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Proposed Regulation Would Require Insurers to Create Natural Disaster Fund in NY

NY Insurance Superintendent Eric Dinallo announced a proposal that would reqire property insurers in the state to create new funds with reserves for hurricanes and other disasters.    Dinallo’s office stated that the proposed regulation would have carriers creating a fund for natural disasters in the state and setting aside the money it charges commercial… Continue reading Proposed Regulation Would Require Insurers to Create Natural Disaster Fund in NY

Starr Acquires Republic Insurance Company

On Wednesday, Starr International Co. Inc. announced that its U.S. subsidiary, Starr International USA Inc. (SICO USA), acquired Dalla-based Republic Insurance Co. from Columbia Insurance Co., a member of Warren Buffett’s Berkshire Hathaway Group. Republic Insurance Co. is not affiliated with The Republic Group of Companies, a regional property/casualty insurance organization that is also based… Continue reading Starr Acquires Republic Insurance Company

AmWINS Group Withdraws IPO

Wholesale broker AmWINS Group Inc. announced its withdrawal for an initial public offering of company shares.    AmWINS, formerly American Wholesale Insurance Group, originally filed its registration statement with the Securities and Exchange Commission in November 2006 and amended the filing as recently as March 2007.     The company had said that it planned… Continue reading AmWINS Group Withdraws IPO

AON Names Microsoft Exec as CFO

Aon Corp. announced that Christa Davies, a Microsoft Corp. executive, will be joining the insurer as executive vp and chief financial officer. Ms. Davies will succeed current Aon CFO David P. Bolger in March 2008. Mr. Bolger earlier this year announced his intention to leave the company. Recently, he was named chief operations officer for… Continue reading AON Names Microsoft Exec as CFO

NAIC Wants Modernization of Insurance Regulation, Not Federalization

The National Association of Insurance Commissioners (NAIC) also testified at the hearing held on October 3 by the U.S. House Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises on insurance regulation. Here is NAIC President and Alabama Insurance Commissioner Walter Bell’s testimony:     “Every day, state insurance departments make certain that insurers meet the… Continue reading NAIC Wants Modernization of Insurance Regulation, Not Federalization

Agency Associations Address Congress on Federal Insurance Regulation

The House Financial Services Committee’s Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises held a hearing yesterday, Wednesday, October 3, to review proposals on modernizing insurance regulation and the possibility of creating a federal insurance regulator.     Following are excerpts of testimonies at the hearings by three of the insurance agency associations: PIA, AIA,… Continue reading Agency Associations Address Congress on Federal Insurance Regulation

Ratings Round Up: Travelers, Atlantic American

A.M. Best Co. has upgraded the financial strength ratings (FSR) to A+ (Superior) from A (Excellent) and issuer credit ratings (ICR) to “aa-” from “a” for Northland Insurance Co. (St. Paul, Minn.), Northfield Insurance Co. (West Des Moines, Iowa), Northland Casualty Co. (St. Paul, Minn.), American Equity Specialty Insurance Co. (Hartford, Conn.) and American Equity… Continue reading Ratings Round Up: Travelers, Atlantic American

Hurricanes Downgraded for Remainder of 2007

On Tuesday, Colorado State University (CSU) hurricane forecasters have downgraded predictions for this year, saying that they expect four named storms in the Atlantic the rest of the season. Earlier in the year, the forecasters had predicted five named storms for the period, though October and November still are expected to see above-average activity.Two of… Continue reading Hurricanes Downgraded for Remainder of 2007