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Along with several prominent insurance industry organizations and companies, New York officials are also seeking to lengthen by at least a decade the post-Sept. 11 government insurance program, TRIA. Supporters feel the bill is essential for major projects like the new World Trade Center. TRIA provides federal insurance backup for catastrophic losses suffered in a… Continue reading New Yorkers Join Support for Terrorism Bill Extension

On Monday, Allstate Corp reached a settlement with Mississippi customers whose homes and property were damaged by 2005’s Hurricane Katrina, resolving one of the largest group of outstanding claims in the two-year-old wrangle. Terms of the settlement with the Scruggs Katrina Group were not disclosed. Allstate spokesman Michael Siemienas said 99% of all of the… Continue reading Allstate Settles with Scruggs Katrina Group

Massachusetts-based Hanover Insurance Group announced that it has entered into an agreement to acquire Professionals Direct for $23.2 million. Professionals Direct, rated “A-“ (Excellent) by Am Best is the Michigan-based holding company for the Professionals Direct organization, a premier provider of professional liability insurance for small and mid-sized law practices. Through its various subsidiaries, the… Continue reading Hanover Announces Planned Acquisition of Professionals Direct

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