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On Thursday, Governor Marc Racicot, president of the American Insurance Association (AIA sent a letter to Massachusetts Rep. Barney Frank and Alababama Rep. Spencer Bachus expressing his appreciation for the Committee’s efforts in moving forward to mark-up the Terrorism Risk Insurance Revision and Extension Act of 2007 next week following a sobering National Intelligence Estimate… Continue reading AIA President Praises House Financial Services Committee for Action on Terrorism Insurance Legislation

The Minnesota Workers’ Compensation Reinsurance Assn. and the Minnesota Workers’ Compensation Insurers Assn. filed a lawsuit in the U.S. District Cournt for the District of Minnesota against American International Group Inc., seeking to recover more than $100 million in damages from the insurer due to underreported premiums throughout a 22-year period. The two comp organizations… Continue reading AIG Sued by Minnesota Comp Groups for Fraud, RICO Violations

According to a study by London-based insurance broker, Miller Insurance Services, Ltd., U.S. and U.K. risk managers’ concerns are sharply divided, despite both experiencing a soft market and sharing a willingness to retain more of their own risk.    Twenty-four percent of U.S. risk managers and 17% of U.K. risk managers plan to increase their… Continue reading Risk Managers’ Views from Both Sides of the Pond Differ

On Tuesday, Sandy Praeger, President-Elect of the National Association of Insurance Commissioners (NAIC) and Kansas Insurance Commissioner, testified before a key subcommitee of the U.S. House of Representatives on the merits of all-perils insurance coverage. Commissioner Praeger praised the Subcommittee on Housing and Community Opportunity for holding the hearing and thanked Rep. Gene Taylor (D-MS)… Continue reading NAIC Commissioner Speaks Before House on All-Perils Insurance Bill

On Wednesday specialty carrier Assurant Inc. named an interim chief executive and chief financial officer to replace the executives who are on administrative leave as a result of a U.S. SEC investigation. The insurer appointed effective immediately J. Kerry Clayton as interim president and CEO and Michael Peninger as interim CFO. Former President and CEO… Continue reading Assurant Appoints Interim CEO, CFO

Louisiana Legislative Auditor Steve Theriot speaking before a legislative committee on Wednesday stated that the board responsible for the administration of the state-run insurer of last resort and the state’s high-risk auto insurance pool is a public agency and cannot meet behind closed doors or by telephone as it has been doing. Theriot advised the… Continue reading LA Insurance Board Must Meet Publicly, Not Behind Closed Doors

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