Category: Show on Homepage

After the Terrorism Risk Insurance Revision and Extension Act was approved by the House Financial Services Committee on Wednesday, the Bush administration issued a statement voicing its disappointment. Assistant Treasury Secretary for Financial Institutions David G. Nason stated: “We are particularly disappointed with the committee’s decision to extend the program for 15 additional years. This… Continue reading Administration Voices Opposition to TRIA Extension

It was announced on Thursday that a three-judge federal appeals court ruled that the flood exclusion in Louisiana commercial and homeowners policies excluded recovery for water damage sustained when levees failed after Hurricane Katrina struck New Orleans in September 2005.    A group of about 40 policyholders held that the exclusion should not apply because… Continue reading LA Appeals Court Decision in Katrina Levee Case Good for Insurers

Citi announced on Wednesday the completion of its acquisition of the Investment Services Division of BISYS Group, Inc for $1.44 billion in an all-cash transaction. In the transaction BISYS shareholders will receive merger consideration of $11.85 per share, and a special dividend of $0.15 per share in cash. In addition, also on Wednesday, it was… Continue reading Citi Acquires BISYS; J.C. Flowers Buys BISYS Divisions

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