based InterGlobal from a group led by its majority shareholder Alchemy Partners. The bulletin noted that “InterGlobal specializes in international private medical insurance for groups and individuals in the Middle …

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