Latest USA Headlines

Md. Hospital Sued by Kin of Postal Worker Exposed to Anthrax; Hospital Sues Feds

Nov 23 2005 // The widow of a Clinton, Md. postal worker who died after being exposed to anthrax in 2001 is suing the hospital that treated him, claiming it ignored signs that he suffered from the effects of the deadly spores until it...

S&P Lowers Transatlantic Re Ratings to ‘AA-‘; Off CreditWatch

Nov 23 2005 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on Transatlantic Reinsurance Co. and its wholly owned subsidiaries–Putnam Reinsurance...

Alea Sells Renewal Rights of U.S. Primary Program Business

Nov 22 2005 // Bermuda-based Alea Group Holdings Ltd. has announced that it has entered into an agreement to sell the renewal rights to certain portions of its U.S. primary program business written by Alea Alternative Risk (AAR) to...

People & Places

Nov 21 2005 // Kay W. McCurdy The Board of Directors of Arthur J. Gallagher & Co. elected Kay W. McCurdy to serve on its board of directors. Bernhard Steves McCurdy began her career in 1975 as an attorney at Lord, Bissell &...

National Newsbriefs

Nov 21 2005 // Q3 Insured Losses an All-Time Record: Pummeled by Hurricane Katrina and six other natural catastrophes in the third quarter, U.S. property/casualty insurers paid an all-time record $40.8 billion to homeowners and...

Climate Model Predicts Dramatic Changes in U.S. Over Next 100 Years

Nov 21 2005 // The most comprehensive climate model to date of the continental United States predicts more extreme temperatures throughout the country and more extreme precipitation along the Gulf Coast, in the Pacific Northwest and east...

New Markets

Nov 20 2005 // Motor Carriers Suite Nuts & Bolts: Lexington Insurance Company, a member company of American International Group Inc., introduced Lex TransportPlus, a new product suite encompassing two policies: Motor Truck Cargo and...

Nov 20 2005 // The Board of Directors of Arthur J. Gallagher & Co. elected Kay W. McCurdy to serve on its board of directors. McCurdy began her career in 1975 as an attorney at Lord, Bissell & Brook in Chicago and has more than...

New Markets

Nov 20 2005 // Motor Carriers Nuts & Bolts: Lexington Insurance Company, a member company of American International Group Inc., introduced Lex TransportPlus, a new product suite encompassing two policies: Motor Truck Cargo and...

Climate Model Predicts Dramatic Changes in U.S. Over Next 100 Years

Nov 20 2005 // The most comprehensive climate model to date of the continental United States predicts more extreme temperatures throughout the country and more extreme precipitation along the Gulf Coast, in the Pacific Northwest and east...

News Briefs

Nov 20 2005 // Q3 Insured Losses an All-Time Record: Pummeled by Hurricane Katrina and six other natural catastrophes in the third quarter, U.S. property/casualty insurers paid an all-time record $40.8 billion to homeowners and...

General Electric Exits Insurance; Sells Insurance Solutions, Employers Re to Swiss Re

Nov 18 2005 // General Electric has agreed to sell most of its Insurance Solutions business, including Employers Reinsurance Corp., to Swiss Re for $6.8 billion. It will retain some life insurance business. The transaction is subject to...

Whittington to Set up New Singapore Insurer

Nov 18 2005 // The insurance division of the Omni Whittington Group is to demerge and will benefit from a major injection of expansion capital. A new holding company, Whittington Group Pte Limited, will be domiciled in Singapore with net...

Best Affirms Toa Re (Japan) Ratings; Downgrades U.S. Sub ICR

Nov 17 2005 // A.M. Best Co. announced that it has affirmed the financial strength rating (FSR) of “A+” (Superior) and the “aa-” issuer credit rating (ICR) of Japan’s Toa Reinsurance Company, Limited (Toa...

U.S. Needs National Catastrophe Insurance Program, Insurance Commissioners Say

Nov 16 2005 // Insurance Commissioners from California, Florida, Illinois and New York began laying the groundwork Tuesday for what they hope will turn into a national catastrophe insurance program that would cover all Americans. Hosting...

Major N.Y. Hurricane Would Cost $100 Billion, Warns Cat Model Firm AIR

Nov 16 2005 // A major hurricane making landfall in the New York City metropolitan area would result in approximately $50 billion of insured losses with total economic losses exceeding $100 billion, according to an expert testifying...

ACE Opens Branch in Kansas City

Nov 15 2005 // ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, has opened a Kansas City branch office headed by Jason Patchen, assistant vice president and branch manager. Patchen will work closely with...

NPR Details Crop Insurance Fraud

Nov 14 2005 // In a detailed new investigation, National Public Radio examined the U.S. Department of Agriculture’s recent allegations that some farmers across the country cheated the U.S. Treasury and insurers out of $160 million...

PXRE Acquires $300 Million Cat Bond Backup Reinsurance

Nov 10 2005 // It may be a case of locking the barn door after the horse has gone (see following article), but Bermuda-based PXRE has taken a significant step to protect itself “from extreme catastrophe losses arising from...

Hannover Re Posts 9 Month Losses over $1 Billion

Nov 10 2005 // Germany’s Hannover Re, the world’s third largest reinsurer, has been hit with a commensurately large share of the losses from Katrina, Rita et. al. The company’s 9 month report notes an “exceptional...