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HKMB International Insurance Brokers (HKMB) and Hub International Limited announced today that they have entered into a definitive agreement pursuant to which HKMB will join with HUB International. HKMB will become a new regional platform (hub) and carry on business as HKMB Hub International from its existing offices in Toronto, Ontario. HKMB’s existing ownership group… Continue reading HKMB and Hub International to Join Forces

Zurich, one of the world’s largest property-casualty insurance companies, today announced that its Domestic Energy Casualty business unit has increased its presence on the West Coast and also is looking to write more business on the East Coast and in the Midwest, with a goal of building its book of business in all these regions.… Continue reading Zurich Looking to Increase Domestic Energy Business

Berkshire Hathaway Chairman Warren Buffett will likely testify in a federal trial against five former insurance executives accused of devising a fraudulent finite reinsurance transaction between American International Group Inc. and General Reinsurance Corp.    The billionaire investor, the third-richest man in the world, is on the government’s newly disclosed witness list, along with former… Continue reading Buffett Could Testify Against Former Executives at Finite Re Trial

Federal Reserve officials next week are likely to deliver their third “insurance” interest-rate cut this year. But how big a cut and what to say in the accompanying statement are likely again to be difficult decisions, as they were on Oct. 31 when the Fed cut its short-term interest-rate target to 4.5% and issued a… Continue reading Expectations on Fed Rate Cut Vary

Chief Executive Officer Martin Sullivan of American International Group Inc. (AIG), the world’s largest insurance carrier, referred to company investments tied to the U.S. housing market as “manageable.” Consequently, shares of the company shares rose as much as 6.7 percent, the most in three years. Mr. Sullivan made the comments in a presentation for investors… Continue reading AIG Says Investments Tied to Housing Manageable

Aon-COFCO, China’s preeminent joint-venture and risk consulting company, today announced that it ranked number one in the international brokers league, and ranked third overall in the region, according to a recently published report by the China Insurance Regulatory Commission (CIRC).    Citing China’s extremely rapid growth in domestic consumer demand and inward investment, YC Wei,… Continue reading AON Largest International Brokerage Firm in China

Fitch Ratings stated on Monday that the 20 largest U.S. property and casualty insurers had about $44 billion of subprime mortgage exposure as of June 2007, but the amount made up only 3 percent of their total investments. “The U.S. property and casualty insurance industry’s risk from subprime mortgage exposures is minimal based on Fitch’s… Continue reading Fitch Says Top US P/C Insurers’ Exposure to Subprime Minimal

On Sunday during the National Association. of Insurance Commissioners (NAIC) winter meeting in Houston, the Reinsurance Task Force charged with modernizing U.S. reinsurance regulation adopted a three-point framework for change. Several complex issues, including collateral requirements for non-U.S. reinsurers, were slated for further discussions. The Reinsurance Task Force voted unanimously to amend the United States’… Continue reading NAIC Voted to Adopt Framework for Reinsurance Regulation Change

Travelers today announced the availability of a new product exclusively for the Hotel Industry. The insurer   recognizes that the hotel industry has unique insurance needs, especially as many hotels and resorts continue to expand their service offerings beyond general lodging and, as such, introduced a new product designed to provide Property, General Liability, Auto,… Continue reading Travelers Announces New Product for Hotel Industry

The Property Casualty Insurers Association of America (PCI) is opposing legislation (S-2402) being considered today by the New Jersey Senate Commerce Committee that would undo the effort to contain automobile insurance costs by adopting a Personal Injury Protection (PIP) medical fee schedule. This legislation is a step in the wrong direction,” said Richard Stokes, regional… Continue reading PCI Voices Concerns regarding New Jersey PIP Medical Fee Schedule Bill