U.S. News

Evidence for Climate Extremes, Costs, Gets More Local

Scientists are finding evidence that man-made climate change has raised the risks of individual weather events, such as floods or heat waves, marking a big step towards pinpointing local costs and ways to adapt to freak conditions. “We’re seeing a …

Russia Backs WTO Entry; U.S. Friction Persists

Russia’s upper house of parliament voted on Wednesday to ratify entry into the World Trade Organization, and now only the signature of President Vladimir Putin is needed to complete the country’s 18-year bid to join the trade rules club. Russia …

IMF Cuts Global Growth Forecast as Emerging Economies Slow

The International Monetary Fund has cut its forecast for global economic growth and warned that the outlook could dim further if policymakers in the euro zone do not act with enough force and speed to quell their region’s debt crisis. …

Endurance Promotes Bigley to Senior VP, Head of U.S. Property Cat Reinsurance

Bermuda-based Endurance Specialty Holdings Ltd has promoted David Bigley to senior vice president and head of U.S. Property Catastrophe Reinsurance. Endurance also announced that Rene Lamer and Stefan Beine, both senior vice presidents in its Global Catastrophe Reinsurance team, have …

US Grants Iran Sanctions Exceptions to China, Singapore

The United States gave China a six-month reprieve from Iran financial sanctions on Thursday, avoiding a diplomatic spat with a country whose support it needs to try to quell violence in Syria and rein in Tehran’s nuclear ambitions. With Thursday’s …

BMS Group’s Pioneer Names Hinman in U.S. Expansion

The UK-based BMS Group, an independent global broker, announced the appointment of delegated authority underwriter Gene Hinman, who will join its Managing General Agent (MGA) platform, Pioneer Underwriting Ltd, in a move BMS described as the achievement of “another significant …

Moody’s Cuts Ratings of 15 Global Banks

Ratings agency Moody’s Investors Service downgraded 15 of the world’s biggest banks on Thursday, lowering credit ratings by one to three notches to reflect the risk of losses they face from volatile capital markets activities; however, some banks criticized the …

Swiss Re Chief Economist Sees Rising Rates by Year End

On the heels of the decision by the U.S. Federal Reserve to maintain the target fed funds rate at zero to 25 basis points Swiss Re’s Chief Economist, Kurt Karl, commented: “The US economy has been weak recently, but is …

Best Affirms Aioi Nissay Dowa and Subs Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of Japan’s Aioi Nissay Dowa Insurance Company Limited (ADI) and its subsidiary, New York-based Aioi Nissay Dowa Insurance Company …

Economic Crisis Challenges Harmonization of U.S. Regulations, EU’s Solvency II

The EU’s Solvency II regulations get most of the headlines, but there are other regulatory bodies, which are trying to modernize and harmonize the regulations for global insurance companies. Their task has been made even more difficult by the prolonged …