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Lawmakers in the House and Senate are expected to meet today to begin discussions over their differences regarding the Children’s Health Insurance Program (CHIP) which is set to expert on September 30.    The Democrats’ objective is to resolve this before the deadline and send a bill to President Bush, who threatened a veto.  … Continue reading Kid’s Health Insurance Set to Expire End of Month, Lawmakers to Meet

According to the Insurance Information Institute (I.I.I.), six years after September 11, 2001, the threat of terrorist attack remains a source of tremendous uncertainty for the United States economy, with potentially negative consequences for both business interests and employment. “Besides killing almost 3,000 individuals, the terrorists also sent economic shock waves throughout the U.S. economy,”… Continue reading III Commentary: TRIREA and Terrorism Six Years Later

As Congress debates reauthorization legislation for the U.S. Small Business Administration, the surety industry wants to make sure the SBA’s Bond Guarantee Program gives sureties some certainty about the program’s future stability.     In testimony before the House Small Business Committee the week of Sept. 3, Bill Peterson, a vice president of CNA Surety… Continue reading Sureties Tell Congress They Need Stability in SBA Bond Guarantee Program

After announcing on Friday that Timothy J. Mahoney, Marsh Inc.’s chief executive officer of the Americas, was leaving the brokerage firm and joining Integro Ltd as an executive vp, the move is now off.     “Tim Mahoney will not be joining Integro. It was our understanding we had an agreement with Mr. Mahoney; we… Continue reading Marsh CEO Mahoney Not Joining Integro

A Florida-led bid to trim homeowners’ insurance premiums by creating a national risk pool met with staunch opposition Thursday from the Bush administration and lawmakers from states who said they oppose subsidizing a beachfront lifestyle.    The upshot of the House committee hearing for the legislation — a “very steep hill to climb,” said Rep.… Continue reading Catastrophe Fund Conflict between South Florida Congressional Members and White House Opposition

On Friday, the Washington State Department of Labor and Industries proposed increasing workers compensation rates by an average of 3.2% for 2008.    In a statement made by the department, the increase would cost employers $58 million and would help it keep pace with inflation for wage replacement and health care expenses.    Washington is… Continue reading WA State Proposes WC Rate Hike

According to CNBC-TV, former Chairman of American International Group Maurice “Hank” Greenberg has agreed to testify before federal regulators regarding a multi-year probe into finite-reinsurance deal. His lawyer, David Boies, stated that Mr. Greenberg received a subpoena from the Securities and Exchange Commission and will testify later this month.    The subpoena, issued almost two… Continue reading Former AIG Chairman Greenberg Will Testify in SEC Probe

CNA Financial Corp. has announced an agreement with John Hancock Life Insurance Co. to settle four reinsurance treaties issued by a former CNA subsidiary. The carrier to record an after-tax loss, net of reinsurance, of about $110 million in the third quarter of 2007 in connection with a one-time payment of $250 million for the… Continue reading CNA Settles with John Hancock Life Insurance

Property/casualty surplus lines have outperformed the general commercial property/casualty insurance market in both premium growth and underwriting profit, according to a new study by Conning Research and Consulting, Inc. “The surplus lines market has outperformed general commercial lines over the past ten years. In fact, through 2006 the surplus lines market ten-year average annual direct… Continue reading Property/Casualty Surplus Lines of Insurance Outperforming General Commercial Insurance Market

According to an estimated released by the Congressional Budget Office (CBO) on Thursday, extending the federal terrorism insurance backstop could cost the government nearly $8.4 billion from 2008 through 2017. The CBO estimate came on the eve of a House Rules Committee meeting to set terms of debate for considering the Terrorism Risk Insurance Revision… Continue reading Extending Terrorism Bill Could Cost $8.4 Billion Over Next 10 Years