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The A.M. Best Co.’s cycle management study shows that property/ casualty companies face a real challenge when it comes to outperforming their peers on a consistent, long-term basis, with only 14 percent of the total study population exceeding their industry composite medians over the most recent soft and hard market cycles.    The report reflects… Continue reading Few Companies Excel at Managing through Market Cycles, A.M. Best Says

Stating that it believes the world’s largest insurer could post up to $7 billion in second-quarter losses on assets linked to subprime mortgages, Wachovia cut its investment rating and earnings outlook for American International Group (AIG)on Tuesday.     Wachovia downgraded AIG to “market perform” from “outperform,” saying the investment losses could offset operating earnings… Continue reading Wachovia Downgrades AIG Investment Rating, Projects Large 2nd Quarter Subprime Losses

The federal insurance fund set up to protect money deposited at failed banks will have to shell out up to $8 billion to depositors of shuttered IndyMac BancorpIMB.     The Federal Deposit Insurance Corp. estimated its insurance fund would have to pay out between $4 billion and $8 billion to cover some $18 billion… Continue reading Fed Insurance Funds Could Reach $8B in IndyMac Failure

The world’s largest insurer, American International Group, Inc (AIG) on Monday said it had acquired all of the shares of Ascot Underwriting Holdings Ltd, a Lloyd’s of London agency that it helped form in 2001.     AIG previously held about 40 percent of Ascot Underwriting. It did not disclose what it paid to acquire… Continue reading AIG Acquires Remaining Ascot Shares

The National Conference of State Legislators’ (NCOIL) echoed the concerns expressed by insurers and adopted a resolution that opposes the National Association of Insurance Commissioners’ (NAIC) Market Conduct Annual Statement (MCAS) proposal, according to the Property Casualty Insurers Association of America (PCI). NCOIL’s State-Federal Relations Committee adopted the resolution Friday, July 11, 2008 at its… Continue reading PCI Supports NCOIL in Expressing Opposition to NAIC Market Conduct Proposal

Don Bailey, CEO of Willis North America, a subsidiary of global insurance broker Willis Group Holdings, today appeared in front of the New York Superintendent of Insurance and Attorney General at a Public Hearing in Buffalo, New York, to address the subject of insurance producer compensation standards and disclosure. Mr. Bailey called for the insurance… Continue reading Willis Group Calls on Insurance Industry to End Practice of Contingent Agreements with Insurance Carriers

The National Association of Mutual Insurance Companies (NAMIC) stated that action taken on Friday by state insurance legislators is in the best interests of insurance consumers and companies. At issue is a proposal by the National Association of Insurance Commissioners to require insurance companies to file market conduct data in conjunction with their annual financial… Continue reading NAMIC Commends Legislators’ Response to Controversial Market Conduct Data Proposal

According to a new survey of financial executives, although a U.S. economic recession would not be good news overall for employers, most don’t believe a recession would drive up workers’ compensation claims.     Only 23 percent of respondents said a recession would cause an increase in their workers’ compensation claims. Compared to 62 percent… Continue reading Survey: Companies Maintain Realistic Outlook of Recession Impact on Workers Comp Claims

The New York State Office of the Attorney General and the New York State Insurance Department are holding a joint public hearing today in Buffalo on compensation arrangements for insurance agents and brokers and disclosure of fees to customers.     The hearing is covering forms and disclosure of producer compensation, and if steering is… Continue reading Broker Compensation, Disclosure Hearing in NY Underway

Shareholders of ACE Ltd. have voted in favor of initial steps to redomesticate the company to Switzerland. If approved, the move will transfer the company’s place of incorporation from the Cayman Islands—where ACE was established in 1985—to Zurich, Switzerland.     The company says its Bermuda operations will be unaffected, and ACE executive offices will… Continue reading Ace Shareholders Vote Yes for Redomestication