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The decision by the House to pass H.R. 1065, the Nonadmitted and Reinsurance Reform of Act of 2007 unanimously was greeted with applause by the The National Association of Mutual Insurance Companies (NAMIC). “This bill will help policyholders that are vulnerable to natural catastrophes and terrorist attacks by eliminating unnecessary duplication of regulation,” said Justin… Continue reading NAMIC is Pleased with the House’s Reform Legislation for the Surplus Lines and Reinsurance Market

Chicago-based Hub International announced today that it has entered into a definitive purchase agreement to acquire the assets of Windsor, Ontario-based Unity Group. With three Unity offices in Essex County, Hub Ontario will increase its presence with a total of eight offices in the southwest region of the province. The proposed transaction will result in… Continue reading Hub International to Purchase Unity Group

U.S. District Judge Alvin K. Hellerstein in New York imposed a $1.25 million penalty against Morristown, NJ firm Coughlin Duffy, Washington D.C.’s Wiley Rein, and Zurich American Insurance Co. for their role in concealing a Zurich American insurance policy for the World Trade Center buildings. The policy was significant in determining how much Zurich would… Continue reading Penalties Issued to Zurich American, Law Firms in 9/11 Insurance Claims

In a statement this past Friday, Rep. Dennis Moore of Kansas (D) that the full House of Representatives most likely will put to vote the Nonadmitted and Reinsurance Reform Act today. The measure, initially introduced by Representative Moore iearlier this year, would streamline regulation of nonadmitted insurers and allow easier access to nonadmitted insurance markets… Continue reading The House May Vote on Reinsurance Reform Today

Rising shares and speculation that Europe’s larger insurer, Allianz SE, who paid almost $21 billion for Dresdner Bank six years ago to marry banking and insurance, may now be looking to separate from the bank. According to Goldman Sachs Group analysts, record European bank takeovers and a strengthening German economy make Dresdner an attractive target… Continue reading Allianz and Dresdner Bank On the Road to Separating?

U.S. automakers are gearing up for critical contract talks with the United Auto Workers union this summer, and at the top of the list of issues is the discussion of the $10 billion price of covering more than 2 million auto workers and retirees. In 2006, GM alone spent $4.8 billion on health care, the… Continue reading The Cost of Health Care A Critical Issue for Auto Makers

The House bill extending the Terrorism Risk and Insurance Act (TRIA) backstop for 10 years “does not meet” the Bush’s administration’s objectives, according to Assistant Treasury Secretary for Financial Intuitions David G. Nason. According to Nason, the program must be both temporary and short-term, private-sector retentions must be increased before coverage can be triggered and… Continue reading Administration Not Supportive of TRIA Extension

Marsh Inc. presented on Thursday testimony before a Congressional Subcommittee supporting the 10-year extension of the Terrorism Risk and Insurance Act (TRIA), as well as a number of refinements to the Act that would serve to benefit businesses in the U.S. seeking protection from the financial consequences of acts of terrorism on the country’s soil.… Continue reading Marsh and Council of Insurance Agents & Brokers Back TRIA Extension

On Wednesday, the Scruggs Katrina Group filed a federal lawsuit in Mississippi accusing State Farm, an engineering firm, and an adjusting concern of a racketeering conspiracy it alleges had defrauded a group of coastal homeowners out of $3.97 million. This lawsuit followed a court move by State Farm on Tuesday, asking a judge to have… Continue reading Lawsuit Filed in Mississippi Against State Farm

At Swiss Re’s mid-year Economic and Industry webcast, the company’s Economic Research and Consulting unit summarized that the economy will be in for a soft landing, and the insurance industry is readying itself for an active hurricane season and a general softening of the market. Swiss Re’s Chief Economist Kurt Karl stated that it’s increasingly… Continue reading Swiss Re Gives Mid-Year Assessment in Its Economic and Insurance Industry Webcast