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Munich Reinsurance Co. announced in a statement that the company has signed up to the ClimateWise principles, an initiative launched by a group of insurers, reinsurers, brokers, Lloyd’s of London and the Association of British Insurers. Under the pledge, companies will scrutinize the risks caused by climate change and support the cause of climate protection,… Continue reading Speaking of Climate Change and Insurers….

Legislation amending the Internal Revenue Code of 1986 to enhance tax incentives for small property/casualty insurance companies has been introduced, the National Association of Mutual Insurance Companies (NAMIC) announced today. Introduced by Senators Christopher S. “Kit” Bond (R-Mo.) and Blanche Lincoln (D-Ark.), legislation S. 2040 would increase the investment income election threshold under Section 831(b)… Continue reading Legislation to Help Smaller Insurance Companies Introduced in Congress

On Thursday, Hurricane Humberto hit the upper Texas coast with 85-mile-per-hour winds and heavy rains that threatened widespread flooding.    According to the U.S. National Hurricane Center in a report at 3:10 a.m. EDT, the storm, which brewed up in the Gulf of Mexico on Wednesday, made landfall near High Island, about 30 miles northeast… Continue reading Hurricane Humberto Hits Texas Coast

The second-best stock performer this year among Lloyd’s of London insurers, Hardy Underwriting Plc, announced that first-half profit rose 59 percent and that it’s considering a move to Bermuda to conduct additional business in the US. Net income for the six months ended June 30 increased to $13.6 million, according to the London-based company. Hardy,… Continue reading Hardy Underwriting Sees Profit Rise, Considers Bermuda Move

Due to the tragic death of Rep. Paul Gillmor, R-Ohio, the House of Representative has postponed its vote on the latest extension to the terrorism insurance backstop legislation. Mr. Gillmor passed away from an apparent heart attack in his Washington apartment. The 10-term congressman was 68 years old.

According to A.M. Best Co analysts, regulatory changes in the European Union are likely to benefit reinsurers who are based over the pond during the long term. Overall terms and conditions in the European reinsurance market remain strong in 2007, with rates still attractive despite a softening market, according to Michael Zboron, managing senior financial… Continue reading A.M. Best: Regulatory Reform Will Benefit European Reinsurers

Under a new law that took effect on Sunday, September 9, insured employers who have employees in New York must provide “full” workers compensation coverage in the state, according to the state’s Workers Compensation Board. Before this law was enacted, a multi-state employer could cover employees in New York under an “all states” endorsement to… Continue reading WC Policy Change Affects Insured Employers in NY

According to a national survey conducted on Tuesday, nearly 57 percent of mortgage broker customers were unable to refinance their adjustable-rate loans to avoid higher monthly payments in August, suggesting the U.S. housing slump may worsen. A poll of 1,744 brokers was conducted during the last week of August by Washington-based research Campbell Communications, revealing… Continue reading Refinancing for Mortgage Broker Customer Increasingly Difficult

As New York-based American Home Mortgage Investment Corp, once one of the country’s biggest mortgage lenders, and its formers financial backers clash, thousands of homeowners face the risk of losing their homes, according to government-chartered housing financier Freddie Mac.     Freddie Mac in documents filed with the U.S. Bankruptcy Court in Wilmington, Del., stated… Continue reading More Homeowners Woes as American Home Mortgage and its Former Backers Face Off

Governor Arnold Schwarzenegger has vowed to veto a bill that California lawmakers have just passed, forcing businesses in the state to shoulder the $9 billion cost to expand health-care coverage. The Democratic-controlled legislature passed the bill by a 22-17 margin in the Senate and 45-to-31 vote in the Assembly. The bill would extend coverage to… Continue reading Speaking of Health Insurance, CA Passes Bill to Expand Health Care