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Warren Buffet who heads Berkshire Hathaway Inc. may provide capital relief for bond insurers such as Ambac Financial Group Inc. and MBIA Inc. and even get into bond insurance itself, according to the Wall Street Journal “Heard on the Street” column. All big bond insurers are putting their cases to Berkshire Hathaway while their finances… Continue reading Speaking of Bonds, WSJ Says Buffet May Get into Bond Insurance

Today Munich, Germany-based Allianz S.E. announced that it has closed its first catastrophe bond transaction related to windstorm risks in seven European countries. Issued through Blue Fin Ltd., a Cayman Islands based special purpose entity, the cat bond transfers to investors the risks of windstorms in Austria, Belgium, France, Germany, Ireland, the Netherlands and the… Continue reading Allianz Issues First Windstorm Cat Bond in Europe

On Thursday, Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, introduced two bills aimed at dealing with the coastal insurance issue.Sen. Dodd introduced his bills as debate was launched in the House on similar legislation. The senator’s first measure, the Homeowners Insurance Assistance Act of 2007, would provide tax credits to homeowners who… Continue reading Dodd Introduces Homeowners Defense Act in Senate

Three bills introduced in the U.S. Senate last week add momentum to the current debate on Capitol Hill about the need to establish a public/private partnership for catastrophic risks. The bills, introduced by Sen. Hillary Clinton (D-N.Y.) and Sen. Chris Dodd (D-Conn.), take different approaches to the issue and, combined with the recent legislation passed… Continue reading Senate Bills to Accelerate Catastrophe Debate

Aspen Insurance Holdings Limited (“Aspen”) today announced that it has entered into an accelerated share repurchase program with Goldman, Sachs & Co. to buy back $50 million of Aspen’s ordinary shares, completing the $300 million share repurchase program authorized by the Board of Directors and announced on November 8, 2006. The agreement includes collar provisions… Continue reading Aspen Insurance Completes $300 Million Share Repurchase Program

Gov. Marc Racicot, president of the American Insurance Association (AIA), on Friday issued a statement regarding the House vote to approve H.R. 3355, The Homeowners Defense Act of 2007.    Gov. Racicot’s statement follows:    “This legislation falls short in trying to address the problems in coastal insurance markets. It will not generate new private… Continue reading AIA Comments on Homeowners Defense Act, Feels House Bill Would Push Out Private Insurers

Programbusiness and its staff will like to say thank you to all those who served our country in the past and to those who are serving in the military today.

Hub International Limited recently announced that its California subsidiary has acquired FLF, Inc. d/b/a Diversified Risk Insurance Brokers, Inc. (DRIB), a California-based insurance brokerage. DRIB’s operation in Emeryville, California will become part of Hub International of California Insurance Services, Inc. (HUB California), and will be moved into HUB California’s Pleasant Hill office in the first… Continue reading Hub International Acquires Diversified Risk Insurance Brokers

The Florida Office of Insurance Regulation has authorized a 15% average increase in rates for high-risk commercial windstorm coverage by the state-operated Citizens Property Insurance Corp. The increase is to help Citizens provide wind-only coverage in Florida’s coastal zones.    But it won’t help much, said Citizens spokesman Rocky Scott. “We asked for 300%,” he… Continue reading Florida Increases High-Risk Wind Coverage

The House passed leglislation on Thursday that would expand the federal government’s role in the troubled disaster insurance market.     Spearhead by Florida lawmakers from both parties who said they are hearing an outcry from constituents who have lost access to insurance as private insurance companies, following disastrous hurricanes, pull out of the market… Continue reading House Approves Bill to Help States with Disaster Insurance