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The crisis in the sub-prime mortgage market has had little impact on availability, cost or policy conditions of directors and officers liability (D&O) and errors and omissions liability (E&O) policies, according to a survey of financial sector risk managers and CFOs by Advisen Ltd., the leading provider of information and analytics to the commercial insurance… Continue reading Advisen Survey: D&O, E&O Markets Not Materially Impacted by Sub-Prime

The Chinese industry regulator reported that Chinese insurance companies have paid 680 million yuan ($94.6 million) in claims for snowstorms that have paralyzed the country.     In a statement posted on the China Insurance Regulatory Commission’s website today, China is urging insurers to speed up the claims settlement process.     China’s worst snowstorms… Continue reading Chinese Insurance Carriers Pay Out in Snowstorm Claims

Chief Executive Wilhelm Zeller of Hannover Re, the world’s fourth-biggest reinsurer, stated that the company surpassed its goal of earning 700 million euros ($1.04 billion) in net profit last year and expects return on equity of at least 15 percent in 2008 despite a softening reinsurance market.    Hannover Re initially aimed to achieve return… Continue reading Hannover Re Surpasses ’07 Net Profit Goal, Expects 15% Equity Return for ’08

In an interview aired on CNBC, billionaire investor Wilbur Ross on Tuesday said he expects to decide soon whether to invest $1 billion or more in the hard-hit U.S. bond insurance sector. He stated that he would be coming to a conclusion within the next few weeks and “very shortly.”    When asked whether he… Continue reading Billionaire Ross Says Decision on Bond Insurance Investment Coming Soon, Looking at Options

A Florida appellate court has denied Insurance Commissioner Kevin McCarty’s motion to reinstate his suspension against Allstate while the insurer appeals McCarty’s ordered ban. Citing what he called a lack of preparedness when Allstate arrived at a Jan. 15 hearing following a subpoena, McCarty on Jan. 17 ordered Allstate’s certificate of authority to write new… Continue reading Court Denies Florida Attempt to Reinstate Allstate Suspension

On Friday New York Insurance Superintendent Eric Dinallo cited “a number of developments” in his talks with bond insurers but did not expand on his statement after earlier reports of a rescue plan boosted some companies’ share prices. In his statement, Dinallo aid the talks were complicated and would take time. He added his three-point… Continue reading Talks Spur Developments Between Bond Insurers and NY Insurance Head Dinallo

On the heels of Moody’s Investors Service’s announcement that it has placed Bermuda-based reinsurer RAM Holdings Ltd on review for a possible downgrade, the company announced today that it’s looking at a number of alternatives to improve its capital position, including seeking reinsurance and reducing its growth. The company said it does not expect to… Continue reading RAM Holdings Looking to Improve Capital Position After Moody’s Puts Reinsurer on Review

Insurance company Meadowbrook Insurance Group Inc has reported that it has ended the management agreement with the U.S. Specialty Underwriters Inc (USSU) for a termination payment of $21.5 million. Meadowbrook had agreed to acquire the excess workers’ compensation business of USSU for $23 million and reached a management agreement related to the administration of the… Continue reading Meadowbrook Terminates Agreement with US Specialty Underwriters

On Monday Moody’s Investors Service announced that it has placed U.S. bond insurer PMI Mortgage Insurance Ltd on watch for a possible downgrade of A$83 billion ($75.5 billion) worth of Australian mortgage-backed debt,following rising loan losses in the United States.     Since PMI has an Australian operation that guarantees residential mortgage-backed securities (RMBS), some… Continue reading US Sub-Prime Impacts Australian Mortgage Market as Moody’s Contemplates Downgrade

The US Labor Department reported that U.S. employers cut 17,000 non-farm jobs in January, the first time in nearly 4-1/2 years that U.S. payrolls dropped as continuing losses in construction and manufacturing reflected the economy’s slowdown.     January marked the first job losses since August 2003 and some analysts said it painted a picture… Continue reading US Labor Report: Payroll Drops, First Dip Since 2003