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According to sources, New York-based American International Group Inc. is the lead carrier for liability and hull insurance for losses arising from the crash of a TAM Linhas Aereas S.A. passenger jet in Sao Paulo, Brazil. The crash killed 189 people on the plane and on the ground. A brokerage unit of New York-based Marsh… Continue reading AIG Main Insurer in Brazilian Air Crash

On Tuesday, Deputy Secretary of Commerce David A. Sampson was named the new President and CEO of the Property Casualty Insurers Association of America (PCI) According to the announcement made by Thomas Tierney, PCI chairman, Sampson will continue in his role at the Commerce Department through August 31 in order to complete several long-term projects… Continue reading PCI Names New President/CEO

The American Insurance Association (AIA) will urge state legislators to support a proposed resolution which opposes amending the McCarran-Ferguson Act, during the National Conference of Insurance Legislators (NCOIL) meeting scheduled for July 18-22 in Seattle, WA. “It is critical that NCOIL take a strong stance in support of the limited exemption from federal antitrust laws… Continue reading AIA Urges State Legislators to Support Limited Anti-Trust Exemption

On Tuesday, Alfa Corp. announced that it received a $17.60 per share cash offer from its majority shareholders to take the insurer private. Alfa Mutual Insurance Co., Alfa Mutual Fire Insurance Co. and Alfa Mutual General Insurance Co., own a majority of the company’s common shares and are referred to collectively as Alfa Mutual. The… Continue reading Alfa Corp Shareholders Offer $17.60 Per Share to Take Insurer Private

On Tuesday,the American Insurance Association (AIA) today praised Massachusetts Insurance Commissioner Nonnie S. Burnes for her decision to bring choice, transparency, and lower premiums to the auto insurance market. “AIA applauds Commissioner Burnes and the Patrick Administration for moving the state’s auto system toward competition,” said John Murphy, vice president, AIA Northeast Region. According to… Continue reading AIA Applauds MA’s Insurance Commissioner’s Decision on Auto Insurance Market

Five top executives from Assurant Inc. have been placed on leave following an SEC probe in the company’s finite reinsurance-related practices, including Robert B. Pollock, president and CEO of the company. The move by New York-based Assurant’s board of directors comes after the company learned that SEC could levy civil fraud charges against the executives… Continue reading Assurant CEO on Leave While Federal Probe Takes Place

Swiss insurer Zurich Financial Services Group has launched a merger & acquisitions unit in the United States, with plans to operate worldwide via London and Zurich by year-end. The unit is designed to help customers whose companies are merging with or acquiring another. Thomas Gamble, a former executive vice president at New York-based Arch Insurance… Continue reading Zurich Launches M&A Unit

The Insurance Information Institute’s (I.I.I.) president and chief economist, Dr. Robert Hartwig, is scheduled to testify today at the U.S. House of Representatives’ public hearing on House Resolution 920—the Multiple Peril Insurance Act of 2007. The Multiple Peril Insurance Act of 2007 calls for amending the federal law which created the National Flood Insurance Program… Continue reading III President to Testify Today on National Flood Insurance Reform

According to a benchmark survey for the second quarter conducted by New York-based Advisen Ltd on behalf of the Risk & Insurance Management Society (RIMS), risk managers continue to enjoy lower premiums on many of their commercial insurance policies. D&O liability premiums fell an average of 7.29% in the second quarter compared with last year,… Continue reading RIMS Survey Indicates Continuing Decline in Many Commercial Policy Premiums

Last week, Missouri Governor Matt Blunt signed legislation allowing the formation of captives in the state as of August 28. The measure was introduced by Senator John Loudon and reflects captives statues in other states, particularly Vermont, which is the largest domicile with 563 captives.    Under the new Missouri law, the minimum capital and… Continue reading Missouri Becomes Ninth State to Welcome Captive Formations