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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

GlobalOptions Group, Inc. a leading provider of domestic and international risk management services, today announced that its Fraud & SIU unit has signed a two-year, $750,000 annual contract with one of the West Coast’s largest property and casualty insurance carriers. GlobalOptions’ Fraud & SIU unit will serve as a preferred provider of investigative services for… Continue reading GlobalOptions Signs Deal with Major West Coast P/C Carrier to Investigate Claims, Fraud

The following article appeared in American Banker:    As mortgage lenders struggle to contend with the double-barreled threat of rising defaults and lower origination volume, a third, less discussed source of risk is now starting to emerge.    Lenders’ loss-sharing arrangements with mortgage insurance companies, a source of revenue that in recent years seemed barely… Continue reading Reinsurance Loss-Share Pacts: Next Pain Point

Arthur J. Gallagher & Co. announced on Monday the acquisition of Robert A. Schneider Agency, Inc. headquartered in Minnetonka, Minnesota. Founded in 1974, Robert A. Schneider Agency, Inc. (RAS) is a managing general agent and wholesale insurance broker which provide excess and surplus, property/casualty, professional business liability and other specialty insurance products and services for… Continue reading Arthur J. Gallagher Acquires Minnesota-based MGA, Wholesale Broker

MBIA Inc. the holding company for MBIA Insurance Corporation, today announced that it has entered into a definitive agreement with Warburg Pincus, the global private equity firm, which will commit to invest up to $1 billion in MBIA through a direct purchase of MBIA common stock and a backstop for a shareholder rights offering.  … Continue reading MBIA Increases Capital with $1B from Warbus Pincus Commitment

Insurer American Financial Group is extending its reach into the workers’ compensation market with the acquisition of a Louisiana firm. The company said late Friday that it will acquire Strategic Comp Holdings, a Metairie, La.-based provider of workers’ compensation programs. Terms of the deal weren’t disclosed. Strategic Comp’s services include loss control, claims management and… Continue reading American Financial Group Acquires Workers Comp Company

A bill designed to keep tabs on convicted arsonists has passed the House. H.R.1759, the Managing Arson Through Criminal History (MATCH) Act of 2007 will require states and jurisdictions to establish and maintain arsonist registries and make the registries available on the Internet.    The bill, introduced in March, was sponsored by California Representatives. Mary… Continue reading House Passes Bill to Track Convicted Arsonists via Registry

The Department of Atmospheric Science at Colorado State University issued an early forecast of the 2008 Atlantic hurrican season, which runs from June 1 through November 30, predicting 13 named storms, seven of which will become hurricanes. The forecasters further predicted that three of those seven hurricanes will become “major” storms packing sustained winds of… Continue reading Early Predictions Issued for 2008 Hurricane Season