Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
Aegon May Sell Transamerica Re; to Concentrate on UK Units
Jun 23 2010 // Dutch insurer Aegon NV is considering the sale of its U.S.-based Transamerica Reinsurance unit but has decided not to sell its UK arm, as it seeks to concentrate on its most profitable activities. Aegon said on Tuesday any...
Sorenson is New I.I.S. Chairman
Jun 23 2010 // The Board of Directors of the International Insurance Society (IIS), at their annual meeting in Madrid, announced the election of Norman R. Sorensen, President – International Asset Management and Accumulation,...
P/C Insurers Return to Profitability in Q1 With $8.9B in Net Income
Jun 23 2010 // The property/casualty industry returned to profitability in the first quarter of 2010 despite continuing declines in both written premiums and earned premiums. Private U.S. property/casualty insurers’ net income...
Knauf, Plaintiffs Agree to Settlements in Chinese Drywall Cases
Jun 23 2010 // A couple of cases related to damages caused by defective Chinese-manufactured drywall have reached settlement in the U.S. District Court, Eastern District of Louisiana. According to a court document signed by Judge Eldon...
Supreme Court Rejects Pfizer Punitive Damages Appeal
Jun 22 2010 // The U.S. Supreme Court rejected Pfizer Inc.’s appeal of a ruling that ordered a retrial on how much punitive damages should be awarded to a woman who developed breast cancer after taking the company’s hormone...
Insurers Revive Cat Bond Market
Jun 21 2010 // Insurers are issuing catastrophe bonds again to complement traditional and cheaper reinsurance and to spread the risks in buying protection against events that could cost them tens of billions of dollars in claims. The...
BP Partner Anadarko Places All Blame for Oil Disaster on BP
Jun 21 2010 // As BP Plc rushed to raise cash to pay for the Gulf of Mexico disaster, a partner in the out-of-control well said the British company was likely guilty of “willful misconduct” and should shoulder the financial...
BP Looking to Raise $50 Billion to Cover Gulf Oil Disaster Costs
Jun 21 2010 // British energy giant BP Plc is planning to raise $50 billion to cover the cost of the Gulf of Mexico oil spill, while the head of a $20 billion fund to compensate victims of the accident vowed Sunday that eligible claims...
Oil Rig Tragedies Shock Insurers, Destabilize Market, Says Willis
Jun 21 2010 // The U.S. Deepwater Horizon and Venezuelan Aban Pearl drilling rig losses have left upstream energy insurers with an unprecedented bill of $795 million within the space of a single month, destabilizing the market and...
U.S. Ex-Im Bank Gives Financial Support to Rebuild Chile Infrastructure
Jun 18 2010 // The Export Import Bank of the United States announced that over the last two months it has “has approved five medium-term insurance policies through PNC Bank for buyers in Chile, all of which focus on infrastructure...
Florida Allows XL Re to Operate Under Lower Collateral Rule
Jun 18 2010 // Florida officials have agreed to allow Bermuda-based reinsurer XL Re Ltd. to participate in Florida’s insurance marketplace under rules calling for reduced collateral. According to the Florida Office of Insurance...
SEC Said to Complete Probe of AIG and Executives
Jun 17 2010 // U.S. market regulators have closed an investigation of American International Group and some of its executives over the giant insurer’s near collapse in 2008 that led to a $182 billion government bailout, two sources...
Obama Demands BP Set Up Independent Account for Oil Claims
Jun 16 2010 // President Barack Obama, seeking to demonstrate strong leadership on the Gulf of Mexico oil spill, will demand today that BP set aside billions of dollars to pay damages from the catastrophe. A day after he vowed to fight...
Best Affirms ‘A+’ Ratings of Canada’s Intact Insurance Group
Jun 16 2010 // A.M. Best Co. has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Intact Insurance Group and its members: Belair Insurance Company Inc....
BP Agrees to $20 Billion Claims Fund; Amount Not a Liability Cap
Jun 16 2010 // BP Plc Wednesday agreed to a demand by U.S. President Barack Obama to pay $20 billion into a special fund to handle claims from its huge Gulf of Mexico oil spill and said it was suspending payment of dividends this...
Marsh Report Examines Need for Innovation in Captives
Jun 15 2010 // A report from Marsh’s London office examines the changing need and conditions affecting captive insurance companies. Marsh said the report – Single Parent Captive Benchmarking: Capital and Collateral, examines...
Lawyer for Alleged Ponzi Schemer Stanford Accused of Insurance Fraud
Jun 15 2010 // The judge handling the criminal case against accused Ponzi schemer Allen Stanford is allowing parties to review documents related to allegations that the Texas financier’s lawyers engaged in insurance fraud. An order...
Obama Seeks BP Escrow Account to Cover Oil Claims
Jun 14 2010 // President Barack Obama will press BP executives this week to set up an escrow account to pay damage claims by individuals and businesses hurt by the Gulf of Mexico oil spill disaster. The move comes as Obama, who will...
Florida Certifies Updated AIR Hurricane Model
Jun 14 2010 // AIR Worldwide (AIR) is reporting the certification of its 2010 U.S. Hurricane Model by the Florida Commission on Hurricane Loss Projection Methodology. The commission certifies models for use by insurers for developing...
RSA Chairman Warns President Obama over Attacks on BP
Jun 11 2010 // The chairman of RSA Insurance Group Plc has written an open letter to U.S. President Barack Obama describing his comments towards BP Plc and its chief executive as “prejudicial and personal.” In the letter,...
