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ACE Ltd.’s redomestication to Switzerland from the Cayman Islands was completed Friday, and the insurer’s holding company is now located in Zurich. ACE shareholders approved the move at the company’s annual general meeting in Bermuda on July 10. As part of the redomestication, ACE on Tuesday announced the appointment of Olivier Steimer, chairman of Lausanne,… Continue reading Ace’s Move to Switzerland Completed

Congressional investigators in a report released Wednesday stated that the National Flood Insurance Program owes the federal Treasury more than $17 billion from hurricane-related losses and has been unable to set aside enough money to meet catastrophic losses that could arise in the future.    In a letter to U.S. Sen. Richard Shelby (R-Ala.) that… Continue reading Flood Program Owes GAO, Lacks Funds for Future Losses

According to preliminary analysis by Insurance Service Office’s Property Claim Services unit, U.S. property/casualty insurers are expected to shell out an estimated $6.025 billion to homeowners and businesses for second-quarter property losses as a result of 16 catastrophes in 27 states, nearly double the number of catastrophes in the first quarter.     PCS estimates… Continue reading ISO: P/C Cat Claims Doubled in Second Quarter

Swiss insurer Zurich Financial Services announced that it is purchasing two Brazilian insurance companies, paying up to $241 million and adding to a string of recent smaller acquisitions.     Zurich plans to buy 87.35 percent of Companhia de Seguros Minas Brasil and 100 percent of Minas Brasil Seguradora Vida e Previdencia from Banco Mercantil… Continue reading Zurich Expands in Brazil, Will Buy Two Companies

American International Group Inc.’s (AIG) named former Goldman Sachs vice chairman Suzanne Nora Johnson to its board of directors this week.     Ms. Johnson retired from The Goldman Sachs Group, Inc. in 2007. She was with the firm for more than 20 years and served in various roles, including head of the group’s Global… Continue reading Former Goldman Sachs Vice Chairman Named to AIG Board

In an amended complaint filed Thursday by the California attorney general related to a suit against Countrywide Financial Corp, the poor quality of loans the company was planning to sell to investors becomes even clearer. The new data provide a close look at 158,000 mortgages that had been slated for sale by Countrywide Homes Loans… Continue reading Filing in CA Against Countrywide Spotlights Loan Quality Sales

Member agencies of the Independent Insurance Agents & Brokers of New York, Inc. (IIABNY) are feeling better about their relationships with the insurers they represent, according to the association’s latest study of carrier performance. The overall scores for the 31 companies researched in IIABNY’s newly released Industry Index show improvements in all categories versus the… Continue reading Study: IIABNY Agents More Positive About Carrier Relationships

Today the largest U.S. bank, Citigroup Inc., posted a narrower second-quarter loss than analysts had expected, at $2.5 billion, due to write-downs and credit losses tied to deteriorating credit markets and the slumping economy. The net loss totaled 54 cents per share, and compared with a year-earlier profit of $6.23 billion, or $1.24 per share.… Continue reading Citigroup Posts Loss, Performs Better Than Expected in Second Quarter

The National Conference of Insurance Legislators (NCOIL) advised a slowdown of a market conduct annual statement (MCAS) proposal being considered by the National Association of Insurance Commissioners (NAIC), naming critical concerns regarding confidentiality and authority. The NCOIL Executive and State-Federal Relations Committees on July 11 and 13 unanimously adopted a resolution questioning an NAIC plan… Continue reading NCOIL Tells NAIC to Slow Down on Market Conduct Plan

A report released on Thursday by non-profit Commonwealth Fund indicates that the United States fails on most measures of health care quality, with Americans waiting longer to see doctors and more likely to die of preventable or treatable illnesses than people in other industrialized countries.     Americans spend money on wasteful administrative costs, illnesses… Continue reading Commonwealth Fund Report: US Fares Poorly on Healthcare Quality Measures