Author: Farkas Laura

British insurer Royal & Sun Alliance Insurance Group P.L.C. announced an 8 percent gain in net written premiums for the third quarter £4.36 billion ($9.1 billion).        Said Andy Haste, Royal & Sun Alliance CEO, “Our nine month premiums clearly demonstrate both the benefits of our strong and diversified portfolio and that we continue to… Continue reading British Insurer Posts Growth

Chicago-based CNA Financial Corp. said it will restructure its P/C operations for a more “streamlined, customer-focused” approach.        According to CNA, the restructuring will ultimately make easier for agents in the insurer’s 29 branches to conduct business with CNA while bringing the insurer’s national capabilities to the local market. CNA is expanding on its local… Continue reading Insurer Announces P/C Operations Restructuring

The Hartford Financial Services Group Inc. has announced it will open a new office in London, expanding its existing international professional liability underwriting capacity.        The New York-based insurer said the new subsidiary, called Hartford Financial Products International Ltd., officially began underwriting through broker channels on Nov. 1, 2007.        Said David McElroy, head of… Continue reading New York Insurer Expands Across the Pond

In a move that provides business owners in search of property insurance with a new option, Citizens Property Insurance has been approved to by Florida state insurance regulators to offer property insurance to commercial properties.        Said Florida Insurance Commissioner Kevin McCarty, “Everyone is familiar with Citizens, but this is an important step, because it… Continue reading Citizens to Offer Property Coverage to Commercial Properties

Despite opposition from insurance companies, Washington State voters have passed a measure that will allow plaintiffs to sue their insurance carriers and collect triple the amount of damages – an amount not usually allowed in Washington courts — if a court decides the insurers were “unreasonable” in denying claims.        Insurers warned that it would… Continue reading Washington Voters Pass Measure Allowing Punitive Damages from Insurers

State regulators have approved Florida’s first self-insurance fund for condominium associations, which have been stung by soaring premiums for windstorm coverage.The CAM (Community Association Management) Self Insurance Fund, now open to the 900 buildings managed by the Continental Group in Florida, will allow associations to lock in 80 percent of its premium rate for three… Continue reading Condo Self-Insurance Fund Approved by FL Regulators

A New York insurance regulator at the Professional Wholesalers Association of NY State announced that proposed legislation is being drafting to require every retail broker in New York to disclose to their clients the value of all compensation deals with insurers.    The proposed “producer transparency rule” would “ban any New York broker from accepting… Continue reading NY Drafting Transparency Legislation Requiring Brokers to Disclose Compensation to Clients

Insurance Superintendent Eric Dinallo today released a draft regulation that would make the New York Insurance Department the first in the nation to establish principles-based regulation. The draft includes 10 principles for industry and is accompanied by 10 principles for regulators. The draft regulation will be distributed for discussion by the industry and consumers and… Continue reading NY Insurance Dept Issues First Principles-Based Regulation Draft

Dutch financial services company, ING, announced today its plans to purchase ShareBuilder Corporation’s on-line stock brokerage business for $220 million in effort to expand its reach in the United States. Based in Seattle, ShareBuilder is a privately held brokerage and will be added to ING’s on-line banking arm ING Direct in a deal that is… Continue reading ING to Acquire On-Line Stock Brokerage, Plans to Expand Reach in U.S.

This year, Omaha, Nebraska-based Berkshire Hathaway Inc, the holding company headed by Mr. Warren Buffett, has collected premiums of about $2.5 billion from selling insurance on stock indexes and bonds in the form of derivative contracts, which guarantee payment to the buyer in the event of a specific loss in an underlying entity of the… Continue reading Buffet’s Holding Company Profits through Derivatives