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Despite opposition from insurance companies, Washington State voters have passed a measure that will allow plaintiffs to sue their insurance carriers and collect triple the amount of damages – an amount not usually allowed in Washington courts — if a court decides the insurers were “unreasonable” in denying claims.        Insurers warned that it would… Continue reading Washington Voters Pass Measure Allowing Punitive Damages from Insurers

State regulators have approved Florida’s first self-insurance fund for condominium associations, which have been stung by soaring premiums for windstorm coverage.The CAM (Community Association Management) Self Insurance Fund, now open to the 900 buildings managed by the Continental Group in Florida, will allow associations to lock in 80 percent of its premium rate for three… Continue reading Condo Self-Insurance Fund Approved by FL Regulators

A New York insurance regulator at the Professional Wholesalers Association of NY State announced that proposed legislation is being drafting to require every retail broker in New York to disclose to their clients the value of all compensation deals with insurers.    The proposed “producer transparency rule” would “ban any New York broker from accepting… Continue reading NY Drafting Transparency Legislation Requiring Brokers to Disclose Compensation to Clients

Insurance Superintendent Eric Dinallo today released a draft regulation that would make the New York Insurance Department the first in the nation to establish principles-based regulation. The draft includes 10 principles for industry and is accompanied by 10 principles for regulators. The draft regulation will be distributed for discussion by the industry and consumers and… Continue reading NY Insurance Dept Issues First Principles-Based Regulation Draft

Dutch financial services company, ING, announced today its plans to purchase ShareBuilder Corporation’s on-line stock brokerage business for $220 million in effort to expand its reach in the United States. Based in Seattle, ShareBuilder is a privately held brokerage and will be added to ING’s on-line banking arm ING Direct in a deal that is… Continue reading ING to Acquire On-Line Stock Brokerage, Plans to Expand Reach in U.S.

This year, Omaha, Nebraska-based Berkshire Hathaway Inc, the holding company headed by Mr. Warren Buffett, has collected premiums of about $2.5 billion from selling insurance on stock indexes and bonds in the form of derivative contracts, which guarantee payment to the buyer in the event of a specific loss in an underlying entity of the… Continue reading Buffet’s Holding Company Profits through Derivatives

OneBeacon Insurance Group, Ltd. today reported adjusted book value per share of $18.85, an increase of 13.3% through nine months, 4.6% for the third quarter, and 20.4% for the twelve months ended on September 30, 2007, including dividends. “We are very pleased with our strong third-quarter and year-to-date growth in book value,” said OneBeacon CEO… Continue reading OneBeacon Reports 13.3% Growth in Adjusted Book Value Per Share Through Nine Months

Munich Reinsurance Company, the world’s second-biggest reinsurer, announced a 69 percent in third-quarter profit, helped by a tax gain, a relatively mild catastrophe year so far, and gains on investments from equity sales and stable premium volumes. The insurer reported a profit of over €3.3 billion ($4.77 billion) for the first nine months of this… Continue reading Munich Re Reports a 69% Increase in Third-Quarter Profit

Goldman Sachs Group Inc., the world’s largest securities firm by market value, has set up a syndicate to write insurance and reinsurance in the Lloyd’s of London insurance market.     The company, which owns Bermudian reinsurers Arrow Reinsurance Co. Ltd. and Arrow Capital Reinsurance Co. Ltd., is to launch syndicate 1910 to write property… Continue reading Goldman Sachs’ Arrow Syndicate Enters Lloyd’s Insurance Market

Charles Prince resigned on Sunday as chairman and chief executive of Citigroup Inc,and the company named Robert Rubin as his successor and Sir Win Bischoff interim CEO. The Board has designated a special committee consisting of Mr. Rubin, Alain J.P. Belda, Richard D. Parsons, and Franklin A. Thomas to conduct the search for a new… Continue reading Citigroup Names Rubin as Prince’s Successor; May Write Off Up to $11 Billion