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On Thursday the NOAA’s Climate Prediction Center announced that projected climate conditions point to a near normal or above normal hurricane season in the Atlantic Basin this year. The prediction was issued at a news conference called to urge residents in vulnerable areas to be fully prepared for the onset of hurricane season, which begins… Continue reading NOAA Predicts Up to Five Major Atlantic Hurricanes

There are still hundreds of homeowners staring at yet-to-be-repaired damage and wrangling with their insurers over unresolved claims nearly three years after the storms of 2005 hit South Florida.      Meanwhile there’s a rush to the courthouse to meet a June 2 deadline to wrap up claims filed by homeowners once covered by the Poe… Continue reading Hurricane Claims from ’05 in Florida Still Unresolved

Charles Neeson, senior executive, personal lines for Westfield Insurance, testified on behalf of the Property Casualty Insurers Association of America Wednesday, May 21, 2008 before the House Financial Services Subcommittee on Oversight and Investigations on the consumer benefits of credit-based insurance scores. PCI was chosen to testify because of the role the association plays in… Continue reading PCI Highlights Correlation Between Credit Information and Losses at Congressional Hearing

Longtime Chubb Corp. executive Thomas F. Motamed will become CNA Financial Corp’s new chairman and chief executive next month, in a move that marks a major change at the insurer after it completed its turnaround effort. Effective June 8, Mr. Motamed will succeed the retiring Stephen W. Lilienthal at CNA. Mr. Motamed — who will… Continue reading Former Chubb Exec Motamed to Join CNA as New Chairman/CEO

Zurich Financial Services is one of several companies looking to acquire Royal Bank of Scotland’s insurance arm. RBS Insurance was put up for sale as part of the bank’s plan to shore up its balance sheet, alongside a 12 billion pound ($24 billion) rights issue.     The insurer is an eye-catching asset is one… Continue reading Zurich Looking at Acquiring RBS’ Insurance Arm

A major round of layoffs at JP Morgan Chase have begun in the firm’s vaunted investment banking department, letting go dozens of executives in an effort to downsize the unit amid a massive slowdown in business.    People at the firm say at least two hundred executives were laid off over the past two days… Continue reading Major Layoffs Begin at JP Morgan Chase

Citing losses from its exposure to the U.S. mortgage market and credit derivatives, Moody’s Investors Service cut American International Group’s (AIG) debt rating.    Moody’s, which had placed the world’s largest insurers’ rating on review for a possible downgrade after the insurer earlier this month unveiled a $7.8 billion first-quarter net loss, said the outlook… Continue reading Moody’s Cuts AIG’s Debt Rating

Patrick G. Ryan, founder and executive chairman of Aon Corporation, announced this week that he intends to retire from Aon effective August 1, 2008. Aon is the world’s largest insurance and reinsurance intermediary, and a global leader in human capital consulting.      Ryan commented, “The transition to a new management team under the sound leadership… Continue reading Ryan Announces Intention to Retire from Aon

On Wednesday President Bush signed legislation to protect people from losing their jobs or health insurance when genetic testing reveals they are susceptible to costly diseases.     Broadly embraced in Congress, the anti-discrimination measure aims to ensure that advances in DNA testing won’t end up being used against people. The new law forbids employers… Continue reading President Bush Signs Genetic Anti-Discrimination Legislation

On behalf of the National Association of Insurance Commissioners (NAIC), Florida Insurance Commissioner Kevin McCarty testified yesterday before the U.S. House Financial Services Committee’s Subcommittee on Oversight and Investigations hearing titled, “The Impact of Credit-Based Insurance Scoring on the Availability and Affordability of Insurance.”    “Proponents argue that credit-based insurance scores are predictive of an… Continue reading NAIC Testified before Congress on Use of Insurance Credit-Based Scoring