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The London arm of New York-based brokerage Marsh Inc. has launched a property facility for companies in the United States and Canada.    The facility provides $425 million of non-catastrophe cover and can be adapted to provide up to $262.5 million of non-critical catastrophe cover. The facility can also be used as quota share capacity… Continue reading Marsh Launches Property Facility

Health Secretary Mike Leavitt expressed hope Sunday on ABC’s “This Week” for a deal with the Democratic-run Congress on expanding children’s health insurance even as House speaker Nancy Pelosi worked on getting enough Republicans to override President Bush’s veto of legislation passed last week for increase spending and expansion of the State Children’s Health Insurance… Continue reading Administration Looking to Work Out a Deal with Dems on SCHIP amid Efforts to Override Veto

On Friday the Florida House and Senate adopted legislation to re-enact the state’s automobile no-fault law, in addition to approving reforms that should cut costs and reduce litigation and fraud in the PIP system. Under the bill as passed, the transition back to no-fault will happen in one step: as of January 1, 2008, all… Continue reading FL to Restore State’s Auto No-Fault

The House overwhelming voted to exted the tax provision enabling low- to moderate-income homebuyers to deduct the cost of mortgage insurance premiums from their federal income tax returns until 2014, a move heralded by the PMI Group, Inc, a provides residential mortgage insurance to mortgage lenders, capital market participants, and investors throughout the United States.  … Continue reading PMI Group Applauds House on Extending Tax Deductibility for Mortgage Insurance

Arthur J. Gallagher & Co. announced the acquisition of BIS Insurance Services, Inc. located in Sacramento, California. Terms of the transaction were not disclosed. Founded in 1979, BIS Insurance Services, Inc. is an employee benefits insurance broker that provides customized benefits programs to their clients in Northern California. They specialize in medical, dental, vision, life… Continue reading Arthur J. Gallagher Co Acquires BIS Insurance Services

A House committee in Florida when proposing to cap the amount an attorney can collect in car accident cases threatens to unravel the fragile political truce between the state Senate and House on restoring Florida’s no-fault automobile insurance system.    The Senate, which earlier on Thursday, had advanced compromise legislation to restore mandatory personal-injury protections,… Continue reading Restoring No-Fault in FL Stalls on Senate Opposition to Capping Attorney Fees

In yesterday’s “Daily Newsflash,” we provided excerpts from the testimonies of the PIA, IIAA and the AIA at the hearing that took place before a congressional subcommittee on Wednesday regarding proposals to modernize and reforming insurance regulation. We also included the NAIC’s press release which outlined its testimony.       Here is what the National… Continue reading NAMIC Also Weighed In On Federal Regulation for P/C Industry

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

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

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