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On Thursday, Hub International Southwest announced its acquisition of Denver-based Waterfield Insurance Agency. Waterfield’s operations will become part of HUB Southwest, which is part of Hub International Ltd., based in Chicago. Waterfield, which has been in Colorado since 1993, is a full-service insurance brokerage operation focusing on the construction industry. It specialized in property and… Continue reading Hub Acquires Waterfield Insurance Agency

On Thursday, the China Insurance Regulatory Commission announced its endorsement of Chubb Corp.’s request to convert its Shanghai branch into a wholly owned insurance subsidiary. Federal Insurance Co., a unit of Warren, N.J.-based Chubb Corp., received approval Thursday to open new subsidiary Chubb Insurance (China) Co. Ltd. in Shanghai. John D. Finnegan, chairman, president and… Continue reading China Lets Chubb In

The Internal Revenue Service announced Thursdays that the limits on contributions to defined contribution plans and the amount of benefits that can be funded through defined benefit pension plans will increase in 2008. Among the increases, the maximum total contribution, including employer contributions, to defined contribution plans will rise to $46,000 per participant from $45,000.… Continue reading IRS Expands Contribution Limits for Pension Plans in 2008

The National Association of Insurance Commissioners (NAIC) today debuted to its international insurance regulatory counterparts a proposal to comprehensively modernize reinsurance regulation in the United States.    The proposal was shared at the 14th Annual Conference of the International Association of Insurance Supervisors (IAIS) during a panel titled, “Reinsurance: The Avenue Towards Mutual Recognition.” The… Continue reading NAIC Presents Reinsurance Modernization to World Regulators

According to regulation proposed on Thursday by the New York Insurance Department, highly rated reinsurers would no longer post collateral when conducting business in New York, regardless of where they are domiciled. The proposed regulation would eliminate an existing requirement that reinsurers that are not authorized or accredited to conduct business in the state need… Continue reading Reinsurance Collateral Change Proposed in NY

The U.S. House of Representatives were not able to override President George W. Bush’s veto of a measure to expand a children’s health insurance program, producing a call for compromise by the administration. The 273-156 vote on Thursday fell 13 short of the two-thirds majority required to overturn a veto. The measure would have added… Continue reading Bush’s Veto to Expand SCHIP Sticks, Administration Calls for Negotiations

On Wednesday, Specialty Underwriters’ Alliance, Inc. announced that its subsidiary, SUA Insurance Company, has entered into a fronting partner relationship with American Safety Indemnity Co. to provide general liability, commercial automobile and workers’ compensation, all on an excess basis, to public entities and educational institutions. “We are delighted to be aligned with a partner that… Continue reading SUA Insurance Partners with American Safety Indemnity Co

Non-fatal workplace injuries and illnesses in the private sector declined to a record low during 2006, according to the Bureau of Labor Statistics (BLS). The BLS reported 4.1 million cases of injuries and illnesses in the workplace in 2006, a rate of 4.4 incidents per 100 full-time workers. In 2005, there were 4.6 cases per… Continue reading Non-Fatal Workplace Injuries, Illnesses Down

Long-time Aon Corp client, Illinois-based Caterpillar Inc. is charging Chicago-based Aon Corp. is with fraud and anticompetitive allegations.     Similar to allegations made in 2005 by attorneys general in Connecticut, Illinois and New York, Caterpillar charges that Aon steered business to favored insurers, tied the placement of retail insurance business to the purchase of… Continue reading AON Faces Fraud, Anti-Competitive Allegations

Gov. Marc Racicot, president of the American Insurance Association (AIA), today issued a statement regarding the U.S. Senate Banking Committee introduction of legislation to extend the federal terrorism insurance program. Gov. Racicot’s statement follows: “We commend Chairman Dodd and Ranking Member Shelby for recognizing the importance of reauthorizing the terrorism risk insurance program. By recommending… Continue reading AIA President Commends Senate Committee’s Decision on TRIA Extension