Bermuda-based Validus Holdings has joined with other investors in capitalizing and launching AlphaCat Re 2011, Ltd., which it describes as a “new special purpose ‘sidecar’ reinsurer formed for the purpose of writing collateralized reinsurance and retrocessional reinsurance.” Vaidus said “AlphaCat …
The Paris-based International Chamber of Commerce (ICC) has issued a statement urging G20 leaders to “keep markets open to trade, following worrying results from a recently released WTO-OECD-UNCTAD report that G20 countries are increasing protectionist measures.” The joint report by …
Russia banned imports of raw vegetables from the European Union on Thursday because of a deadly E.coli outbreak centered in Germany, Russian media cited the head of the consumer protection agency as saying. “A ban on the import of fresh …
Australia’s QBE announced it has completed acquisition of Balboa’s Insurance portfolio, following the agreement with Balboa’s parent, Bank of America, to do so last February. QBE noted that the “transaction includes a long-term distribution agreement with Bank of America for …
Hawaii Gov. Neil Abercrombie has signed legislation appropriating $42 million from the state’s Hurricane Reserve Trust Fund to the General Fund to help balance the state budget for fiscal year 2011, which ends June 30. Additionally, SB 1270 authorizes the …
EPIC (Edgewood Partners Insurance Center), a retail property/casualty insurance brokerage and employee benefits consultant based in California, has added Michele Childers as an employee benefits account executive in its Folsom, Calif., office. She brings a strong background in marketing and …
USAA is reducing insurance rates for most of its California policyholders an average of 14.9 percent, the California Department of Insurance announced, noting it had approved the rate filing. “This is good news for the approximately 200,000 USAA policyholders … …
Employers who supply their employees with company cell phones, laptops, BlackBerries, iPads and other portable devices could be in for a surprise if an employee is injured while using the device when off-site or off the clock. Insurance claims professionals …
Angelo Mozilo, the former Countrywide Financial Corp. chief executive, urged a federal judge to throw out Allstate Corp.’s lawsuit seeking to hold him responsible for losses on toxic mortgage debt it bought. The largest publicly traded U.S. home and auto …
Washington’s Department of Labor and Industries is seeking comment on proposed rules to implement legislation requiring workers’ compensation coverage for certain for-hire vehicle operators such as taxi and limousine drivers. The legislation requires L&I to work with the Department of …
