Bermuda-based Validus Holdings, Ltd. announced that its wholly owned subsidiary Validus Reinsurance, Ltd. has entered into a collateralized quota share retrocessional reinsurance agreement with respect to certain lines of marine and offshore energy reinsurance contracts for the 2008 underwriting year. …
A bulletin on the Lloyd’s web site (www.lloyds.com) notes that the State of New Mexico and Virgin Galactic recently announced plans to construct a “multi-million pound spaceport.” As a result Lloyd’s brokers and underwriters have indicated that “there is capacity …
The Netherlands ING Group announced that it has reached an agreement with Berkshire Hathaway to sell its reinsurance unit NRG N.V. for approximately €300 million ($440 million). ING said the sale is part of its “strategy to focus on its …
Munich Re’s loss figures for 2007 from natural catastrophes concludes that “despite the general absence of extreme events, overall economic losses had reached $75 billion by the end of December – an increase of 50 percent on 2006 ($50 billion).” …
After more than a decade in counterterrorism, Jim McGee can no longer relax and enjoy watching a sports event. The fans look like potential victims of terrorism to the former FBI agent turned college instructor. The players are possible targets …
With the end of 2007 days away, Virginia is nearing a third consecutive year without a coal mining death. Virginia, ranked No. 10 in the nation in coal production, saw its last coal mining fatality on Oct. 23, 2004. Mike …
Massachusetts Attorney General Martha Coakley’s office reports it reached an agreement with Boston-based Safety Insurance Co. over allegations that the company violated the Massachusetts Consumer Protection Law by cancelling or non-renewing 31 consumer home insurance policies for insufficient reasons. Safety …
Connecticut consumers dealing with the state’s insurance regulatory agency should be left feeling they were given “mints on their pillow,” according to the no-nonsense man in charge. Insurance Commissioner Thomas R. Sullivan said he is conducting a thorough review of …
The biggest casualty of the crisis surrounding bond insurers may well be the insurers themselves. Issuers and bond buyers alike may find it easier now to dispense with insurance, experts say, given that the finances of industry players like ACA …
A proposed 4.6 percent average statewide increase for homeowners insurance by The Travelers Companies Inc., was rejected last week by Florida’s insurance commissioner. Kevin McCarty notified Travelers that its request was denied because the filing was not actuarially justified and …
