Latest USA Headlines

Is the U.S. prepared for a cyber catastrophe? Business executives say, ‘no’

Aug 7 2006 // News Currents Testifying before a Senate Homeland Security and Government Affairs Subcommittee, Karl Brondell of State Farm Insurance Companies warned that the U.S. is not adequately prepared for a cyber catastrophe. The...

UPDATE 2: TS Chris Weakens

Aug 3 2006 // Miami’s National Hurricane Center reports that tropical storm Chris is “weakening in a hurry.” That’s good news for a number of Caribbean Islands, including Puerto Rico and the U.S. and British...

American Re to Become Munich Re America Starting in Sept.

Aug 3 2006 // American Re-Insurance Company out of Princeton, N.J. announced that in September 2006 it will change its name to Munich Reinsurance America, Inc. As Munich Re’s largest reinsurance subsidiary, Munich Reinsurance...

Best Reports P/C Underwriting Income Up 21% in 1st Quarter

Aug 2 2006 // The U.S. property/casualty industry’s underwriting income improved 21.0 percent to $8.3 billion in first quarter 2006 from $6.8 billion in first quarter 2005, according to a new special report by A.M. Best Co....

Pa. Firm Settles Salmonella Cases; Battles Among Insurers Next

Aug 1 2006 // The Pennsylvania-based convenience store chain Sheetz Inc. has settled all but a few customer lawsuits spawned by salmonella-tainted tomatoes sold at its stores two years ago. But complicated legal battles involving...

Abacus Names Ace American Carrier for Online Foreign Production Coverage

Aug 1 2006 // Abacus Insurance Brokers Inc., a Los Angeles-based retail and wholesale insurance brokerage that distributes traditional and specialty insurance products online through the Abacus Program Management Platform, has named ACE...

Is U.S. Prepared for a Cyber Catastrophe? Businesses Say, ‘No’

Jul 28 2006 // Testifying before a Senate Homeland Security and Government Affairs Subcommittee, Karl Brondell of State Farm Insurance Companies warned that the U.S. is not adequately prepared for a cyber catastrophe. The insurance...

Safety Board: Ethan Allen Capsizing Caused By Too Many Passengers

Jul 26 2006 // The National Transportation Safety Board has determined that the probable cause of the capsizing of the Ethan Allen on New York’s Lake George last October was the vessel’s insufficient stability to resist the...

U.S. Risk Names Moeser AVP – Marketing

Jul 26 2006 // Dallas-based U.S. Risk Insurance Group announced that April Moeser has been named assistant vice president of marketing. Moeser will assume the primary strategic and operational responsibilities for the sales and marketing...

Taiwan May Relax Investment Rules to Compete with China

Jul 25 2006 // The Taiwan government may allow a number of companies to invest more in rival China but will not grant an overall relaxation of its investment restrictions, a senior government official said. Taiwan plans to hold a two-day...

Congressional Hearing Meets on ‘Terrorism and the Insurance Market’

Jul 25 2006 // Two U.S. House subcommittees — the Committee on Financial Services, Subcommittee on Oversights and Investigation, and the Homeland Security Subcommittee on Intelligence, Information Sharing, and Terrorism Risk...

People and Places

Jul 24 2006 // Suburban Chicago-based Property Casualty Insurers Association of America appointed Genio Staranczak as its chief economist. Dr. Staranczak will be responsible for economic analysis on the full range of public policy issues...

The virtual, global economy humbles insurance leaders

Jul 24 2006 // Insurance professionals have a lot to worry about as the fast-paced virtual economy takes hold. According to futurist Edie Weiner, they are right to be worried. She says there are a lot of risks ahead and given the speed...

Fraud Roundup

Jul 24 2006 // Montana takes action against agent A Helena, Mont., insurance agent had his license suspended and was ordered to stop doing business in Montana after allegedly committing insurance fraud and deceptive and illegal sales...

Take the pollution out of the D&O policy

Jul 24 2006 // Is your directors and officers policy polluted? Shareholders and environmental groups are taking a closer look at the environmental disclosures made by public companies. The U.S. General Accounting Office issued a report...

Spokane diocese settles claims with two insurers

Jul 24 2006 // The Roman Catholic Diocese of Spokane has reached agreements with two more insurance carriers on payments to cover sexual abuse claims as the diocese’s bankruptcy case heads into mediation. In a statement, Bishop...

Excess flood market steps up when national flood program falls short

Jul 24 2006 // The historical lessons learned from Katrina and Rita, and looming predictions of a future with bigger and stronger storms, have made flood insurance popular these days — even in locations where it was previously...

U.S. property/casualty industry posts record 1Q profits

Jul 24 2006 // The U.S. property/casualty industry’s net gain on underwriting rose $1.4 billion, or 20.8 percent, to $8.4 billion in first-quarter 2006 from $6.9 billion in first-quarter 2005. The combined ratio–a key measure...

Jul 24 2006 // People Suburban Chicago-based Property Casualty Insurers Association of America appointed Genio Staranczak as its chief economist. Dr. Staranczak will be responsible for economic analysis on the full range of public policy...

Take the pollution out of the D&O policy

Jul 24 2006 // Is your directors and officers policy polluted? Shareholders and environmental groups are taking a closer look at the environmental disclosures made by public companies. The U.S. General Accounting Office issued a report...