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New York Governor Eliot Spitzer vetoed legislation on Thursday that would among other things prevent insurers from denying coverage based solely on late notice of a claim. NY law requires policyholders to provide immediate notice of claims to insurers. The bill also would have allowed a third-party claimant, who is not a party to the… Continue reading NY Governor Vetoes Insurance Bill Changes, Receives NAMIC Support

A natural catastrophe commission bill was approved on Wednesday by the Senate Banking, Housing and Urban Affairs Committee. The bill would create a commission to provide important examination of how best to mitigate disaster risks and deal with the after-effects of these events. The Commission on Natural Catastrophe Risk Management and Insurance Act of 2007,… Continue reading Senate Committee Approves Bill to Examine Catastrophe Commission; Insurance Industry Supports Effort

Hub International Ltd. said Wednesday it entered a definitive agreement to acquire all of the stock of Dallas-based insurance broker the Rigg Group Inc. one of the largest Texas-based insurance brokers, including its subsidiaries Wm. Rigg Co. (a retail insurance brokerage), Rigg Insurance Managers, Inc. (d/b/a RISC Inc., a wholesale insurance brokerage), and Rigg Life… Continue reading Hub International to Buy Dallas-Based Broker Rigg

On Wednesday the House Financial Services Committee approved an amended version to extend the federal terrorism reinsurance backstop by 15 years, more than the 10-year extension provided for in the version of the bill approved by the committee’s Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee last week. The vote, which was 49-20, was endorsed… Continue reading House Panel Approves TRIA Extension

Hilb Rogal & Hobbs Company (HRH), one of the world’s largest insurance and risk management intermediaries, announced that effective August 1, 2007, it has completed the previously announced acquisition of substantially all the assets of The Resource Group, L.C. (TRG). Terms of the transaction were not disclosed.    Founded in 1985, TRG is primarily an… Continue reading HRH Buys The Resource Group

Global insurance brokerage Willis Group Holdings Limited reported an 8% increase in second-quarter earnings, from $72 million a year ago to $78 million ending June 30, 2007. According to Willis, revenues rose 6% to $628 million compared to $593 million in the second quarter 2006. The International business unit contributed 7% organic growth in commission… Continue reading Willis Group Posts Strong Second-Quarter Earnings

Voting along party lines (225-204), the U.S. House of Representatives passed legislation to renew and expand SCHIP, providing an extra $50 billion to the children insurance program that President Bush is threatening to veto. The SCHIP program gives federal grants to states to help provide health coverage to working families unable to afford insurance but… Continue reading House Says Yes on Expanding Kids Insurance Program

On Tuesday, at a Cabinet meeting in Tallahassee, Florida Gov. Charlie Crist stated that he is in favor of having insurance company executives testify under oath before the Legislature about why they’re not lowering prices for consumers.    “It’s a new day, and they’re not getting their way anymore,” Crist said the meeting. They should… Continue reading Florida Governor Rallies Against P/C Insurers, PCI Responds

A program set up by Louisiana known as the “Road Home”, designed to compensate homeowners for hurricane damages not insured by their policies, accepted applications for financial aid up until yesterday, July 31. With the Tuesday midnight deadline looming, record numbers of the state’s homeowners filed applications requesting government compensation for damages from Hurricanes Katrina… Continue reading LA Homeowners File Last-Minute Katrina and Rita Claims

Philadelphia-based CIGNA Corporation today reported net income of $198 million, or $0.68 per share, for the second quarter of 2007 compared with $273 million, or $0.78 per share, for the same period last year. Net income for the second quarter of 2007 included a special item charge of $56 million after-tax, or $0.19 per share,… Continue reading CIGNA Reports Second Quarter 2007 Results