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Reinsurers Munich Re and Swiss Re are warning governments not to pull out of terrorism pools in Europe and the US. While the US is expected to renew the Terrorism Risk Insurance Extension Act, negotiations in Germany to prolong the Extremus special insurance vehicle have been more difficult, said Munich Re. Torsten Jeworrek, member of… Continue reading Reinsurers Warn Over Terror Pool Pull-outs

On Friday Marsh & McLennan Cos. Inc. announced the stepping down of Brian Storms as chief executive of the insurance brokerage’s subsidiary Marsh Inc. Michael Cherkasky, CEO of Marsh & McLennan, will serve as the unit’s acting head.      “Brian has made important contributions to Marsh’s recovery over the past two years,” MMC President and… Continue reading Marsh Needs New CEO, Storms is Out

On Friday, senior aids said that House and Senate Democratic leaders are close to agreeing on a deal that would expand the state-federal health insurance program for the children of working parents. Bush has threatened to veto the measures being proposed in Congress, signaling a major confrontation to come with the president. The State Children’s… Continue reading Deal on Health Care for Children Could be Imminent

On Friday, The Chubb Group of Insurance Cos. announced that will lower its homeowner insurance rates in California by an average of 18.4 percent. The rate reduction will occur in two phases, according to the insurer: Effective Sept. 20, all new and renewing policies will be cut by an average of 14 percent, with the… Continue reading Chubb to Lower Homeowners Rates in CA

QBE the Americas, a division of QBE Insurance Group Ltd., recently commented on A.M. Best’s affirmation of the “A-” stable rating of the recently acquired Praetorian Financial Group companies. As part of its review of QBE’s newly acquired U.S. companies, A.M. Best placed Praetorian Financial Group under review pending additional information. At that time, A.M.… Continue reading A.M. Best Affirms QBE Specialty Insurance’s Praetorian Financial Group’s Rating

In a speech to commercial insurance buyers on Thursday, AIG Chief Executive Martin Sullivan stated that the company is prepared to take advantage of any investment opportunities created by the problems in the U.S. subprime mortgage sector. “What I have asked my colleagues to do is to make sure that we are well positioned when… Continue reading AIG Sees Opportunities in Sub-prime Market

The Association of California Insurance Companies (ACIC) is urging Gov. Arnold Schwarzenegger to sign into law ACIC-sponsored legislation which could encourage expansion of the workers compensation insurance market in California and, thus, provide greater insurance choices for businesses. ACIC President Sam Sorich said the bill, SB 316 by Sen. Leland Yee (D-San Francisco), “would foster… Continue reading ACIC Urges CA Gov to Sign WC Bill

Countrywide Financial Corp., the nation’s No. 1 mortgage company, in an effort to shore up finances, state that said it obtained an additional $12 billion in secured financing. This resulted in sending its stock higher by 14%. The mortgage behemoth has been trying to reassure and calm its creditors and shareholders amid soaring defaults on… Continue reading Countrywide Gets $12 Billion in Financing; More Job Cuts to Come

Europe’s largest bank, HSBC Holdings Plc, is looking to its insurance units in Asia to help offset losses and restore profit growth after a $15.5 billion expansion into U.S. sub-prime lending went awry.     HSBC earned $1.6 billion from insurance in the first half of 2007 and plans to double the division’s profit in… Continue reading European Bank HSBC Looks to Offset Sub-prime Losses; Growth Strategy in Buying Stakes in India and Vietnam Insurers

Hilb Rogal & Hobbs Company (HRH), one of the world’s largest insurance and risk management intermediaries, announced that it has signed a definitive agreement to purchase all of the outstanding equity interests of Banc of America Corporate Insurance Agency, L.L.C. (BACIA), a segment of Bank of America, N.A., and a leading middle market insurance intermediary… Continue reading Hilb Rogal & Hobbs Buys BofA Insurance Agency