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David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), issued the following statement today after the Senate Committee on Banking, Housing and Urban Affairs voted overwhelmingly to send a bill extending the Terrorism Risk Insurance Act (TRIA) to the full Senate for a vote: “PCI appreciates the work of… Continue reading PCI Issues Statement on TRIA after Senate Committee Vote

A U.S. Senate committee approved a bill to reform the federal flood insurance program without considering a House plan to extend coverage to protect against wind damage. Senators Charles Schumer, a New York Democrat, and Mel Martinez, a Republican from Florida, pulled an amendment that would have reduced the role of private insurers in coastal… Continue reading Senate Committee Approves Flood Bill, No Wind Coverage

The federal terrorism insurance program (TRIA) was extended by a Senate committee for seven years, which less than half the period approved by the House. Coverage for nuclear, biological and chemical attacks was excluded. The Terrorism Risk Insurance Act, first passed after the Sept. 11 attacks made private policies scarce, promises to reimburse insurers if… Continue reading Senate Committee Extends TRIA for Seven Years, Excludes Certain Coverages

On Monday, Fox launched Fox Business Network (FBN) in an effort to broaden the business news audience and compete with business television CNBC. Its debut show featured interviews with Hillary Clinton, Alan Greenspan and Richard Branson.     The debut was met with lukewarm response, who had anticipated a splashier launch to compete with incumbent… Continue reading FOX Launches Business Channel, Competes with CNBC

Reinsurance brokerage Guy Carpenter & Co. L.L.C., a unit of Marsh & McLennan Cos. Inc., announced the name change of its MMC Securities investment banking arm to GC Securities, and has expanded its services in Europe. In the United States, GC Securities has been established as a division of MMC Securities Corp., a U.S. broker-dealer,… Continue reading Guy Carpenter Changes Its Name, Part of European Expansion

A Texas Court threw the states attempt to roll back a 5.9% increase Allstate Insurance put in effect on homeowner policies in August. Allstate maintained that its rate increase followed state law and that the Texas Department of Insurance acted improperly in trying to nullify it. A state district judge in Travis County agreed and… Continue reading Speaking of Allstate, TX Court Throws Out State’s Bid to Prevent Carrier’s Homeowners Rate Hike

Florida’s Governor Crist and Insurance Commissioner Kevin McCarty on Tuesday ordered Allstate Insurance Company to turn over documents regarding its business practices and relationships with trade groups, as part of an investigation into possible conspiracy among property insurers to keep prices high. Allstate and its subsidiary Allstate Floridian Insurance Co., Florida’s fourth-largest insurance company, was… Continue reading Allstate Ordered to Turn over Records on Property Insurance in Florida

In its overall efforts to expand in the United States, German reinsurer Munich Reinsurance Co. announced today its plan to will acquire specialty insurance company Midland Co. for $1.3 billion, or $65 per share. The offer is subject to regulatory and other approvals, and represents a 13.5% premium over Midland’s closing price of $57.27 on… Continue reading Munich Re Announces Plan to Acquire Midland

Legislation on terrorism and flood insurance scheduled for discussion in the Senate Banking Committee today represents good steps forward on issues of national importance, according to the Property Casualty Insurers Association of America (PCI).    The Senate version of Terrorism Risk Insurance Act (TRIA) legislation would extend the program for seven years, eliminate the distinction… Continue reading PCI Backs Senate Bills on TRIA and Flood Insurance

The London-based Market Reform Group (MRG) has announced that use of the Insurers Market Repository for processing electronic claims files (ECFs) in the London market is behind in reaching its set target, and Lloyd’s of London has warned business that action will be taken against them if they drag their feet in adopting the system. … Continue reading New Electronic Claims Processing System Falls Short of Target