Latest Market Headlines
All the headlines from our Market Topic Page, ordered by recency.
N.Y. Moves to Level Playing Field on Collateral for All Reinsurers
Oct 18 2007 // Non-U.S. reinsurers would no longer have to post collateral to operate in New York as long as they have the highest credit ratings. Also, all reinsurers — even U.S.-based — without the highest credit ratings would have...
Senate Panel Releases Compromise Terrorism Insurance Bill
Oct 17 2007 // Senate leaders have agreed on a bill to renew the federal terrorism reinsurance program, although without some of the added provisions and for not as long as the House of Representatives wants. The Senate Banking...
Munich Re to Acquire Midland Co.
Oct 17 2007 // It didn’t take Munich Re very long to make good on its intentions to expand in then U.S. P/C market (See IJ web site Oct. 9). The world’s second largest reinsurer announced today that it has “concluded an...
Captive Insurance Industry Fears IRS Rule Change on Reserves
Oct 17 2007 // Captive insurance industry insiders say proposed changes to Internal Revenue Service rules could hurt the industry that in Vermont alone supports 1,400 high-paying jobs. The IRS rules would end the deductible status of...
Agents Fear N.Y. Coast Insurance Market Worse; Pols Weigh Options
Oct 11 2007 // New York lawmakers are considering taking action to improve coastal insurance availability while insurance agents are telling them they fear market restrictions are worsening. Insurance companies, meanwhile, claim the...
RAND Study Finds Taxpayers, Policyholders Benefit from Terrorism Insurance Backstop
Oct 10 2007 // Taxpayers save money and businesses are better protected with the Terrorism Risk Insurance Act (TRIA) in place than if the act is allowed to expire, according to a recent study by RAND Corp. The analysis found that TRIA,...
Fla. Official Proposes CAT Fund Reform, Reinsurers Respond Positively
Oct 10 2007 // Florida Chief Financial Officer Alex Sink presented a proposal that would give the state the ability to set both the reinsurance levels and pricing of the Cat Fund’s optional coverages, giving greater flexibility and...
Wind, water and legislative storm
Oct 8 2007 // The U.S. House of Representatives passed the Flood Insurance Reform and Modernization Act, H.R. 3121, by a vote of 263-146 on Sept. 27, heating up a topic already on fire. While supporting efforts to modernize and...
Wind, water and legislative storm
Oct 8 2007 // The U.S. House of Representatives passed the Flood Insurance Reform and Modernization Act, H.R. 3121, by a vote of 263-146 on Sept. 27, heating up a topic already on fire. While supporting efforts to modernize and...
Niche writing and the soft market
Oct 8 2007 // Program diversification helps to lighten the effects during increased competition As the property casualty market softens, insurance carriers will strive to figure out new ways to maintain recent levels of profitability....
The offshore reinsurance tax debate resurfaces in Congress again
Oct 8 2007 // An industry executive, representing a coalition of 14 large U.S.-based insurance groups, told the U.S. Senate Finance Committee late last month that a major tax advantage for certain foreign insurance groups could threaten...
People
Oct 8 2007 // The Insurance Marketing Communications Association named its 2007/2008 slate of directors and officers, with Cora Barran of Farmers Insurance Group continuing as IMCA president for her second year. Barran is director of...
People
Oct 8 2007 // The Insurance Marketing Communications Association named its 2007/2008 slate The Insurance Marketing Communications Association named its 2007/2008 slate of directors and officers, with Cora Barran of Farmers Insurance...
Editor’s Note: Wind, water and legislative storm
Oct 8 2007 // At the center of the controversy is a provision by Congressman Gene Taylor of Mississippi that would expand the NFIP to include an optional multiple peril policy — to allow property owners to purchase wind and flood...
People
Oct 8 2007 // Louisiana Workers’ Compensation Corporation (LWCC) promoted Jamie Bourg to claims manager for the company’s large accounts team. Bourg will manage and direct the claims department, including claims handling and...
Editor’s Note: Wind, water and legislative storm
Oct 8 2007 // More than two years have gone by, but no one can forget the devastating effects Hurricane Katrina had on the Gulf Coast. Yet legislators and industry leaders continue to debate how to prevent future problems associated...
Niche writing and the soft market
Oct 8 2007 // The wise program manager takes yet another step forward and commits their organization to multiple niches. As the property casualty market softens, insurance carriers will strive to figure out new ways to maintain recent...
News Currents
Oct 8 2007 // The offshore reinsurance tax debate resurfaces in Congress again Domestic-owned insurers claim Bermuda-based companies hold an unfair tax advantage An industry executive, representing a coalition of 14 large U.S.-based...
Lloyd’s CEO Wants Faster, Better Claims Handling; CII Responds
Oct 5 2007 // Lloyd’s CEO Richard Ward is a man in a hurry. He wants fundamental changes in the way Lloyd’s does business and he’s not prepared to wait. In a speech sponsored by the Insurance Institute of London...
La. Commissioner Faces Three Challengers in Insurance Race
Oct 5 2007 // Louisiana Insurance Commissioner Jim Donelon will face three little-known candidates who lack both fundraising strength and political experience, according to some observers. Donelon is a political veteran with three...
