Latest USA Headlines
All the headlines from our USA 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...
Mattel Says Fallout from Recalls Could Continue into Holiday Season
Oct 17 2007 // Mattel Inc., which spent much of the past quarter dealing with fallout from massive toy recalls, said that the impact could hurt sales during the quarter that includes the holidays, even though it saw its third-quarter...
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...
Lord Levene Castigates U.S. Failure to Reform Reinsurance Collateral Regs
Oct 17 2007 // He’s said it before, and he’s said again. In a forceful open letter printed in the Financial Times (FT), Lloyd’s Chairman Lord Peter Levene wrote that it is “extraordinary that the US does not offer...
Benfield Licenses EQECAT’S U.S. Offshore Energy Model
Oct 17 2007 // EQECAT, Inc. announced that reinsurance and risk intermediary Benfield has signed an agreement to license its Gulf of Mexico U.S. Offshore Energy Model to assist clients in quantifying and managing risk in that market....
S&P Comments on Standardizing Global Insurance Accounting Rules
Oct 16 2007 // In a new report Standard & Poor’s states that the “International Accounting Standard Board’s (IASB) discussion paper on insurance contracts may well set the tone for a new global frame...
Families of Slain Iraqis Sue Military Contractor Blackwater
Oct 16 2007 // Families of Iraqis who died in a shooting involving Blackwater USA contractors in Baghdad have sued the company, saying the firm violated U.S. law and fostered a culture of lawlessness among its employees. The suit filed...
AIR Service Assesses Insurers’ Residential Replacement Values
Oct 15 2007 // AIR Worldwide Corp. (AIR) is offering a new service to assess insurance-to-value (ITV) of U.S. residential property portfolios for reinsurance contract renewals. Available for insurers, reinsurers and brokers, the service...
Hiscox Opens U.S. Global Markets Division; Bolton to Lead Unit
Oct 15 2007 // Hiscox launched its U.S.-based Hiscox Global Markets, a division that underwrites internationally traded business via the Lloyd’s insurance market, and specialist retail business around the world. “The United...
Survey Reports Drop in New Lawsuits, Actions Filed Against U.S. Companies
Oct 15 2007 // It may be too early to say that conflict has become passé, but U.S. businesses report a distinct drop in the number of lawsuits filed against them in the past year, according to the latest Litigation Trends Survey...
Judge Delivers Blow to Bush Plan to Crack Down on Illegal Labor
Oct 12 2007 // A federal judge in California has blocked a proposed rule requiring employers to fire workers whose names don’t match their Social Security numbers, dealing a major blow to the Bush administration’s crackdown...
Aviva Expects A.M. Best Ratings Upgrade to Help U.S. Sales
Oct 11 2007 // Insurance and pension provider Aviva USA said a ratings upgrade by A.M Best on Tuesday, Oct. 9th will help it grow its business in the United States. Des Moines-based Aviva USA, the U.S. unit of London-based Aviva PLC,...
Swiss Re Opens U.S. Affiliate of Insurance Run-Off Firm
Oct 11 2007 // Insurance run-off specialst PRO Insurance Solutions Limited has formed a new U.S. affiliate, PRO Insurance Solutions, Inc., or PRO US. The company is a member of the Swiss Re Group and a subsidiary of Swiss Re America...
Munich Re Changes Model in Push for More U.S. P/C Business
Oct 10 2007 // Munich Re announced a new long-term “profitable growth strategy” aimed at increasing its share of both direct and broker reinsurance, as well as primary insurance, in the U.S. P/C market. The Group writes more...
Marsh UK Launches $425 Million London Market Property Facility
Oct 9 2007 // Marsh UK has arranged a property facility that will provide up to $425 million of non-catastrophe capacity in the London market for US and Canadian companies. The facility can also be adapted to provide up to $262.5...
Vehicle Theft Drops Again in 2006
Oct 9 2007 // In 2006, 1,192,809 motor vehicles were reported stolen which is 42,417 fewer than in 2005, representing the third year in a row that vehicle theft has declined. Even so, every 26.4 seconds a vehicle is stolen in the United...
Fraud Roundup
Oct 8 2007 // Former Los Angeles agent sent to prison A former Los Angeles insurance broker surrendered himself to authorities after being convicted of two fraud counts, the California Department of Insurance reported. Gurjeet Singh of...
It Figures
Oct 8 2007 // $55.5 million The tally for disaster aid to Texas residents and businesses affected by June 16 – Aug. 3 severe storms, tornadoes and flooding comes to $55,541,143, according to state and federal officials. The aid...
Proponents push plans for natural catastrophe insurance solutions
Oct 8 2007 // The need for solutions to address insurance costs and availability in natural catastrophe-vulnerable U.S. coastal regions — including a federal safety net — was the general theme at a public hearing in Mobile,...
People and Places
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...
