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Find here the latest insurance industry news from around the world. The news is updaily almost hourly.
Insurance News Update
| Insurer: Penn State Policy Limits Lawsuit Coverage Penn State’s insurer wants a judge to determine if it has to provide coverage or pay for defense costs in a lawsuit over alleged child sex abuse by former football coach Jerry Sandusky, a newspaper reported Wednesday. The complaint filed … XL Enhances Real Estate Portfolio Protection XL Group?s insurance segment has launched enhanced pollution protection for real estate portfolios. The product will be available through the segment?s environmental team. The new product is aimed toward portfolio property owners and managers, developer and redevelopers, and real estate … Family of Slain Border From Arizona Agent Files $25M Claim The family of a slain U.S. Border Patrol agent filed a $25 million wrongful death claim against the federal government on Wednesday. The 65-page document that’s a precursor to a lawsuit was filed in Phoenix and claims Brian Terry was … TDECU Insurance Acquires 2 More Texas Independent Agencies TDECU Insurance Agency LLC announced it has acquired two independent insurance agencies: Assurance Insurance Agency Inc. (Assurance) based in Bellville, Texas, and Burridge Insurance Agency Inc. (Burridge) based in Angleton, Texas. These agency acquisitions are on the heels of TDECU … Ohio Announces $11.6M in Insurance Savings, Recoveries in 2011 Insurance regulators saved or recovered $11.6 million for Ohioans in 2011, the Ohio Department of Insurance announced. The department said it received 5,336 consumer complaints, the majority of which dealt with the denial of insurance claims. Of the recoveries realized … Federal Disaster Loans For More Reno Fire Victims The U.S. Small Business Administration is setting up shop in Reno again to help facilitate federal disaster loans for residents and businesses after Washoe County suffered its second big wildfire in two months. The low-interest loans became available Friday to … Aon Expands U.S. Tenant Rent Default Offerings Aon has expanded availability to new states for its Aon Rent Protect product that reimburses landlords for lost income when tenants default on rent payments. The product was initially launched in California, Colorado, D.C., Ohio and Pennsylvania, and it is … Utah Offers New Earthquake Hazard Maps for Salt Lake County Utah is selling new maps that show the shaking intensity of earthquakes for the west half of Salt Lake County. The set of 10 maps also spotlights the risks of landslides, rock falls, floods, radon gas and other hazards in … Virginia Court Grants Rehearing of Global Warming Claims Case The Virginia Supreme Court has recently granted rehearing of a closely followed legal case involving global warming, The AES Corp. vs. Steadfast Insurance Company. The court says its previous decision on the case has been “set aside.” On Jan. 17, … Judge Certifies Investor Class Action Against Goldman Sachs Goldman Sachs Group Inc. was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender. U.S. District Judge Harold … |
Reinsurance News Update
| Meeting the challenges of the RMS Version 11 U.S. windstorm model Sherry Thomas heads Guy Carpenter & Co. L.L.C.’s catastrophe management team for the Americas. She recently discussed the continuing impact of Risk Management Solutions Version 11 model for U.S. Hannover Re optimistic for 2012 as prices rise FRANKFURT (Reuters)—Hannover Re Group is optimistic for 2012 after obtaining higher prices and premiums when it renewed contracts with insurance companies at the start of this year to help cover losses from hurricanes and earthquakes. U.S. commercial insurance rates expected to rise: Marsh U.S. commercial insurance rates are expected to climb across many lines of business in 2012, according to an analysis released Wednesday by Marsh & McLennan Cos. Inc.'s Marsh Inc. unit. Validus profits down 94.7% in 2011 due to catastrophe losses PEMBROKE, Bermuda—Beleaguered by natural catastrophes and man-made disasters, Validus Holdings Ltd. announced on Friday that its annual net income plummeted 94.7% in 2011, to $21.3 million from $402.6 million in 2010. RenRe expects $45M in Thai flooding-related losses PEMBROKE, Bermuda—RenaissanceRe Holdings Ltd. on Wednesday said it expects $45 million in losses in the fourth quarter due to last year’s flooding in Thailand. Industry loss warranty market will grow by as much as 25% in 2012: Willis Re The industry loss warranty market will grow by as much as 25% in 2012, according to a report released Tuesday by Willis Group Holdings P.L.C.'s Willis Re unit. W.R. Berkley net income down 12.1% in 2011 GREENWICH, Conn.—W.R. Berkley Corp.'s 2011 net income dropped 12.1% from 2010 to $394.8 million, the Greenwich, Conn.-based insurer reported Tuesday. Three U.S. states to require insurer disclosure on climate BOSTON (Reuters)—California, New York and Washington will require insurers to disclose how climate change may affect their businesses, effectively forcing most of the industry to address the issue, California's insurance commissioner said on... Munich Re eyes $3.17 billion net profit in 2012 FRANKFURT (Reuters)—Munich Re vowed to return to net profit of around €2.4 billion ($3.17 billion) this year after disaster claim payouts and financial market turmoil hammered its 2011 results. Costa Concordia disaster hits marine insurers ISOLA DEL GIGLIO, Italy—Insurers continue to count the cost of the Costa Concordia cruise ship disaster and attorneys are preparing class action claims on victims' behalf, but experts say the impact of the tragedy on marine insurance rates is not... |