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UBS AG, based in Zurich, announced today that that two strategic foreign investors committed to inject capital worth 13 billion Swiss francs ($11.5 billion) as part of a broader move to strengthen capital as the Swiss bank announced a further $10 billion in write-downs on subprime holdings. Additionally, UBS revised its outlook, saying it now… Continue reading UBS to Get Capital Injection from Investors Amid Additional $10B in Subprime Losses

AmTrust Financial Services, Inc. (Nasdaq:AFSI) announced today that it had entered into an agreement to acquire the Unitrin Business Insurance (UBI) unit of Unitrin, Inc. UBI conducts business in 30 states with a geographic emphasis in the South, Northwest and Midwest, and had total premium revenues of approximately $165 million in 2006. UBI writes commercial… Continue reading AmTrust to Acquire Unitrin Unit

The world’s second-biggest reinsurer, Munich Re, agreed to buy 65 percent of Daum Direct Auto Insurance Co. to enter the South Korean market. Munich Re subsidiary Ergo Versicherungsgruppe AG will buy control of the South Korean online auto insurer by acquiring existing and new shares, Seoul-based Daum said in an e-mailed statement today. Ergo will… Continue reading Munich Re to Buy Korean Daum Direct Auto

The Professional Insurance Agents of New York State Inc. has commended New York State Insurance Superintendent Eric Dinallo on his proposal for regulations on the medical treatment of workers injured on the job. The proposed standards come as a result of workers’ compensation legislation adopted by the state this past March. “We commend the superintendent… Continue reading PIANY Commends WC Medical Treatment Best Practices

Next week the full U.S. House of Representatives will take up a revised extension of the Terrorism Risk Insurance Program, offering some concessions to a Senate-passed bill but still proposing significant expansion of the $100 billion federal backstop. The newly revised House bill debuted yesterday before the House Rules Committee, which scheduled a vote on… Continue reading House Will Vote Anew on Terrorism Bill

A series of Fifth Circuit rulings last week could change the landscape for insurers facing Hurricane Katrina claims, with companies paying less to cover storm damage than some expected in January. The rulings favor the insurance industry on an issue that has been at the heart of the litigation from the start: whether provisions in… Continue reading Series of Rulings Could Result in Insurers Paying Less in Katrina Claims

The Bush administration and the mortgage industry in unveiling a plan to help more than one million struggling homeowners have embarked on a controversial project: choosing winners and losers from the rubble of the subprime-mortgage meltdown.    Under the deal, formally released yesterday, the industry would voluntarily help as many as 1.2 million homeowners who… Continue reading White House Subprime Plan Not Embraced by All

Today German reinsurer Munich Reinsurance Co. stated it was in talks with Cevian Capital, confirming “Te Finanical Times” that the Swedish activist investor had bought a stake in the carrier.    The Financial Times reported stated that Cevian, backed by billionaire investor Carl Icahn, had taken a stake of nearly 3% in Munich Re and… Continue reading Munich Re in Talks with Cevian Capital

The Hartford Financial Services Group, Inc. has announced the appointment of Kevin D. Sanborn as vice president of strategy for its property-casualty operations. In this position, Sanborn will report to Sean Fitzpatrick, senior vice president for strategic business development and will head The Hartford’s P&C strategic initiative group. “Kevin brings outstanding experience from a career… Continue reading Hartford Names VP of Strategy for P/C Operations

A survey of over 150 insurance senior executives from the UK, US, Bermuda and Continental Europe by lawyers, Norton Rose, indicates a strong desire for greater global regulatory harmonization. More than 90% of respondents from all regions believe greater harmonization should be achieved, with opinion being strongest in the UK at 94%, followed by 88%… Continue reading Insurance Companies Want Greater Global Regulatory Harmonization