Category: Show on Homepage

Georgia Insurance Commissioner John Oxendine has proposed creating a new wind pool to make property/casualty coverage more affordable and available in the state’s coastal counties. The wind pool, which would be known as the Georgia Coastal Insurance Corp., would manage fair-share participation by admitted property/casualty insurers doing business in the state. It would be created… Continue reading GA Insuance Commissioner Proposes New Wind Pool

On Wednesday, the U.S. House of Representatives voted to approve a slimmed-down version of a bill that would extend and expand the government’s post-9/11 terrorism risk insurance program. However, the House bill is still more ambitious than an even narrower version favored by the Senate and the White House, ultimately doing very little to clarify… Continue reading House Approves Revised, Narrower Version of TRIA, Outlook for Veto Still on Horizon

Fitch Ratings announced on Wednesday that it has placed the top-tier ratings of bond insurer Security Capital Assurance and its financial guaranty insurance units on review for a possible ratings downgrade.      The Bermuda-based bond insurer, which holds top “AAA” ratings, has exposure to structured finance collateralized debt obligations that are now rated junk due… Continue reading Fitch May Downgrade Bond Insurer SCA

Nikolaus von Bomhard, Munich Re’s chief executive, in an investor conference over the Internet, relayed that he sees somewhat weaker prices and conditions in reinsurance ahead, giving added importance to the group’s primary insurance activities.     Mr. von Bomhard said that he expected primary insurance to grow faster than reinsurance and that the group’s… Continue reading Munich Re Sees Softer Reinsurance Market

On Thursday, the Lloyd’s of London insurance market announced it would focus on protecting its profitability in the face of falling risk prices and increasing competition.    In the latest version of its rolling three-year plan, aimed at improving its performance and countering the threat from rival insurance centres such as Bermuda, the 300-year-old market… Continue reading Lloyd’s Plans Three-Year Strategy for Soft Market

According to Insurance Commissioner Steve Poizner, as a result of an audit of California’s state-chartered workers’ compensation fund over several months, uncovered was “serious structural and operational issues” and questionable spending involving hundreds of millions of dollars.    The State Compensation Insurance Fund, which provides workers’ comp insurance to 220,000 employers in California, suffers from… Continue reading Audit Reveals Major Problems, Questionable Spending in CA Workers Comp Fund

Under a bill passed by the New Jersey state Legislature, insurance gents in New Jersey will no longer have to provide automobile insurance applicants with three scenarios and quotes from all of the companies they represent. The measure, A. 3863, will go to Gov. Jon Corzine for his signature, having unanimously cleared the state Assembly… Continue reading NJ Legislature Clears Bill Eliminating Quote Requirements for Agents

Any security freeze legislation put forth in New York should include an exemption for property/casualty insurers, according to the American Insurance Association (AIA). There is almost no likelihood that a person could be victimized by identity theft in a property/casualty insurance transaction, but a consumer could find it difficult to secure insurance coverage if they… Continue reading AIA Calls for P/C Insurance Exemption in Any NY Security Freeze Bill

Swiss-based reinsurer Paris Re Holdings Ltd. plans to distribute up to $400 million of excess capital to shareholders and is launching an 18-month share buy-back program. A meeting of shareholders is set to take place on Jan. 14 to approve the distribution. Paris Re said the payout would be conditional upon a successful issuance of… Continue reading Paris Re to Distribute Excess Capital to Shareholders

On Tuesday the Administration threatened a veto by President Bush of the revised House of Representatives’ version of a bill to extend and expand the U.S. government’s terrorism risk insurance program (TRIA).     Unless the bill is renewed by Congress and signed by Bush by December 31, the federal insurance backstop is set to… Continue reading President Would Veto New House Version of Terrorism Bill, Advisors Say